I am not going to hire an accountant from Vietnam to do my taxes even if I would be able to pay him $1 instead of $100. Accountant from Vietnam is not going to learn US or some EU country tax code if he has customers in Vietnam. In case something goes wrong, like you would have to go to court to settle things, good luck on getting someone from other side of globe to the court and setting things straight.
Local regulations, local language plays huge role in a lot of jobs that can be done remotely. But they will be done 'local' remotely so you still compete locally not globally.
New manager comes in. Hires team in India. He designs his metrics in a way to be greatly improved. Higher ups impressed...guy now in charge of department does the same. Org is now mostly outsourced.
5 years later, oh shit this was a horrible idea the company is dying.
However to that manager and his bosses, they just didn’t care. These ppl all saw their stock appreciate and left before it got bad.
Wall Street and public companies are often rewarded for short term gain at cost of long term future. It’s why startups are able to disrupt an established market.
What I'm seeing is people from low cost locations which traditionally migrated as soon as they could to get western salaries are not getting those western salaries without having to leave. I would say if you were at the highest compensation level you may see a decrease but it will remain that the best command large salaries as now. The difference will probably be that some who were the best and underpaid will have an easier time getting reasonable compensation and some people who were taking advantage of locality factors will now approach a more reasonable salary for their actual contribution.
even for the same level role and expertise and assumed same productivity the east europe one will get a smaller compensation, thus costing the company less.
Sauce for the goose is sauce for the gander and all that.
I'm just pointing out some of the potential consequences.
Some positions, such as junior dev, may have reduced pay since there are millions of international lower skilled devs.