When it comes to outsourcing in the banking industry, the company delegates not only its collection service, customer service, and mortgages but also its IT sector.
The focus-minded mentality is pervasive in all sectors, leading to a narrow and short-sighted mindset. Governments offer opportunities for employment in the banking sector in order to improve living standards and boost the economy. However, this also results in an influx of bank employees, estimated at around 250,000, while local residents are limited to lower level jobs like those in manufacturing.
Foreign workers dominate upper-level positions, while locals are left with lower-level customer service roles (Choates, 1990; King, 1990; Lal, 1999). A customer from East Amherst expressed dissatisfaction with HSBC's service, stating that it is "absolutely terrible" and people "don't understand you," highlighting a serious problem (SharedExpertise, 2004, 1). Ac
...cording to McKinsey & Co., they predict a shift in the U.S.
According to SharedExpertise (2004, 1), the number of jobs overseas is expected to grow by 30% to 40% annually in the next five years. Forrester Research forecasts a notable increase in the overall number of U.S. jobs being moved abroad, from around 400,000 currently to 3.3 million by 2015. This includes 473,000 information technology positions (SharedExpertise, 2004, 1).
The market is characterized by manipulation and is not purely objective. It tends to favor different industries at different times. While prediction can assist decision-makers in understanding various scenarios, recent developments, such as the impact of diseases, have shown that the market fulfills these predictions to exploit economic opportunities. Douglas Irwin (2004, p 1) expresses concerns about the "outsourcing" of service sector jobs to foreign countries, which some critics argue will result in
significant decline in employment opportunities in the United States.
Irwin (2004, p. 1) argues that outsourcing in the U.S. service sector will not lead to job loss but instead result in transformation and enhanced company efficiency, ultimately benefiting consumers and export businesses.
In contrast, Douglas (2004, p. 1) cites economist Paul Craig Roberts who predicts in a January briefing that the United States will degrade into a Third World nation within twenty years.
According to Douglas (2004), Roberts made a prediction about the outsourcing of service sector jobs to India and China, stating that it would result in the loss of white-collar jobs. As a consequence, highly-paid service sector workers like software programmers and radiologists are now facing competition from skilled professionals overseas who earn much lower salaries compared to their American counterparts (Irwin, 2004, p. 1).
According to Irwin (2004, p. 1), outsourcing has the potential to decrease prices for consumers and save costs for businesses. Consequently, such advantages can be transferred to consumers, thereby enhancing income for U.S. exporters and achieving equilibrium in trade between imports and exports.
According to Douglas Irwin (2004, p 1), the United States plays a significant role in delivering services and accounts for roughly 20% of global service trade. Services comprise approximately 30% of the overall value of U.S. exports.
Irwin (2004, p. 1) states that the United States experienced a trade deficit of approximately $550 billion in goods but managed to achieve a surplus of nearly $60 billion in services. This highlights the significant impact of outsourcing American accounting services on countries such as Indonesia, Russia, Argentina, Mexico, and others, ultimately resulting in their bankruptcy.
The governments have been misled by a short-sighted financial
system, according to Deepak Lal (1999), who argued that the idea of promoting the economic well-being of the people has been misguided.
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