It was introduced in 2017 under the Temporary Foreign Worker Program. Additionally, this Stream works for the fast processing of applications in work visas. The main beneficiaries are eligible overseas workers possessing the necessary skills demanded by Canadian employers. There is a focus on the fields like Information Technology and Science, Engineering, Technology, and Mathematics.
The program permits employers in submitting Labor Market Impact Assessment. Here there is a waiver of the need to give a proof regarding recruiting in Canada initially. Moreover, it expedites the process of approval. As per the LMIA, if no local workers are available for doing the job, the authorities will issue a work visa in 10 business days. This also allows employers quick access to top and skilled talents. The proposal for making this pilot permanent was announced in the federal budget of 2019. There were calls from several business associations associated with the technology companies.
Benjamin Bergen, Executive Director, Council of Canadian Innovators, stated that its permanency will help the leaders in the technology sector, for better efforts to access the requisite talent, to improve and measure up to the global levels. Additionally, skilled talent is an impetus for growing companies. The time for visa processing is barely two-weeks. It is a game-changer for Companies who are interested in building a team of skilled workers having a global experience. The Information and Communication Technology Council of Canada, has put out a forecast mentioning that there will be 216,000 job vacancies by 2021.
Furthermore, the Arrival of skilled digital workers provides a solution to the industry leaders in growing their business. Another benefit is the reduction of opportunity costs.
The government has not disclosed the figure regarding the approved work visas through the Global Talent Stream after it was introduced. An IRCC spokesperson was looking into this.
Employers using the stream have to develop a Labor Market Benefits Plan regarding providing benefits for the labor market. In turn, it will also benefit the Canadian economy, in job creation or in the transfer of knowledge.
In its 2019 budget, the federal government also mentions that the Global Talent Stream was able to generate a commitment from employers for creating 40,000 new jobs. The beneficiaries here would be the permanent residents and Canadians. It will also help to develop 10,000 co-op placements and allow an investment of $90 million in training and skill development. The allocation of the federal government is $35.2 million in five years for supporting the Global Talent Stream. Presently it will be $7.4 million.We provide all the details and you can contact us.