GlobalFoundries helps pay off student loans to retain and attract semiconductor talent — qualified US employees receive up to $28,500 in student debt relief

By Pune Media On Oct 22, 2024 14

One issue with the U.S. semiconductor industry is the lack of qualified talent, with SIA predicting that the shortfall could be as high as 67,000. While the U.S. government has programs to support the industry (including the CHIPS Act, of course), programs that support education and talent growth within the industry have not exactly been widespread and successful. GlobalFoundries is here to help, according to Business Insider.

In May, GlobalFoundries introduced a student loan relief program to help retain and attract workers. The program offers eligible U.S. employees up to $28,500 in loan repayment support over a decade. The program is part of GlobalFoundries’s broader efforts to address hiring challenges in the semiconductor industry, which is expected to face a shortage of 67,000 skilled workers by 2030. To fill this gap and ensure it has enough talent in the long run, the company has also established partnerships with educational institutions and launched an internal apprenticeship program, the first of its kind in the sector.

GF’s workforce development push aligns with the U.S. government’s goals to increase domestic chip production. The 2022 CHIPS Act allocated $52.7 billion to support the semiconductor industry. GlobalFoundries has received $1.5 billion to expand its facilities in Malta and New York, creating 1,500 new jobs over the next decade. Where to take that talent is something that we know now that GlobalFoundres did announce the program with some backing.

According to Business Insider, despite the federal backing and initiatives, GlobalFoundries continues to face difficulties recruiting enough skilled workers, especially for technical roles. However, the student loan relief program is vital to the company’s strategy to attract talent in this competitive industry.

The CHIPS and Science Act of 2022 has spurred growth in the American chip industry regarding investments from private companies and massive infusion from the government. Still, challenges persist in meeting the labor demands. The SIA’s forecast shows that the current workforce of 345,000 will need to expand to 460,000 by the end of the decade. Broader trends indicate that 1.4 million technical jobs across various industries may remain unfilled by 2030.

Efforts like regional partnerships, growing the domestic STEM pipeline, and retaining international graduates are crucial to alleviating the shortage. Companies like TSMC are already experiencing difficulties hiring locally, particularly in Arizona. Then again, Intel has no problems with hiring in Arizona.

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