As we hear that Americans are casting their votes for our next president in record numbers by mail or in person early, as a businessman and entrepreneur, I think about how the outcome of the election will affect my business, Genesis10, and the staffing industry.
We started the year off with a healthy economy and employment at levels we haven’t seen in 50 years. Then Covid hit. To stay safe, we all retreated into our homes, while the economy and employment plummeted. The economy has since started to come back with employment recovering somewhat. Now, the election is looming with the candidates holding divergent views on the economy, business and just about everything. As I see it, without expressing my own political views, there are three key areas that could be affected by the outcome of the election that we in the staffing industry and I should consider:
The H1-B visa program. As you may know, the H1-B visa is a non-immigrant visa that allows US companies to employ graduate-level workers in specialty occupations that require technical expertise in specialized fields such as IT, finance, accounting and engineering among others. To encourage businesses to hire American workers, the Trump administration put restrictions on H1-B visa policy. This made it more difficult for companies to hire workers from countries such as India and once the workers were in the U.S. harder for them to get their visas renewed if at all. If President Trump gets a second term, then these restrictions will continue, or become more restrictive. For the staffing industry, recruiting could get even tougher for select skill sets.
Healthcare. Trump is opposed to the Affordable Care Act, which is also known as Obamacare. From a business perspective, changes to the ACA mandates will affect the cost structure for every business and every industry…
Source: The Staffing Stream