According to a recent survey from Gartner, companies cited talent shortage as the biggest risk their companies were facing in Q4 2018. Compare that to Q1 2018 – companies named cloud computing and general data protection regulations as first and second overall risks, respectively.
The good news is there is a solution to meet the challenge of talent shortage and that is foreign talent. For companies worried about filling key job roles, foreign talent may help alleviate a talent shortage.
Demand Remains Strong
As U.S. companies are well aware, the last few years have been filled with challenges to employment-based immigration programs. There have been numerous policy memos and proposals from the U.S. Citizenship and Immigration Services and Department of Labor that have added additional hurdles employers have to cross if they’re seeking to bring talent to the U.S.
Yet, companies are not shying away from hiring foreign talent because their organizations have key job roles to fill. For example, 80% of employers expect their foreign national headcount to either increase or stay the same in 2019. Breaking this number down further, 46% of employers expect foreign national headcount to increase in 2019.
In 2017 and 2018, 55% of employers and 53% of employers, respectively, stated their foreign national headcount would increase.
It’s no secret U.S. companies face an ongoing talent shortage. The unemployment rate is the lowest since 1969 and the Bureau of Labor Statistics said there are approximately 7.3 million unfilled jobs, but only 6.3 million people actively looking for work.
Sourcing Foreign Talent Remains Important
Additionally, despite the backdrop of a cumbersome U.S. immigration process, 95% of employers said sourcing foreign talent is extremely, very or somewhat important. Breaking that down further reveals:
Now, more than ever, sourcing foreign talent is key for filling open positions. And as a result, foreign talent is now top of mind for C-level executives and boards.