[Initial Insight] How Will We Fill All Those Semiconductor Jobs?

277,000. This is the number of jobs the Semiconductor Association of the United States (SAI) expects to be created due to the U.S. CHIPS and Science Act (CSA). Since the introduction of the CSA last year, more than 50 semiconductor projects have been announced across the United States, and it is estimated that these projects alone will create 44,000 jobs. The ambitious goal of establishing a U.S.-centered semiconductor supply chain excluding China, under the motto "Semiconductors are national security," is leading to job growth.

How will all these jobs be filled? Concerns are already being raised in this regard. The American management consulting firm McKinsey & Company predicts a shortage of 300,000 semiconductor engineers and 90,000 skilled technicians by 2030.

The number of young American engineers to fill these jobs is declining. According to the Information Technology and Innovation Foundation (ITIF), a U.S. think tank specializing in information and communications, there were only 29,860 bachelor's, master's, and doctoral degrees awarded in electrical engineering in the U.S. in 2020. This accounted for about 0.9% of all degrees awarded that year. Between 2009 and 2021, the population aged 18 to 30 with electrical engineering degrees increased by about 22.1%, while those with other majors increased by 35.8%.

There is a solution. Foreigners coming to the U.S., known as the "land of immigrants," can fill these vacancies. ITIF reported that from 1997 to 2020, the number of electrical engineering bachelor's and master's degrees earned by U.S. citizens increased by 18.2%, while those earned by non-citizens increased by 110%. Over a 10-year period starting in 2009, degrees earned by U.S. citizens increased by 20.5%, while those earned by non-citizens increased by 40.7%. Notably, 77% of international students in the U.S. (according to the National Science Foundation, NSF) want to stay in the country, but about 54% end up boarding flights back to their home countries. If the doors to stay in the U.S. are opened, it is expected that the semiconductor labor shortage can be addressed.

In the U.S., often called a "melting pot," it may not be problematic to fill semiconductor jobs with foreigners. However, considering that the U.S. is investing $39 billion to restructure its supply chain under the premise that "semiconductors are national security," this situation does not perfectly align with that rationale. The presence of foreigners on the front lines of national security could be seen as a contradictory scene even from the American perspective.

Still, the fact that the U.S. can establish its own supply chain through these individuals is enviable. Many talented individuals from Korea may also emigrate to the U.S. for technology careers. In April, the U.S. Congress introduced the "Partner with Korea Act" in both the House and Senate. The bill aims to grant 15,000 professional work visas annually to Koreans, including semiconductor talent. Although the bill is based on non-immigrant status, concerns about talent and technology outflow are already being voiced.

To maintain the semiconductor technological edge, a superior semiconductor talent policy is necessary. Efforts such as the Advanced Industry Talent Innovation Act currently before the National Assembly and the government's Basic Plan for Fostering and Protecting National Advanced Strategic Industries (2023?2027) are welcome. However, talent poaching by other countries targeting Korean talent is ongoing. Recently, Samsung Electronics and SK Hynix have devised drastic measures such as paying "crisis overcoming bonuses" despite posting losses in the trillions of won. Speeding up measures to prevent talent outflow and protect the domestic semiconductor industry is essential. Since semiconductors are national security, it would be problematic if Korea were reduced to a mere "semiconductor military academy."

This content was produced with the assistance of AI translation services.