shortfall of 67,000 workers with these skill sets in the semiconductor industry. This talent scarcity is not limited to the U.S. alone, as evidenced by ASML’s quest to hire an additional 4,000 engineers. Clearly, this issue is not confined to one region but can indeed be classified as a global shortage. The impact of the talent shortage can have far-reaching consequences. It can lead to a series of challenges, including increased costs, decreased productivity, and missed opportunities for growth. It can also create social unrest as people who can’t find good jobs become frustrated and angry. Fortunately, there are strategies businesses can use to overcome the talent shortage. Look beyond the resume and the available position At Trymax, we look for hidden talents, growth potential, and the broader contributions an applicant can make to the organization, rather than just matching their qualifications to the job description at hand. Nurture existing talent within the company We invest in the growth and development of our employees to help them reach their full potential while contributing to the company’s long-term success. It’s a proactive approach to talent management that benefits both the individual employees and the organization as a whole. Fostering Innovation from Within By Tom Bauer, Onto Innovation As many organizations in the industry are grappling for external resources, Onto Innovation has expertly chosen to look inward. We recognize the unmatched talent that exists at our company already and have implemented a course of action that directly taps into that. Our employees continuously push the boundaries of innovation, so their long-standing commitment to Onto is nothing but an asset. Onto talent has grown 40% since 2022, but despite the infusion of new talent, our average employee tenure is almost eight years. This centralized focus on employee retention has thus become the core of our strategy moving into 2024. We have found that encouraging, educating, and advancing our workforce are key in this initiative to keep our employees satisfied in their professional careers. To achieve this, our human resources team has aimed to increase current employee ascension throughout the organization. Providing vertical and lateral movement opportunities ensures that our current talent is being used to their fullest potential and that their history with Onto is rewarded. In 2022, this growth initiative provided approximately 20% of our team with promotional opportunities, well exceeding the 7% average documented by the Society for Human Resource Management Human Capital Benchmarking Report. 1 Thus, our engineers
Take a data-driven approach to recruiting, e.g. sourcing analysis Data-driven methods can enhance recruitment by improving decision-making, efficiency, and candidate experience while reducing costs and biases. Involve employees in the process of finding new team members This can be achieved through initiatives like an employee referral program, and also by including employees in the interview process. Their insights are invaluable for describing the job responsibilities and providing a glimpse into the work culture at Trymax. Once hired, the next concern is how to keep talent. It is widely acknowledged that top-notch professionals are more likely to leave an organization if they find the company’s processes disengaging. Top-notch professionals are driven by a combination of challenging work, opportunities for growth, recognition, and a positive work environment. This is precisely the ethos we uphold at Trymax. We ensure that talent feels responsible, well-accepted, and respected in their team and the organization. In other words, every person is seen and recognized. and other employees are exposed to a broader set of opportunities. They get to expand their skills by learning alongside other groups, ultimately leading to improved industry problem-solving and technological innovation. Concurrently, our employees’ drive for excellence is reignited as they tackle these new job tasks, generating higher employee satisfaction. This retention plan works hand in hand with our strategy to invite newcomers to Onto. Our employees join and stay because of our attentiveness to their needs. We have established structured engagement programs to ensure that our employees feel supported. Our Buddy Program helps new hires integrate into life at Onto through the guidance of a current employee. We host learning opportunities covering topics on emotional intelligence, active listening, leadership competencies, and more. We prioritize the benefits of in-person interaction in a meeting room, in the lunchroom, or on the clean room floor. And Onto understands the needed balance of disconnecting outside of work hours. Now more than ever, it is imperative that our human resources team is intentionally aligned with our business model to make effective talent-based decisions. We make it a priority for the team to understand the deep programmatic needs of the company and the technicality of our industry. They leverage analytics around lead time and critical high-volume needs to ensure proper timing and pipeline health for critical path resources.
3D InCites Community Member Reflections: How Are We Addressing the Global Talent Shortage? After a downturn in 2023, the semiconductor and microelectronics industries are expected to rebound in 2024 and beyond. As the US and EU Chips Act Funding begins to be dispersed, one of the ongoing challenges is finding the workforce needed to help these industries grow. For this year’s community reflection, we asked our members how their company approaching the global talent shortage. What challenges are they facing in their regions of the world, and what are they doing to address them? Here, four member companies share their stories: Trymax Semiconductor, Onto Innovation, ERS electronic GmbH, and Mosaic Microsystems. How Trymax is Navigating the Talent Shortage
By Tessa Baltussen, Trymax Semiconductor The “Global Talent Shortage” is a buzzword that everybody uses nowadays. But what does it mean? The most used definition I found was that employers cannot find the people they need with the right blend of technical skills and human strengths . The talent shortage is a significant concern in the U.S. economy, with the overall talent deficit expected to reach 600,000 by 2030 in the financial and business services sectors alone. This issue is closely followed by China, Japan, Germany, and the U.K. The Semiconductor Industry Association (SIA) released a study on July 25, 2023, that highlighted a pressing issue: the U.S. is currently grappling with a substantial shortage of technicians, computer scientists, and engineers. According to the study, there is a projected
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