After years of losing talent to the US (a phenomenon also known as the ‘brain drain’), Canada is now looking to get revenge and poach tech workers from the US.
Driving the news: A pilot program aimed at bringing in H-1B visa holders currently living in the US reached its cap of 10,000 applications after being open for just two days.
- After a wave of layoffs at big US tech firms, workers are still holding onto these hard-to-get visas and are desperately looking for a new gig lest they face deportation.
Why it matters: Canada ranks at-or-near the bottom of OECD nations for innovation and productivity—luring talented (and mostly STEM) workers is integral to reversing course.
- Per recent Stats Canada data, Canada has 42,900 job vacancies in STEM fields, offering opportunities for these workers that can let them stay in North America.
Yes, but: Canada isn’t doing a great job absorbing high-skilled workers as is. Last year, over 25% of foreign workers with degrees worked jobs that required only a high school diploma.
- Bringing in more workers on high-paying salaries could also create more competition for housing as construction struggles to keep up, worsening affordability issues.
Zoom out: A sector that really needs workers right now is the services industry, and foreign workers who come to fill those roles don’t exactly get the red carpet treatment.—QH