Over the past couple of years, many United States banks have started cutting sponsorship of H1B, which allow skilled workers to take employment in the country. This trend has sparked discussions about the reasons behind it.
What are Banks Hesitant?
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1. Plenty of Local Talent: Many banks find sufficient number of skilled workers in the U.S. to fill their job openings. With so many applicants available, banks often prefer to hire locally rather than go through the process of sponsoring an H1B visa.
2. Costs and Complications: In general, sponsoring an H1B is an expensive and very lengthy procedure; there are legal fees, and quantity of paperwork that the banks have to go through is huge, with ofcourse, no guarantee against rejections. This has been deterring them from taking H1B sponsorships.
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3. Ever changing immigration rules: New regulations and increased scrutiny around the H1B visa program have made it more burdensome for banks to figure out. This has created uncertainty that has caused some banks to shy away from sponsoring visas.
4. Focus on Long-term Employees: The banks are concerned tht foreign workers may not work with them long, Most students seek employment in other countries like the U.S. for experience and return to their home countries. Therefore, this creates some hurdles in the minds of banks that they will not invest much money in sponsorship, believing that workers will leave after a very short time.
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While a number of banks still sponsor H1B visas for those jobs needing special talent, many other banks focus on local talent. Sufficient qualified applicants, together with costs, regulatory challenges, and concerns about employee retention, are driving the shift.
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