Canada seems to be losing its tech talent pretty fast. As a result of this, Canadian companies are trying to seek foreign talents to move north.
This information is according to a report that got published this month by Innovation Economy Council. The title of the report was Magnetic North: How Canada Holds its Own in the Global Race for Innovation Talent.
The recent Covid-19 pandemic has made an impact on the Canadian economy in a negative manner. This has affected three million jobs as a result.
Jobs in the information and technology (IT) sector also took a blow when the entire nation went into lockdown. This was to control the rapid spread of the dangerous virus.
Thankfully, unlike different other jobs, STEM occupations have improved remarkably.
There are ample STEM jobs compared to similar jobs before the pandemic. In October, STEM-related jobs across Canada were 8.7% higher than in February.
Some examples of such jobs are:
- Engineers
- Programmers
- Other tech workers.
The primary factor for the strong presence of tech jobs during the pandemic may be due to the readiness of the industry to transition online. This allows employees to work remotely.
Foreign companies are also trying to utilize the talent available in Canada. Tech companies are gradually realizing that their employees can work from anywhere.
This is why many such companies are creating job opportunities for Canadians. This explains the reason behind tech giants, like Facebook and Google, opening their shops in the country in the last five years.
Canada is slowly getting popular as a tech hub. A good example would be the research lab of the software company Gatik that opened in Toronto. The opening was early last year and it helps to attract the local talent from the University of Toronto and Waterloo.
Richard Steiner, head of policy and communications at Gatik has said, “Toronto has been touted as a new Silicon Valley… There’s no better place than Toronto, as far as we’re concerned.”
Loss of Canada Is Also Their Gain
In spite of abundant job opportunities being available in the tech industry, the brightest minds of the country are planning to move onto the south. They intend to do so with the promise of better pay in the US.
Some researchers at Brock University and the University of Toronto have made a study. The study states that a quarter of STEM graduates now work abroad. They are from some of the top Canadian universities.
When it comes to receiving H1-B visas to the US, Canada ranks third after India and China. These visas are normally used to hire talented people from foreign countries.
The future of this visa is not yet clear. This is because the previous US president, Donald Trump, had suspended the program earlier this year. He cited the pandemic as the primary reason.
There are several Canadian tech companies that are trying to capitalize on this. They are attempting to attract US-based tech workers to come to Canada. These people are worried about their immigration status in the US.
There are many Canadian tech graduates who wish to move abroad. This is why Canadian companies are on the lookout for newcomers to fill up the job vacancies.
Canada has become a magnet trying to attract thousands of highly skilled global workers and STEM students to visit the country.
Canada had recently made an announcement. It said that it will welcome more than 400,000 new PR holders each year. This is between 2021 and 2023.
This is quite consistent with the fact that Canada is dependent on newcomers to help the economy recover.
The Global Talent Stream
The Global Talent Stream (GTS) is a fast-track federal immigration program. It helps various employers attract and retain extremely skilled temporary global workers.
Employers need a Labour Market Impact Assessment (LMIA) under the GTS. This proves that the companies have used every possibility to hire people from the local talent pool. It takes 2-weeks for this process.
After completion of this process, foreign workers can apply to enter Canada through the GTS. Canada completes the processing of such applications in two weeks.
In other words, it may take four weeks for a foreign national to enter Canada through the GTS.
Get in touch with us on WhatsApp or Call us at 905-671-4442. You may even email us at info@immigrationterminal.ca if you have any queries about your work visa application.