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Comment by mattfrommars | Hacker News Reader

I can assure you a lot of veteran devs in my company who had major impact were let ago because of off shoring to India and Poland. My employer is a very well known financial institution, think Blackrock, Bloomberg etc.

Public press paints picture of the firm laying off due to adoption of AI. Yet, I can assure you without doubt its not because of it but due to continued offshore.

I think we are at the brink of opening another large campus in India, not sure which city. Oh another thing is these full time position in NA were eliminated and replaced with employees from TCS.

My own boss is against it but its coming from higher ups. I have no idea what's driving them. We made billion in net revenues last year and we are actually part of the org that is in 'cash cow' category - upper management literally said this too in our town halls

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But you can make more money. And if you don't, then it's crime against the fiduciary.

Exactly, you're on the hook to profit-max for the next quarterly earnings report. If that may negatively impact subsequent quarters, not your problems, that's to be resolved when profit-maxing those quarters

short termism!

One might argue sacrificing long term gain and stability for short term term profits are indeed a violation of fiduciary responsibility. Why it isn’t being argued I don’t know but we all know delaying gratification tends to result in higher net in the long run.

No, you're not "on the hook". You're definitely motivated to increase profits - most senior leadership's compensation will be heavily equity weighted, and net profit growth tends to result in share price growth - but there's no hard rule saying they have to purse short term profits at all costs. They might be pressured to by shareholders but they're not obligated to.

Consider companies like Amazon, Tesla, who (initially, for many years) prioritised long term growth over short term profits. Look at how long they lost money for. You do need a CEO who actually has some vision.

I'm not sure if this is a tongue in cheek comment or not, but it's a myth that leadership has a fiduciary duty to maximize profits at all costs.

Yeah, same here except in Retail. All the hiring is in the Indian campus where they can pay junior devs 11/hr compared to the 80/hr billed by Kforce, InfoSys, et. al.

Are visa restrictions deterring or promoting this offshoring?

Let them offshore if that’s what’s going to happen. And then let the stats show that American employment in certain sectors is tanking, and let the electorate decide what to do about that. Basically, I think this is a multi-round game rather than a one or two round game.

This is my company too. Also large financial firm based in US. They say AI, but what they really mean is "Always Indian".

The market is not so hot in Poland either right now, so I guess the flow to India continued or the funds have become more limited.

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