American companies need to invest in immigration now because foreign national talent is valuable to companies’ bottom lines. High-skilled talent from abroad helps fill open positions that could otherwise cost employers money if left vacant.
The current political climate in the U.S. is not helping the process of hiring and retaining foreign talent easier either, with its complications and restrictive policy and regulatory changes over the past year.
Plus, the ever-expanding global marketplace isn’t going anywhere soon. This means employers have to work harder and smarter to keep pace with the competition.
A look at the numbers
When we asked HR professionals for our 2018 Immigration Trends Report, 41 percent agreed the cost of sponsoring a foreign national is lower than leaving a position open. Because of the growing skills gap in the United States, especially in the STEM fields, not seeking talent from abroad is a real risk.
Foreign nationals, make up a growing number of STEM graduates. According to recent research published by the National Foundation for American Policy, 79 percent of full-time graduate students in computer science in the U.S. are foreign nationals. In electrical and petroleum engineering, foreign nationals make up 81 percent, and they represent 75 percent of full-time industrial engineering graduates.
These potential hires, and the potential talent from universities outside the U.S., help fill much-needed positions for American companies.
What does investing in immigration mean?
Investing in immigration means including items related to hiring foreign nationals in corporate budgets. It begins with a focus on hiring foreign nationals and shifting recruiting budgets to focus on international candidates. Start the process by creating an immigration policy for your organization.
It also includes investing in immigration perks to attract and retain valuable foreign talent. For example, employers are investing in sponsoring nonimmigrant visas and green cards for foreign national employees. Eighty-eight percent of employers told us they are investing in green card sponsorships. Other perks include green cards and visas for employees’ dependents, housing costs and relocation expenses, company cars and transportation costs.
Why do companies need to invest in immigration now?
The growing skills gap, plus the competition for top talent on a national and international scale are two major reasons companies need to invest in immigration now.
There is an urgency to hire and retain valuable foreign nationals in a time when the shifting times of immigration policies and regulations are becoming more restrictive and complicated by the month. It’s becoming tougher to attract the talent companies need.
Ready to invest in immigration? Contact us to start a conversation.