Ask a child if there is a shortage of ice cream in the world, and no doubt, the response will be an emphatic yes?there certainly is. And ask a tech CEO if there is a shortage of engineers, and you will get the exact same answer. That?s the story I used to tell, based on my research on engineering graduation rates and outsourcing trends. In 2005, my team shattered the myths about India and China graduating 12 times the numbers of engineers as the U.S. (we found that the U.S. graduated more than India did in 2004, and the quality of Indian and Chinese graduates was not comparable to that of American schools). And our survey of 78 executives from companies that Lou Dobbs (remember him?) harangued for ?Exporting America? revealed that they weren?t going offshore because of shortages of U.S. talent or deficiencies in the skills of Americans, but because it was cheaper and these companies needed to be closer to growth markets. The argument that I made, and that the opponents of skilled immigration also make, is that if there was, indeed, a labor shortage, then engineering salaries would be rising and companies would be paying huge bonuses to attract and retain talent. This wasn?t the case a few years ago. But with Google giving 10% pay hikes to all of its employees and offering hundreds of thousands of dollars in retention bonuses, this appears to be happening today. In Silicon Valley, there seems to be a talent crunch: most startups, venture capitalists, and big company executives say it is very hard it is to hire the right talent; they claim that wages are rising. But national unemployment rates are hovering around 10%, and tens-of-thousands of highly experienced computer programmers and technical specialists can?t find work. How can this be?
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ON SEMICONDUCTOR NVIDIA NUANCE COMMUNICATIONS NOVELLUS SYSTEMS
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