Thursday, August 11, 2022 | 01:11 pm

US Needs Modernisation of Immigration Laws To Fill 9 Million Tech Job Vacancies: Report

US Needs Modernisation of Immigration Laws To Fill 9 Million Tech Job Vacancies: Report

With the United States (US) not producing enough skilled degree holders to fill the demand for tech jobs, expanding high-skilled immigration is the best solution to fill the current skills gap and contribute to new business development and economic growth, said s report, published by Tech-Net.

If the US does not take steps to counter the shortage of high-skilled workers in the country, it could result in over 9 million job vacancies and $1.2 trillion in lost production over the next decade, the Economic Times mentioned citing the report published by a network of technology CEOs.

Worth mentioning here is that the current H-1B visa guidelines have remained unchanged over the past 14 years, despite the positive effects of immigration and its impact on the growth of the US economy. “We are in a global race for talent. The United States must welcome the world’s best and the brightest, and their families, so they can put their talents to work for the American economy,” the publication quoted Linda Moore, president, and CEO, TechNet as saying.

As per the latest data, there are more than 10 million job openings across the US with more than 7 million people unemployed. The ability to find workers is hurting the bottom lines of companies. TechNet’s report showed 64% of employers report a skills gap at their company and that failing to reduce the current skills gap could bring down productivity by 51%, depress economic growth by 42%, and reduce innovation by 43%.

The report further mentioned that immigration of skilled workers does not impact the jobs of American workers rather data from the report showed immigration boosts employment and earnings potential for American employees.

“The United States used to be the top destination for the world’s best and brightest innovators seeking a home for their companies. Sadly, that has changed. Because of our outdated immigration system, the technology sector is now turning to other countries, such as Canada, that welcome highly skilled immigrants and provide companies with the flexibility they need to grow and thrive. Congress can change that,” said Congresswoman Zoe Lofgren, chair of the House Immigration and Citizenship Subcommittee. “By modernizing our immigration laws and creating a dedicated visa for founders of startup companies, we can accelerate economic growth, create jobs for American workers, and ensure our country is the top choice for the next generation of entrepreneurs worldwide”.