H-1B – The Big Layoff
Tech companies in California and other West Coast cities could easily raise money on the stock market and borrow money from banks over the past five years. This has led to a culture in these commodity companies to pay exorbitant salaries, bonuses, and other perks like stock options.
The average software engineer in California made over half a million dollars through salary, bonuses, and stock options. At the same time, their East Coast and East Coast counterparts struggled to earn a quarter of that salary in a full-time job. Silicon Valley management started behaving like larger-than-life versions by always making irrational claims on social media about the growth of their companies.
Good times always come to an end, like the old bottle and airline company. The Fed stepped in and raised interest rates when inflation rose, and ordinary people couldn’t even pay their rent or buy food. With access to cheap money disappearing, tech companies have started making mass layoffs and will continue to do so for the next couple of years.
If a Employee H-1b is terminatedthey have 60 days to find another job under existing guidelines.
In the event of dismissal, a company generally cannot file a PERM for an existing foreign national in the same department for 180 days. Multiple rounds of layoffs can cause companies to delay filing PERMs for foreign nationals for several years, which can cause them to expire after six years of H-1B and return to their home country. now the whole PERM process takes over a year due to delays with the Ministry of Labour.
After a layoff, a full-time H-1B employee must choose between getting another full-time H-1B or joining a computer consulting employer. An IT consultant can complete two or three projects remotely depending on how they manage their daily schedule. In 2012, earning $120,000 a year in IT consulting wasn’t easy. A quarter million dollar annual salary is very average in IT consulting in 2022.
When the IT job market is booming, it’s not a good idea to be stuck in one hundred and twenty thousand full-time jobs. The money is in IT consulting, not full-time IT jobs. A full-time H-1B employee can complete a second remote IT consulting project through concurrent H-1B.
This is a sponsored post. We are currently recruiting .Net, Java, Python, Ruby on Rails, Middleware, BA and QA positions for candidates located in the United States. Please send your resume to [email protected] if this opportunity interests you.
If you are terminated from your current job or an impending layoff, located in the United States and require an H-1B sponsorship, please email your resume to [email protected].
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