Job Exodus to India: Economic Challenges in US
Fewer and fewer jobs are available for US citizens, which affects contributions to the social security system and taxes in this country, thereby burdening retirement benefits. On the other hand, an increasing number of jobs are being outsourced, contributing to other countries' economies.
India is not just causing Economic challenges but is also causing Transnational repressions on its minority diaspora here in US.
"The only way to stop it is congress passing restrictions... Ex: If 10% of your workforce is in India then %10 percent of your business should be customers domiciled in India. Which will never happen because these banks are in these politicians pockets deep."
This will never happen because banks in India are state owned, no other banks can do business there. We are building a middle class there that we cannot do business with, while our middle class dwindles.
Most of companies - Tech/Finance etc including WF recruiting the non citizen graduates to FULL TIME positions with thier OPT/STEM visa which is for 3 years.. I am NOT sure how come they will be given FULL time positions with that temporary visa which is for optional training etc... Employers and Employees need NOT to pay social security taxes and Medicare Taxes for OPT positions so they are saving more than 15%.. but at the same time less funds to future SS payments!! Currently there are more than a million working on OPT visas!!
I will happily treat my India colleagues like my US colleagues. That means expecting them to actually do work independently and think for themselves. It means expecting them to meet a deadline. It means expecting them to be problem solvers and not just stop work and waste a day because they came across something that wasn’t written in the instructions. It means expecting them to actually know how to do the job they were hired to do and not ask for pages of documentation that they can’t follow anyway. It means being able to give them a task and feel confident that it will be done without a drain on everyone else. When I see that happen I will treat them the same way I treat my US coworkers.
The execs and HR are anticipating US vs I&P drama. They can't seem to open their mouths without saying "treat them just like the US based employees!". If only they'd follow their own advice.
@1qeu+1sAcYLqP Agree, the mandate to reduce workforce on Sloan came from the board. They just combined 3 major banks; Norwest, Wachovia and Wells Fargo. I still don't think any bank has figured out the efficiency formula that may involve reducing the workforce, shifting jobs overseas, on-shoring, visas, college recruiting, AI, robo-tellers, ATMs, etc.
@1fxi+1sAcYLqP That mandate of reducing the workforce wasn't his idea, that mandate came from the board, Scharf has the same mandate reduce workforce and shift roles offshore to save costs like JPM, BNY and Citibank has been doing for decades. If congress really cared they would have done something then...
@zwx+1sAcYLqP That was in 2018 Congress vs Sloan I did a little research into this. Axne is long gone. I think her bill got mangled with another. Nothing ever occurred.
The only way to stop it is congress passing restrictions... Ex: If 10% of your workforce is in India then %10 percent of your business should be customers domiciled in India. Which will never happen because these banks are in these politicians pockets deep.
@lhp+1sAcYLqP Here ya go! https://www.breitbart.com/politics/2019/03/13/watch-wells-fargo-ceo-grilled-for-outsourcing-american-jobs-to-india/
Why aren't the heads of our companies and others called in front of Congress to answer this specific question?
https://www.bloomberg.com/news/articles/2024-05-15/putin-starts-china-visit-seeking-xi-s-support-for-his-new-term?utm_campaign=bn&utm_medium=distro&utm_source=yahooUS
The answer: Outsourcing, H-1b, L1, OPT visas.