As Canada looks to grow our innovation economy, which is driven by entrepreneurship and increased productivity, the federal government has introduced a fast track work permit plan for highly skilled foreign workers to address our knowledge gap. The program called Global Talent Stream launched June 12th and expedites the process for qualified and highly skilled talent to receive work permits in Canada within two weeks of applying.
“Being able to quickly attract the best and brightest minds to Canada — above and beyond the ones that already live here — is one way the federal government has listened to the needs of CEOs who are choosing to grow their companies in Canada”, notes Dr. Allen Eaves, President and CEO, STEMCELL Technologies Inc. in an opinion piece published in the Vancouver Sun .
Dr. Eaves knows first-hand what it takes to attract good people. Starting with 8 employees in 1993, STEMCELL Technologies has grown to over 1,000 current employees and has plans to expand to over 4,000 in the next 10 years. Over one-third of the staff hold a Doctorate or Masters and the majority of employees have a Bachelor of Science or Engineering degree.
This is good news for the stem cell sector as well as the general economy because of a multiplier effect. According to economist Enrico Moretti, each new high-tech job creates five additional jobs in the service economy. As quoted in the MIT Sloan Management Review, Moretti points out that “for each new high-tech job in a city, five additional jobs are ultimately created outside of the high-tech sector in that city,” He cites occupations such as lawyers, teachers, nurses, waiters, hairdressers and carpenters. This is three times higher than in other sectors such as manufacturing.