Refuting the allegations of US lawmakers and certain quarters here that H-1B visas take away jobs from Americans, NASDAQ's chief has claimed that studies show that for every H-1B visa, technology companies increase employment by five workers.
“Let me take the job stealing issue head-on,” the Nasdaq CEO, Mr Robert Griefeld, told Senators at a Congressional hearing on immigration reform early this week.
“Opponents of enhanced legal immigration argue that when a foreign-born, highly skilled immigrant gets a job, American graduates are the losers,” he said.
“But my research and experience tell me quite a different story. For example, the National Federation for American Policy says that for every H-1B worker requested, US technology companies increase their overall employment by five workers,” Mr Griefeld said.
‘Inadequate system'
The Nasdaq CEO argued there was a case to enact a more flexible and stable regime for legal immigration.
“Reform must convey economic priorities about job growth and global competitiveness. Increasing H-1B visas is simply not enough. We need to admit and keep entrepreneurs here so that the creative dynamic of our economy is enhanced by the very best skills and minds,” he said. “Whether in Silicon Valley, Austin, Chicago, or anywhere else in the United States, I hear from CEOs that the H-1B visa system is inadequate for today's human capital marketplace and the backlog for green cards and what they mean to the quality and the uncertainty of the lives of these foreign-born employees is a legitimate threat to their businesses,” he said.
“Many companies can, if needed, locate people in Canada, Europe, India or any country that wants those jobs and the benefits they bring,” he said. Mr Puneet Arora, Vice-President of Immigration Voice, told lawmakers that frustration with the US immigration system sent Wharton graduate Mr Kunal Bahl back home in 2007 where he went and founded www.snapdeal.com .
This is a rapidly growing company with over $20 million in annual revenue, over 400 workers and growing at the rate of 70 workers a month.
Venture capitalists
This, India's equivalent of Groupon, has major US venture capitalists like Mr Vinod Dham, the father of the Intel chip, investing significantly in it. “Reports from India and China suggest that this is not an isolated example. This is a growing trend. We often hear concerns that foreign-born workers are taking jobs and stalling the economic recovery,” Mr Arora said.