Tech industry seeks US immigration reform |
A report published by a network of technology CEOs said 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. With the US not producing enough skilled degree holders to fill demand, expanding high-skilled immigration is the best solution to shrink the current skills gap and contribute to new business development and economic growth, said the report, published by TechNet. Despite the positive effects of immigration and the growth of the US economy, current H-1B visa guidelines have remained unchanged over the past 14 years. While education reform is critical to narrow the skills gap in the future, this is a two-decade investment and will not solve the current shortage of skilled labour in the US. The latest data show that 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 business bottom lines. 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%. It adds that this does not happen at the cost of American workers. Data from the report showed immigration boosts employment and earnings potential for American employees.
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