Pulling this thread out as a top level question.
How do you know if you will be displaced?
Is there some formula to figure that out?
Yip.
First, the flow chart:
- Can the employee function be done remote? if yes, go to #2
- Do you earn more than an indian national sitting in india (explained below)? If yes, go to #3
- Yes.
You can take ANY job and apply the same outline.
So, how do you know if you earn more than a QA national sitting in india?
Easy:
- Most indian nationals sitting in india make less than 30000usd per year base or about 2500usd monthly AT THE MOST.
- Their health insurance there is so cheap, the company not only pays for the employee, but also pays for the spouse, kids and the extended family at no cost to the employee. Im betting total this is less than 1500 usd per year or less than 120 per month usd.
- Office space in india is MUCH less than usa. Around 60usd a head per month.
- Telecommunications in india is an additional cost because wells requires dual route in case of failure, but its shared among all employees. The cost per employee, just to be generous say its 20usd a month (and its probably a lot less)
- USA fte earn on average 70k per year as base or 5800 per month.
- The first 6% of your wages up to 7k of income are paid to fund unemployment which comes out to 40usd per month. India unemployment cost is so low its negligable.
- Wells pays half your ssi insurance. This is about 6.2% of your wages. at 70k this is about 320 per month. India has social insurance but it is so low the cost its negligable.
- Wells pays medicare in form of fica. Fica insurance is about 1.45% of all your wages and there is no cap. At 70k, this comes out to around 70usd per month. For india, they dont pay anything for this.
- Most employees have an office, a phone, etc....and in usa, commerical lease/realestate is expensive. This is a fudge, but im guessing office space in usa averages at least 400usd a month per employee.
- Next, you might sue wells for an unsafe environment - like an OSHA lawsuit or a covid infaction. In india? nope. USA is litigous - theres risk to the company. And risk has cost. For giggles say we under estimate to 25 usd a month.
- Also, the company has spoken contract for profit sharing and 401k match at 6% of salary. Using 70k as salary, that cost is 350 usd a month. (India doesnt have this)
So doing the math.....
India employee = A + B + C + D
or about 2900 usd a month
Usa employee = D + E + F + G + H + I + J + K
or about 20 + 5800 + 40 + 320 + 70 + 400 + 25 + 350 = 7250 per month
So, the price of 1 usa employee is more than double the price to have 1 indian employee.
And all that is assuming averages. A lot of Wells Fargo FTE earn a LOT more than 70K a year, and usually those are the longtimers and folks over 40.
The only thing JPM style management cares about is minimizing expenses and maximizing profit.
Employees are expenses.
I know a lot of folks think usa is exceptional and no other country has the same level of skills but this is irrational and zenophobic -weve all met shiity american staff and shiity india staff.
You cannot say that all india staff is shiitty, tho i have seen some bias in that regard for the average - but thats a function of getting what you pay for cause offshored outsourcing always is run by bean counters who only minimize cost and have 0 regard for quality.
(A little inside story - most india staff also know they getting cheated, and jump quick at first chance to get a little more money at another company - this is called turnover, and its very expensive for the bank)
JPM style is "bare minimums". The cronies are salivating over putting your fat paycheck into their own wallet.
Think of it this way - when a cat catches a rabbit, does the cat have any sympathy for the rabbit or any remorse?
Chainsaw and his cronies are that cat.
You are the rabbit.
You can choose to be their easy meal, or hide out and fatten up (aka do very little work, use medical leave, maximize your benefits consumption, etc), or file a lawsuit for discrimination/unfair labor practices so they have to burn more energy (money) to get you, or you run away and get a new job (ideally while still working for the bank, so you can bleed them even more once severance rolls around).
in short - grow a pair, and dont just lay down and be an easy meal for them.
Some things to ponder.
Good luck to everyone.