A significant talent drought in cutting-edge industries has been exacerbated by an increasing number of students flocking to medical schools. (Image courtesy of Yonhap)
SEOUL, Jan. 31 (Korea Bizwire) – In South Korea, a significant talent drought in cutting-edge industries has been exacerbated by an increasing number of students flocking to medical schools.
Semiconductor industry analysts, in particular, have voiced concern that the shortage of skilled workers is reaching a critical level, endangering the very existence of some companies.
The Korea Semiconductor Industry Association forecasted that by 2031, the domestic semiconductor sector would face a shortage of approximately 56,000 professionals, a stark increase from the shortfall of 1,784 reported in 2022.
This looming manpower crisis over the next decade has raised alarms, with figures like Kyung Kye-hyun, the head of Samsung Electronics’ Device Solutions Division, emphasizing the vital need for human resources for the company’s sustainability during a lecture at Seoul National University last September.
Seoul National University’s College of Natural Sciences and Engineering, a key source of talent for South Korea’s R&D in advanced industries, saw 16 out of 28 master’s programs fail to meet their student quotas for the 2023 academic year.
An industry insider pointed out that while the medical school enrollment trend is only one factor in the talent shortage, the disproportionate attention towards medical education compared to the relative apathy towards crucial high-tech industries is striking.
This comes at a time when nations worldwide, including the United States, are amending immigration laws to help meet the demand for labor at semiconductor companies, and the Bank of Korea has differentiated its economic growth forecasts based on whether or not semiconductors are included, highlighting the critical role of the semiconductor industry in national economic growth.
Prospective changes in medical school enrollment, expected to be announced by the government, have sparked fears among entrance exam experts that all students admitted into Seoul National University’s science and engineering faculties could potentially be diverted to medical schools.
This shift poses a significant threat to the future workforce of emerging markets such as electric vehicles, with some analysts predicting a shortage of 40,000 specialists by 2028.
The Ministry of Employment and Labor also anticipates a shortfall of 12,800 professionals in the artificial intelligence (AI) sector by 2027.
This talent crisis is further compounded by declining birth rates, leading to a reduction in the working-age population, and the outflow of high-skilled workers overseas.
Industry insiders lament the scarcity of professionals well-versed in both research and practical applications, with reports that even process engineers at major domestic semiconductor companies are rarely seen on the manufacturing floor.
Globally, efforts to secure semiconductor talent are underway, with governments worldwide amending laws and regulations to address this issue.
Taiwan, for instance, has revised its laws to issue visas unconditionally to foreign nationals who graduate from top 500 global universities and pass interviews with Taiwanese semiconductor companies, while Japan offers two-year visas to foreigners graduating from top 100 global universities to freely seek jobs in advanced industries.
However, South Korea’s introduction of a specialized visa for advanced industry professionals has been criticized for being less competitive than those of other countries due to stringent requirements such as Korean language proficiency scores and domestic university study experience.
Kevin Lee (kevinlee@koreabizwire.com)
