Link: Deloitte expects chip industry revenue to grow 16% YoY in 2024 to a record $611B, and to reach $1T by 2030, despite the industry facing a talent shortage (Dean Takahashi/VentureBeat)

The global semiconductor industry urgently needs over a million skilled workers by 2030 to meet growing demands. Deloitte highlights this challenge as the sector aims for $1 trillion in revenue.

The talent shortage is aggravated by an aging workforce and low industry appeal compared to more glamorous tech sectors. Semiconductor companies are struggling to attract and retain the necessary skilled workers.

Advanced skills in Generative AI (GenAI) are particularly in high demand, making recruitment competitive. Deloitte suggests that novel incentives beyond salary could attract top talent in this niche.

Legislation in the U.S. and Europe ties workforce development to funding, impacting companies' ability to expand and comply with new regulations. These laws aim to bolster domestic chip manufacturing and develop essential skills among workers.

Efforts to localize manufacturing add to the talent strain, as the industry cannot rely solely on a limited pool of global talent. Plans to increase education and training are vital for growing the workforce sustainably.

Deloitte advises a comprehensive approach, integrating workforce planning, skills development, and technology enablement. This strategy will help semiconductor companies manage and expand their talent pools effectively.#

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