https://news.efinancialcareers.com/us-en/3004413/h1b-visas-banks-tech-firms
4 replies (most recent on top)
Wonder if we could hire a cheap CEO that is just as smart and talented.
I agree with the author. US Corporations don't want to train or hire US employees (or those that live in countries that have similar labor laws or where salary demand is higher that what they are willing to pay). They are looking for educated cheap labor.
The majority of employees in US corporations have a BA, BS or MBA and yet they refuse to retrain and re-use eligible employees or hire those in the US labor market with the level of education required for the job.
Below is an excerpt from the article.
"The U.S. education system has produced ample supplies of students to respond to STEM labor demand," said Salzman.
Why, then, do banks and hedge funds need to hire-in developers, quants and data specialists from overseas to fill their highest-paying niche jobs? Salzman says it's about labor arbitrage and that the U.S. government shouldn't be supporting this. "H1B is the government reaching its hand into the pockets of tech workers (those lucky enough to get a job) and handing out the money it grabs to the tech companies' executives and shareholders," he claims, echoing other supporters of the ban.
If banks and hedge funds really need specialist talent from overseas to fill their most elite roles following the H1B ban, Salzman says they can still hire it using things like the O-1 Visa for outstanding talent which has fewer constraints than the H1B. They could also recruit some of PhD students who leave U.S. universities each year, only half of whom Salzman says are in "career jobs."
"Are we to believe the talent these companies are looking for is so extraordinarily rare and greater than doctoral scientists? Or engineers?" says Salzman. "I'd like a cheaper iphone but, so far, the government hasn't created a program to lower the cost, say by using some of Apple's astronomical profit (on which they pay close to zero taxes via the double Dutch)," he adds. "Guest worker programs are a travesty for all concerned: guest workers are in a modern indentured servitude and many are exploited and, as the ban demonstrates, in a very vulnerable position. The guest worker programs have detrimental impact on the labor market, lowering or at least flattening wages, lowering career tenure, and distorting the labor market for all workers."
Nah, ppl come and go in this industry so no single person is irreplaceable
Are we to believe the talent these companies including JP MORGAN is looking for is so extraordinarily abd rare, that can't be found Among 330 Million of Americans?