The so-called “low cost country” strategy has gutted entire departments and cost us some of our best people. Moving work overseas might save money on paper, but the loss of knowledge, morale, and quality is enormous. The people making these decisions never deal with the fallout.
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The strategy that maximizes the stock price in the short term is the ONLY strategy.
Students graduating in the next few years will face a challenging job market, especially given the significant investment they've made in their education. Major consulting firms like Accenture and EY are already reducing their hiring of consultants, or what BNY calls analysts, as artificial intelligence begins to automate many of these roles. This trend is already impacting even the largest consulting firms, with AI now capable of tasks like monitoring return-to-office policies more effectively than human consultants. The reality is that many low and medium-skill jobs are becoming obsolete. AI is already capable of "thinking" tasks, and as it continues to mature at an exponential rate, industries like banking and custody will become almost entirely automated. These AI systems require no salary, benefits, or vacation, and unlike some human employees, they are "willing" to learn from their mistakes without ego or resistance. This shift goes far beyond simply offshoring jobs to countries like India or Poland; it's about any new technology—including AI—having the capability to learn a job and replace anyone. The ultimate consequence of this is not a societal collapse, but a future where many people, including us, could find themselves in the unemployment line. This is a very real possibility.
The house of cards will come crashing down
The higher execs come in and need to show their value to the company. The fastest way to do that is to cut headcount. They get their millions in bonuses and then after a few years they jump ship. So they sc--w the company and the shareholders for their own greed.
The last time we had a small group of people in one country making vasts amounts of money off the sweat of those in poorer countries, it was called the British Empire