There is no way that you can convince me that BNYM saves money on labor costs by outsourcing job positions to India. Our relationship with India exists to make it easier to obtain an H-1B Visa so a foreign worker can come to the United States. That's the real reason why we have a relationship with India. It has nothing to do with saving on labor costs. If our business was streamlined from top to bottom, If all the redundant positions were eliminated and if the technology worked the way it was supposed to, then you wouldn't need to outsource. I would love to see BNYM adopt Lean Six Sigma polices like I've seen implemented at other fortune 500 companies. Take a good hard look at the business and how every aspect of the business operates. Trim the fat, cut out all the redundant layers of management and technology departments. Automate it. Consolidate it. Eliminate it. Eliminate Chennai and Pune completely from our operations. If anything, it would help so much from a corporate IT security standpoint.
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The only driver here is cost savings. It’s not about education, merit or concentration of skills or resource groups. Every tech company offshores because US laws favor moving jobs to India, Mexico, the Philippines or wherever labor is cheap and sills and motivated labor pools exist. US labor costs are high and BNY is reducing client facing roles and contact except by dedicated client focus teams. It’s hard to argue with company decisions when US labor costs are roughly 4 to 8x higher.
It’s just so incredibly disappointing to see BNY actively supporting the 250th anniversary of the United States Army when they continue to offshore jobs at an alarming rate and shed employees and veterans like chaff from wheat. So much for patriotism and loyalty as work and workers are deliberately moved to other countries in droves. Such a pathetic display of hypocrisy and travesty to US history.
Why stop at BNY? I think at this point, the entire developed world needs to end its relationship with India.
These posts are all true. We got let go after the department consolidated and hired a Indian manager who lives in India to be our manager. A few weeks later Indians started messaging me on Microsoft teams about how to do the work. A few days later, all of us domestic workers in our department were let go.
Outsourcing in my experience has only been a headache, and the workers in India just do the bare minimum to get by. Yes. There are smart people everywhere, but what justifies an American company to let go of domestic workers unless they are just trying to add more profit in the higher ups pockets.
This is the second company that has fine this to me over the years, but trust me, karma will be back.
One of the worst places to work in America. No job security.
BNY should be called Bank of New Delhi, they lay off Americans and send jobs to India. Maybe it's time the government start imposing tarrifs on job outsourcing. Most of the hire ups in this so-called American bank are foreigners as if no Americans are educated.
Sadly this is true. They are only capable of following a manual. Anyone can follow a manual. Once AI is in place I am certain most all India jobs will be cut. They really need to learn analytical skills and learn to stand up to MGMT when things do not make sense. Which after so many years of working with them it's clear they are incapable of doing so.
Its all true... India has no accountability for their work and onshore teams are forced to cover for them and support the initiative. Every technology worker understands this. Essentially we correct work which was not done correctly or at all on our own time.... all while we are getting the axe.
Oh and that firewall rules does not work after implemented and no one even responds to email. Few years back there was such a wonderful firewall team onsite and rules would be implemented so accurately - gone are those days - now it’s worse and worse.
Try to explain to a client a transaction is processed in India for the US market. First of all a tasks that should have been automated and secondly the person will only be able to tell you the procedure - unable to answer any real question.
I am tired of relying on India when there is no accountability for their work. But I am held accountable for the work that they do wrong or just do not do.... why does it take months to have a simple network IP address added to a firewall rule?
IBM couldn’t get the India outsourced software development model to work. Why would a bank think that they can?
Anybody in technology will confirm the disintegration of IBM software quality over the past 20 years of offshoring. Even the bank finally realized that the simple Lotus Notes platform had become completely nonfunctional. Just imagine how bad the IBM development tools and application servers became... what is greenfield if not flight from IBM?
The model is based upon wage differential between regions with no consideration to true cost of increased PMs, simplification of project goals, communications issues, increased QA, rework, low cost entry workers, loss of knowledge post project. This was nothing more than a business fad gone bad.
In the past 25 years, I worked for three fintech companies that all experimented with outsourcing.
The first set up a foreign location to rewrite their application. We never met the people, so have no personal opinions. I just know that it was a failure. Meanwhile, they laid off their domestic workers so the legacy application simply continued until the business evaporated.
The second company was planning outsourcing by the time I left.
The third company mixed outsourcing with contractors and domestic workers. We found the foreign workers were smart, well-educated, and friendly. On-site, we worked well as a team. But the off-shore workers never got up to speed, even after five years on the job. They were generally hesitant and waited for instructions, rather than aggressive problem solvers. We brought some on-site for extra training, and they seemed better. But that disappeared when they returned home.
Meanwhile, we laid off domestic workers, and now we’ve let go the on-site contractors. That was a budget thing. So we must use the off-shore resources, with fewer mentors to pick up their slack. Projects are delayed, and delivered with bugs. I have no idea if upper management has a clue, although this was all their idea so many years ago. Wish us luck.
Clearly, off-shore resourcing has not worked out as expected.
Its amazing how quick and narrow minded some are to accuse the writer of a post like this of being xenophobic. Some employees at Boeing recently nicknamed MCAS on the Boeing 737 max to be the Mass Casualty Activation System. You know why? Cheap outsourced labor to India, that's why.
Read for yourself:
https://www.bloomberg.com/news/articles/2019-06-28/boeing-s-737-max-software-outsourced-to-9-an-hour-engineers
Are all the global corporates who outsource to India in the same mess as BNYM, or are my colleagues just particularly xenophobic?