In past semiconductor downturns, the standard practice has been to hit the brakes — stop hiring, postpone capital investment and cut overheads.
This time the state of the global industry is different, so the approach needs to be different. First, we face a shortage of critical semiconductor talent. Secondly, unlike past cycles, the current one provides a unique opportunity for semiconductor companies to obtain one-time government funding and support. Third, we see the emergence of more stringent environmental, social, and governance (ESG) expectations.
With the convergence of these challenges and complexities, semiconductor manufacturers have a unique opportunity to navigate turbulence while preparing for the inevitable upturn in the market.
In this paper, we explore best practices in the short, medium and long term for your organisation, with focus on three areas:
- Managing headcount costs without jeopardising the availability of future talent
- Embracing strategic expansion plans to take advantage of one-time government initiatives
- Continued investments in ESG initiatives to prepare for new environmental regulations and laws
This report also shares insights from KPMG's 2023 global semiconductor industry survey. While respondents expect some bumps in the road ahead, the sector remains optimistic about economic recovery and the enormous opportunities for long-term growth.
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