More US layoffs coming in 2022: Many WFH US jobs now headed offshore

The WFH era for US employees is now threatened by increased offshoring to cut US costs and to follow managers that are offshoring as fast as possible.

NT has offices in about 20 US states but already has a network of 11 offices across Asia-Pacific in Australia, China, India, Japan, Malaysia, Philippines, Singapore and South Korea. All offshore locations have lower labor and benefit costs than the USA.

https://www.northerntrust.com/united-states/pr/2020/uptick-outsourcing-asset-managers-asia-pacific

Comment! It's anonymous!

2 replies (most recent on top)

Financial analysts at NT Bangalore report on Glassdoor that annual compensation averages 335,000 indian rupees ($US 4,400). This is less than 10% of comparable Chicago wages. NT can hire 5 Bangalore analysts for each Chicago layoff and still cut comp costs in half. Benefits savings are also important because health insurance is far cheaper in India than the US.
www.glassdoor.com/Salary/Northern-Trust-Bangalore-Salaries

But they don't usually have the expertise. What good is having 3 folks for 1 person's pay, when it would take 5 of them to figure it out.

Thread regarding Northern Trust Corp. layoffs

More US layoffs coming in 2022: Many WFH US jobs now headed offshore

2 replies (most recent on top)

Post a reply