Immigration Critical for Growth of Global Economies, says GMAC report
The report examines the role immigration in fueling productivity and growth, the need to support international mobility of talent across borders, and the critical role business schools play as gatekeepers to skilled immigration and talent developm...
The report titled “Early Warning Signals: Winners and Losers in the Global Race for Talent” examines the role immigration plays in fueling the productivity and growth of global economies, the need to support international mobility of talent across borders, and the critical role business schools play as gatekeepers to skilled immigration and talent development. The report analyzes data in the US, Canada, the UK, India and China.
“Business schools are uniquely positioned to explain how mobility of talent connects to economic growth and vitality through our faculty research and expertise. However, as the developers of talent, we also have almost real-time data showing new trends in where talent is choosing to locate,” Bill Boulding, Chair of the GMAC Board and Dean of Duke University’s Fuqua School of Business, said in a press release on Thursday.
“We feel it is critical we share this information now with policy makers around the world as talent will be the most important factor in determining who wins and loses economically in the future. The issues we are raising are important not just in providing the opportunity to cross borders for education but also to foster robust and vibrant national economic activity.”
Calling attention to the particular challenges the US faces, 63 CEOs and deans from a broad cross-section of business schools across the country, both public and private, have signed an open letter calling for a substantial change in the US approach to high-skilled immigration, the press release stated. The letter expresses urgent concern that the US does not have the high-skilled talent it needs or the capacity to train enough people with these skills to remain competitive in a global economy.
To prevent this trend from continuing, the signatories are proposing pro-growth policy reforms including removing “per-country” visa caps, modernizing the visa processing system, and reforming the H-1B visa program to make it possible for needed talent to have a reasonable chance of gaining entry to the US. They also proposed creating a “heartland visa” to encourage immigration into the regions of the US that could most use the vitality of these talented individuals.
“Quality business schools are emerging around the world and the competition for talent is fierce, the sign of a vibrant marketplace,” said Sangeet Chowfla, President and CEO of GMAC. “Policy makers also have a responsibility to seed an environment conducive to student mobility. By doing so, they unlock innovation while helping to maintain diversity in the classroom, a critical aspect of graduate management education.”