Immigration Reform: Assuming the US does not take steps to counter the shortage of high-skilled workers in the country, it could result in more than 9 million job opportunities and $1.2 trillion in lost production throughout the following decade, as indicated by a report published by a network of technology CEOs.
With the US not producing enough skilled degree holders to fill demand, extending high-skilled immigration is the best solution for contracting the current skills gap and contributing to new business improvement and economic growth, said the report, issued by TechNet. Despite the positive effects of immigration and the growth of the US economy, the current H-1B visa guidelines have remained unchanged over the past 14 years.
“We are in a global race for talent. The United States should welcome the world’s best and the brightest, and their families, so they can give their talents to work for the American economy,” said Linda Moore, president, and CEO, TechNet.
Immigration reform to prevent 9 million job vacancies
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 workers in the US. As indicated by the report, ‘Closing the Skills Gap: The Data Behind Talent Shortages, High-Skilled Immigration and Economic Impact’.
“The United States used to be the top destination for the world’s best and brightest innovators looking for a home for their organizations. Unfortunately, that has changed. Because of our outdated immigration system, the technology sector is presently going to different nations. Such as Canada, which welcomes highly skilled immigrants and provide organizations 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 committed visa for founders of new companies. We can accelerate economic growth, create jobs for American workers. Also, guarantee our nation is the top choice for the next generation of entrepreneurs worldwide.”
The latest information shows that there are more than 10 million job opportunities. Across the US with more than 7 million individuals unemployed. The ability to find workers is harming business bottom lines. TechNet’s report showed 64% of employers report a skills gap at their organization and that failing to lessen the current skills gap. It could bring down productivity by 51%, depress economic growth by 42%, and decrease innovation by 43%.
Further, it adds that this does not occur at the cost of American workers. Information from the report showed immigration helps employment and earnings potential for American employees.