Slump Sinks Visa Program
Instead of bringing over Indian engineers, HCL has been hiring American employees who otherwise might have been let go by clients switching the work to HCL, Mr. Srikrishna said. Last year, HCL hired more than 1,000 employees from clients and received just 87 H-1B visas, he said.
A coveted visa program that feeds skilled workers to top-tier U.S. technology companies and universities is on track to leave thousands of spots unfilled for the first time since 2003, a sign of how the weak economy has eroded employment even among highly trained professionals.
The program, known as H-1B, has been a mainstay of Silicon Valley and Wall Street, where many companies have come to depend on securing visas for computer programmers from India or engineers from China. Last year, even as the recession began to bite, employers snapped up the 65,000 visas available in just one day. This year, however, as of Sept. 25 -- nearly six months after the U.S. government began accepting applications -- only 46,700 petitions had been filed.