The world semiconductor market is expected to reach a trillion dollars by 2030, according to Gartner, Inc. However, short-term prospects are not as bright due to an anticipated 3.6% decline in 2023 from deteriorating economic conditions and waning consumer demand. The memory sector of this industry already saw decreasing sales in 2022 due to overstocking and customers pressing for more reasonable prices. This is a pattern that will continue into 2023, with estimations showing revenue losses up 16.2%.
The World Semiconductor Trade Statistics’ report offers a similar prediction, with 2023 forecast to experience a 4.1% decrease in sales as inflation rises and end markets demand weakens, particularly among those connected with consumer spending. Some major market categories are still likely to enjoy growth — analog (20.8%), sensors (16.3%), and logic (14.5%) — but memory will be an outlier by declining about 12.6% year over year.
This suggests that semiconductors will not be immune from economic repercussions moving forward. But what does it mean for employment? Despite the macroeconomic challenges associated with 2023 (and beyond), job growth is expected to remain robust as companies look to invest in new technologies and innovative products.
Semiconductor Industry Job Outlook
In fact, around 65% of executives surveyed in a KPMG study believe that the semiconductor supply strain will ease up in 2023, while 15% even think that for most products, the supply is already in balance. Some 20% believe that the issue will not carry over to 2024.
These positive expectations will likely translate to investments in R&D and new product lines. The resulting pressure for semiconductor staffing could make recruiting a distinct challenge depending on regional availability of talent and the necessary skill sets. Technical recruiters must be sure to keep up with industry trends, understand their client’s requirements, and have an effective mechanism for sourcing and evaluating candidates.
The semiconductor job market is set to remain vibrant in 2023, but recruiting teams must be mindful of the ongoing economic concerns and focus on finding talent with the right combination of skills for their clients’ needs. By understanding current trends and developing an effective recruitment strategy, recruiters can ensure they are ready to take advantage of the opportunities that will arise.
Recruiting Challenges In A Competitive Job Market
In 2023, the semiconductor job market will be competitive as companies look to capitalize on new and emerging technologies. As such, recruiters must be able to identify, attract, and retain top talent. This could mean investing in new recruitment software or partnering with experienced recruiters who understand the technology and business needs of the industry.
To stay ahead, recruiters should also strive to understand their client’s requirements by having conversations with senior management and engineering teams. This will enable them to build a better understanding of what type of talent is needed for each role and ensure that they are sourcing candidates who are the best fit for their roles.
Moreover, recruiting teams should prioritize candidate experience and create a strong employer brand to attract top talent. This involves making sure the recruitment process is transparent, streamlined, and tailored to each candidate’s needs. Companies should also look at offering competitive salaries, attractive benefits packages, and career development opportunities to ensure they remain attractive employers in the face of market challenges.
Five things employers should remember to make sure talented engineers choose them include:
- Establishing and communicating a clear vision for the company
- Offering competitive salaries and benefits packages
- Maintaining an open dialogue with engineers throughout the recruitment process
- Ensuring that recruitment practices are ethical, transparent, and fair
- Making sure all candidates receive feedback following their applications
By taking steps to ensure an excellent candidate experience, companies can make sure they remain competitive in the semiconductor job market in 2023 and beyond.
Find The Right Semiconductor Recruitment Partner
Given the competitive job market for semiconductor engineers, it is essential that employers find experienced recruitment partners who can help them source and evaluate candidates quickly and efficiently. Having an expert partner on board can ensure that companies have access to the best engineers and talent and make sure they get their recruitment processes right.
TruPath Executive Search has years of experience in the manufacturing and semiconductor industry. Our team of experienced recruiters understands the technical and business needs of our clients and can help you identify, attract, and retain top talent.
Specializing in the manufacturing industry, we have a wide network of candidates and an efficient process for sourcing and evaluating talent. We have worked with companies of all sizes to build teams of world-class professionals who can help them drive success.
If you are looking to find the right semiconductor recruitment partner in 2023, contact TruPath Search today to see how we can help. We look forward to working with you!