So what's the plan here folks? Have 40% of the company in India and the rest of us BS'ing around with RTO until we leave and are replaced with more offshore folks? Are the executive that shortsighted and narrow minded!? How does slowly dismantling Wells Fargo and reassembling it in India actually make sense. Unless you are a mindless "mange by Excel" executive who looks to cut cut cut ... eventually you cut off your own parts ... Just ask Sun Microsystems. The executives and BOD are out of ideas ladies and gentlemen. They are no longer thinking strategic. No longer wanting to grow and earn revenue. No longer coming up with new product ideas. No longer competing.
It's pure MBA instinctive survival. A hardcore race to the bottom. It will be a slow and miserable death. A death nonetheless.... When it happens. DO NOT WRING YOUR HANDS ASKING, "HOW DID THIS HAPPEN!???!!??" -
9 replies (most recent on top)
This is a symptom of much bigger problems.
Warren Buffet (!) has sold his entire stake in WFC. He must know something to make a huge move like that. We're talking about the guy who was the biggest shareholder of WFC - somebody who is in a position to know things that are not public.
The titanic has hit the iceburg, and the rats are jumping off....
I remember an exec at a tech firm (don't remember which one) said he wanted to hire at the top of the market. His reasoning is that he can hire 1 person that is an expert in their field and can get the job done quickly and efficiently vs a lot of lower wage earners that require hand holding, learning curves and impact project deadlines. WF thinks hiring 3 v 1 India will fix its problem. The either do not realize, or choose to ignore that the only thing the india counterparts know how to do is what the stateside WF employees show them how to do. As more and more get offshored and project failures escalate, the blame will shift to the India partners, specifically hiring practices. It's my understanding that India does not use the same level of scrutiny for background checks (education and experience). When you have an employee that can create their whole background on a color printer, it doesn't translate to real world experience.
I think our team is to be at least 30% oversees by end of this year. We’re supposed to have 9 ppl there eventually. .. we currently have 5 stateside. Why do we need 9 more? We’re not busy and our work doesn’t fluctuate much. The writing is all over the place so I am looking. I will not train my replacements.
Something like 30k employees in India now and another 11k in the Philippines.
Just got to keep going until you can retire. Nothing else to be done. You know, other than tear your hair out with the high school quality code and constant lying from the “offshore partners” you work with. WF doesn’t care about quality in tech, and why should it? Not like it cares about quality anywhere else, and the company is not run for us or the customers. Not a single one in the c suite gives a flying f-ck about anything other than what they can make for themselves.
Wells still believes you can hire 3-4 devs in India for the price a single US dev. And yes, you can do that. But unlike 2002 where that might add up to more than 1 US dev in ability, it now adds up to a 1/3rd, because the salaries in India have increased. Nevermind that 2 of those 4 now do literally nothing...
The execs are a hired g-n, they have zero loyalty, short timers, they’ve already acknowledged, run this company out of biz in the long run. Wells earn the majority of their $$$ here yet they ramping up offshoring, that’s a straight slap to the face of all Americans
It's a national security issue as well. India bought up all the fuel Russian would sell to them at a reduced price. The US couldn't sanction India because of the impact of the sanctions on US corporations so heavily invested.
The problem I see with all this off shoring is that the company is weakened over time. On shore people have company, process, application historical and customer knowledge. Off shore folks take direction from on shore people, but there are fewer and fewer on shore folks and off shore folks don't have long term interest in Wells Fargo or communication skills necessary to become key employees. Over time the skill in running the company is drained like a leaky sink.