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In April 2022, the number of job openings in the U.S. decreased to 11.4 million, according to the Bureau of Labor Statistics’ June 2022 Job Openings and Labor Turnover Summary. However, the number of employees who quit their jobs in April remained steady at 4.4 million. 

Today’s organizations are looking for innovative ways to stem the flow of employee resignations and the subsequent loss of valuable skills. That’s why a growing number of organizations are turning to upskilling or reskilling their workforce. 

Upskilling employees has become a go-to strategy for many companies looking for a proactive approach to overcoming the persistent skills shortage and tight labor marketplace. Upskilling and reskilling an existing workforce yields several benefits, but in the current market, one of its most important functions is the retention of existing employees.

Despite the many reports that have painted a “doom and gloom” picture of the semiconductor industry due to chip shortages and hiring challenges, many companies around the world are not slowing down their growth plans. In fact, global semiconductor billings grew 5% year-over-year to $24.7 billion in the first quarter of 2022, as reported by SEMI in Worldwide Semiconductor Equipment Market Statistics (WWSEMS) Report.

“Year-over-year first quarter equipment revenue growth is in sync with positive forecasts for 2022 as the semiconductor industry continues its robust increase of fab capacity,” said Ajit Manocha, SEMI president and CEO. “North America and Europe logged healthy quarter-over-quarter rises in equipment spending as they intensify efforts to bolster domestic chipmaking.”

In the second quarter of this year, several businesses announced their growth plans in locations around the world — from Connecticut to Taiwan. Here is an overview of just a few of the many initiatives underway in the semiconductor industry in Q2 2022.

Tracking the ongoing semiconductor chip shortage and labor challenge is not for the weak of heart. It’s a constant barrage of both positive and negative reports. To illustrate the volatility of the semiconductor industry at this point in time, we tracked the latest updates for one week in the second quarter of 2022 — May 10 to 17. Here are snapshots of the reports we found on the challenges, progress, and solutions about the chip and labor shortages.

Early in the pandemic, the automotive industry slowed production due to lower demand for new vehicles. But once they were ready to ramp back up, the manufacturers were surprised to find a semiconductor chip shortage was derailing their production capabilities and threatening to prolong their recovery cycle.

Job postings for electrical engineers in the U.S. semiconductor industry grew 78% from 2020 to 2021 — more than three times faster than growth for electrical engineers overall. What’s more, the U.S. semiconductor industry will need between 70,000 and 90,000 new workers by 2025 to meet the most critical workforce needs, reported Eightfold.ai. 

There are many strategies being aimed at helping the industry overcome today’s unrelenting labor crisis. But will any of them work?

By now, the world is fully aware of the impact of the semiconductor chip shortage — the industry, businesses, and the economy have taken enormous hits. But there is another looming concern that industry leaders say threatens the U.S. semiconductor industry — national security. 

The problem, as many see it, is that the U.S. has become too dependent on chip manufacturing in Asia. Both the recent war in Ukraine and long-brewing tensions between countries in close proximity to China are making national security an increasingly urgent issue.

Semiconductor Industry Faces Perfect Storm — Earthquake, Covid, Missing Chips, and Suspended Sales

As if the semiconductor industry isn’t already facing enough challenges, the first quarter of 2022 brought the industry a perfect storm of obstacles — including an earthquake in Japan, a Covid bubble in China, missing chips in trucks, and suspended sales in Russia. In fact, the one bright spot in the tsunami of bad news was the continuing effort to provide the U.S. semiconductor industry with $52 billion in subsidies from the U.S. federal government.

Continue reading our quarterly industry roundup on for more semiconductor industry news from the first quarter of 2022.

The modern semiconductor industry began in 1947 with the invention of the point-contact transistor at Bell Laboratories. In the 75 years since then, the semiconductor industry has become one of the most important business sectors in the world economy. It contributes to every major industry, from electronic devices to appliances. 

Today, semiconductor companies are producing more chips than ever — and the demand continues to expand every year. According to the Semiconductor Industry Association (SIA)/Oxford Economics report, “The strong demand for all types of chips facilitates the need for a broader domestic support ecosystem, including manufacturing equipment, materials, design services, testing labs, and R&D activity.”

Semiconductors are the lifeblood of modern technology products. The innovative devices produced by semiconductor companies enable everything from life-saving medical research to increased workplace productivity, green technology, and connectivity among people around the world, according to the Semiconductor Industry Organization. As semiconductors have become smarter, faster, and more efficient, they promise to deliver even more life-improving capabilities — from medical research to workplace productivity.