As demand for semiconductors surges, GlobalFoundries is in a hurry to find and attract top talent in the industry.

• The CHIPS and Science Act is fueling competition for talent in the semiconductor industry, prompting companies to recruit workers in a tight labor market.
• The U.S. economy may face a shortfall of up to one million workers by 2030.
• The third-largest chipmaker worldwide, GlobalFoundries, is broadening its search for skilled workers.
• The company has recruited veteran candidates, employees from workforce reentry programs, and a women in construction initiative.

The CHIPS and Science Act is fueling competition for talent in the semiconductor industry, prompting companies to recruit workers in a tight labor market.

By 2030, the U.S. economy may face a shortfall of up to one million workers due to the growing demand for generative artificial intelligence.

By 2030, the U.S. chips industry is predicted to have a shortage of 67,000 technicians, computer scientists, and engineers, while the broader U.S. economy is expected to face a gap of 1.4 million such workers, according to a 2023 study from the Semiconductor Industry Association.

The global economic environment and ongoing supply chain issues could exacerbate the talent shortage in the semiconductor industry, according to a study by Deloitte.

The third-largest chipmaker worldwide is broadening its talent search by recruiting veterans, employees from its own re-entry program, and women in construction.

The company produces chips for various everyday products, including electronics, phones, and automobiles, as well as components for space and defense. Its major clients are and.

The company launched the first registered apprenticeship program in the sector in 2021. This program is full-time, paid with benefits, and offers training at no cost to the apprentice. It takes two years or less to complete and requires only a high school diploma or equivalent and interest in the mechanical field. So far, 50 apprentices have gone through the program. The company has recruited graduates with technical associate degrees from regional community colleges and veterans transitioning out of the military for the program.

Pradheepa Raman, the Chief People Officer of the company, stated in an interview with CNBC that they are currently working to fill hundreds of roles at a time worldwide and hiring thousands annually, which they expect to continue at the same pace. Raman emphasized that maintaining the same size workforce is not an option due to the increasing demand, which requires a range of roles such as technicians, product managers, and corporate positions.

"Our approach to workforce development is very aggressive because we understand the importance of identifying and developing talent," Raman said. "If traditional talent is not available, we cross-train talent, identify alternate talent pools, and show people in different fields that the semiconductor industry offers a welcoming set of opportunities. This is our strategy."

In addition to providing opportunities for advancement, it is essential to invest in training and retaining current employees in this competitive industry. Morgan Woods, a 28-year-old technician at GlobalFoundries' fab facility in Malta, N.Y., has recently transitioned into a training and development analyst role with the company. In this new position, Woods is responsible for overseeing training for technicians, engineers, and management, as well as ensuring compliance with regulations. Woods emphasized the importance of compliance as the company expands into the automotive space and collaborates with General Motors.

To meet our daily targets and keep up with the increasing demand for microchips, we definitely require more manpower to assist with the continuous release of microchips, as Woods stated.

GlobalFoundries launched a benefit in May that allows eligible U.S.-based employees and new hires to receive a tax-free lifetime total of $28,500 toward student debt. This benefit includes qualified loans for all degree types and credit-based certificate programs offered by U.S. universities and colleges. The number of applicants has exceeded expectations, with over 200 applicants so far.

Woods stated that by participating in the program, he would be in a better financial position to buy a home and start a family with children in the near future.

The CHIPS and Science Act will not only aid in the creation of roles in engineering and computer science but also boost the growth of GlobalFoundries' manufacturing facilities in New York and Vermont. In February, the company declared $1.5 billion in planned CHIPS funding to expand its manufacturing capacity. According to the company, this funding, combined with local and state funds, will help create approximately 1,500 manufacturing jobs and 9,000 construction jobs over the course of the planned projects' lifetimes.

Recently, worker shortages have been experienced in both manufacturing and construction, prompting efforts to attract new and younger hires to the industry.

Raman stated that the challenges in recruiting can be resolved through an ecosystem approach that involves workforce development and making our organization an excellent place to work by offering attractive benefits.