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The global semiconductor market is expected to grow by over 70% becoming a trillion dollar market by 2030.
While global demand for semiconductors is growing, the European Union’s share in this market has shrunk continuously over the last years. To reverse this development and to secure Europe’s resilience and competitiveness in the semiconductor industry, the European Chips Act was introduced – a 40bn cross-European subsidy program aiming to regain a 20% global market share.
The fast growth of the global market as well as Europe’s ambitious growth goal heavily depend on the sufficient availability of experts with a certain skill set. As a result, today’s talent shortage will only increase and lead to a severe industry-wide talent gap with the industry’s branding issue only intensifying this phenomenon.
While other industries have already recognized the increasing talent gap and heavily invest into state-of-the-art people approaches, the European semiconductor industry is lacking behind across the organizational foundations as well as meeting talent expectations.
In order to keep up with the pace and tackle current challenges, a holistic people strategy with clear measures along the employee lifecycle is recommended, helping companies to ease talent attraction, improve employee engagement and thereby increase retention ratios.
To ultimately bridge the talent gap, we urge semiconductor industry CHROs to act now by considering three key points:
- Understand YOUR talent gap: Quantify the actual number of talents needed
- Define a clear people strategy and roadmap: Develop a target picture and a detailed people strategy
- Derive and prioritize specific measures: Leverage strategic solutions with clear measures and KPIs
This report was co-authored by Pascal Fehst and Sina Schieffer.
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