Global Skills Strategy – Powering Canada’s Tech Growth
Canada’s technology companies are growing. One immigration stream is proving to be a catalyst.
An innovation hub based in Toronto recently credited the Federal Government’s pilot program of Global Skills Strategy for helping Canadian companies reduce their skill gaps.
MaRS Discovery District surveyed 100 plus technological companies in the Greater Toronto Area (GTA) serving Canadian, US and International markets. Annual revenues of CAD 1million was the benchmark for the survey.
Some significant numbers which emerged were:
- 2017 witnessed a 53% hike in international applicants over 2016
- More than 45% of companies hired international staff in 2017
- More than 35% companies hired foreign employees by applying under Global Skills Strategy
Global Skills Strategy
Global Skills Strategy was cited as the number one influencing factor for the increased competitiveness and quality of international hiring in Canada.
Introduced in 2016 as a pilot program, this immigration stream aims to support tech companies to hire specialized international talent quickly. Primarily, the hiring was done for jobs in the field of engineering, sales, marketing, data scientists, operations and c-suite level professionals.
Processing times for a visa under this program are typically less than two weeks. With specialized and niche jobs being filled so rapidly, Global Skills Strategy comes as a boon for Canadian employers.
Powering Technology Growth
Canada is emerging as the preferred destination for specialized global talents. Canadian companies are becoming more internationally competitive by narrowing their existing skill gaps. With such a positive impact, this immigration stream is powering the growth of the fast-paced technology firms and creating a positive business impact.
2017 report by CBRE put the spotlight on Toronto for being the world’s fastest growing tech market. With more than 22,500 new tech jobs created, it leaves the traditional cities of San Francisco and New York far behind.
Initially launched as a pilot program, this immigration stream attracted more than 800 applications for almost 900 positions. Global Skills Strategy is the future of the tech world in Toronto and other Canadian cities. By 2020, ICTC forecasts skill shortage of more than 220,000 tech employees across Canada. The supply is falling way short of the projected demand. Partnering a skilled and experienced Immigration Lawyer can help you get the skilled talent you want in your company quickly.
The Way Forward
Making this program a permanent one and developing talent retention strategies will be the way forward for Canadian Government. Doing this in partnership with the innovative tech companies will give rise to invaluable talent recruitment and retention, which is the need of the hour.
Promoting Science, Technology, Engineering and Math (STEM) and related programs across Canadian provinces will also help to fast-track the growth of potential skilled talent from within the country.
How We Can Help
Whether you are an employer wanting to get highly skilled foreign worker into Canada or want assistance in preparing the labour market benefits plan, we can help.
At Nanda & Associate Lawyers, our experienced Immigration lawyers and Regulated Canadian Immigration Consultant (RCIC) will create tailored and customized solutions. Whether it is preparing a labour market benefits plan or work permit application, at Nanda & Associate Lawyers, our knowledgeable team is with you always.