Major banks and telecommunications companies have surpassed technology giants as the leading recruiters of H-1B visa workers in recent years, reshaping the landscape of foreign talent employment in the United States.
From May 2020 to May 2024, significant players such as Citigroup, AT&T, and Capital One have emerged as top recruiters of foreign labor through staffing and outsourcing agencies, according to data analyzed by Bloomberg. This trend marks a notable shift from previous years, where technology firms in Silicon Valley dominated H-1B visa hiring.
The H-1B visa is crucial for U.S. companies requiring individuals for specialty occupations demanding theoretical or technical expertise. Fields actively engaging H-1B workers include information technology, engineering, finance, and healthcare.
Applicants must possess a job offer from a U.S. employer and hold at least a bachelor’s degree or its equivalent in their field to qualify for the visa. The initial grant is for up to three years and can be extended to a maximum of six. Each fiscal year, the U.S. government issues 65,000 H-1B visas with an additional 20,000 allotted to applicants with a U.S. master’s degree or higher.
The perpetual high demand for these visas has necessitated a lottery system. Employers are required to submit a Labor Condition Application to ensure fair wages and working conditions for their H-1B employees. This program remains critical for enabling U.S. businesses to leverage global talent and address skill shortages.
India has consistently emerged as a leading source of H-1B applicants. The country accounts for roughly 70–75% of all petitions due to its robust tech industry and close ties with U.S. technology firms. China follows as the second-largest contributor, contributing about 11–13% of applications. Other countries like Canada, South Korea, and the Philippines each represent under 1% of the total.
The global workforce distribution, particularly in IT, engineering, and healthcare, highlights how U.S. companies rely heavily on skilled professionals from these countries to meet their labor demands.
Bloomberg’s report reveals that Citigroup Inc. added over 3,000 new H-1B workers during this four-year span—surpassing prominent tech companies like Nvidia, Oracle, and Qualcomm. However, most of these hires are not direct employees but rather contractors through third-party firms. A significant portion came via outsourcing companies like Tata Consultancy Services Ltd. (TCS), which is currently under investigation by the U.S. Equal Employment Opportunity Commission for possible discrimination against non-Indian workers.
In response to these allegations, a spokesperson for TCS stated, “Allegations that TCS engages in unlawful discrimination are meritless and misleading. TCS has a strong track record of being an equal opportunity employer in the US, embracing the highest levels of integrity and values in our operations.”
Citigroup also addressed questions about their hiring approach, saying, “We supplement our 71,000 US workers with highly skilled H-1B visa holders to address specific, timely needs. When we do so, we follow relevant laws and regulations, including anti-discrimination laws.”
Bloomberg’s analysis suggests that H-1B contractors receive significantly lower compensation than their direct counterparts. While software developers through staffing agencies reported median earnings of $94,000, those directly employed earned $142,000, even while factoring in job title, education, and experience.
The disparity in wages has drawn criticism concerning the program’s aim to recruit the highest caliber of professionals. “If the whole purpose of this program is to hire the best of the best, then why aren’t we seeing higher wages?” remarked Susan Houseman of the W.E. Upjohn Institute, after examining the findings.
Despite this critique, proponents of the H-1B program argue it addresses critical skill shortages in the U.S. workforce by bringing in unique expertise that complements the existing labor pool and maintains company competitiveness globally. They further assert that there are built-in protections to guard against wage abuse, though acknowledging that enforcement poses challenges.
The redirection of H-1B workers from tech to telecom and banking indicates that skilled foreign professionals are increasingly finding career opportunities outside of traditional technology firms.
According to Bloomberg.
Source: Original article
The event was expertly hosted by Ashfaq Sharief, who warmly welcomed attendees and shared the journey behind Kohinoor Banquets. He recounted how Abdul Aziz’s vision transformed the second floor of a former corporate office into an elegant, modern space. Shoib Aftab is a General contractor of Kohinoor Banquets. “It was a long journey,” Sharief noted, acknowledging the challenges of navigating Skokie’s regulations and the team’s dedication to creating a venue that could serve Skokie, Lincolnwood, Morton Grove, Niles, and North Chicago. He emphasized the hall’s capacity to host up to 275 guests, making it ideal for intimate weddings, birthdays, anniversaries, and graduations, all within a welcoming and sophisticated atmosphere.
overseeing every detail to ensure the venue’s excellence. Shareif praised Aziz’s commitment, stating, “He was involved in every small thing, making sure we give the best of the best, even though it’s a small place.” The audience applauded Aziz’s determination to fill a gap in the local market, where options like the aging Holiday Inn banquet hall had left room for innovation.
Qari Abdul Mannan, another prominent guest, brought a spiritual perspective, calling the opening “a blessing from Allah.” He described Kohinoor Banquets as not only beautiful but also a contributor to Skokie’s vibrancy. “This hall makes Skokie beautiful too,” Mannan said, extending a warm welcome to Mayor Tennes and pledging community support. He lauded Aziz as a “great man” and a helpful figure in society, predicting the venue’s success with divine blessings for Aziz’s family and the hall’s future.
communities, including Muslims, Hindus, Sikhs, and others. Mannan’s mention of his Sufa Masjid and school underscored the area’s cultural momentum, while Shareef’s call for minority representation in local governance struck a chord, reflecting Kohinoor’s role as a unifying space.
With active participation, collaboration, and coordination by community and business leaders from across the 5 continents, the Global Malayalee Festival is shaping up to be an exciting celebration of the culture, traditions, and accomplishments of the Global Malayalee community at the heart of Kerala.
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