My team posted new jobs in Tampa and not seeing any spots open in the group. Is it a sign that my group is moving to low cost zone?
7 replies (most recent on top)
"It's funny, RTO is touted as the effective tool for collaboration and team building. And yet postings for jobs in specific groups are in sites that are nowhere near their hiring managers or peers. Postings at specific sites is all about the cheapest open seats."
I think the word you are after is hypocritical.
They tell you that you need to return to the office so that your team functions better
while outsourcing jobs to some far off land because of the cost.
This appears to be a contradiction.
If noticed a lot of finance family job openings are in Mumbai. Particularly FP&A. That doesn’t seem a particularly good idea..
It's funny, RTO is touted as the effective tool for collaboration and team building. And yet postings for jobs in specific groups are in sites that are nowhere near their hiring managers or peers. Postings at specific sites is all about the cheapest open seats. NY is expensive. Incremental and backfill roles are posted where they have the cheapest real estate at the time. Because empty buildings are worth less money. Traditional banks are so behind the times. They could save so much money by letting people WFH and re-purpose the buildings as housing or something to better serve the community and generate revenue. As far as Finance, I wouldn't be surprised if they really shake things up. Risk, Finance and Wealth are the main groups that got us into the latest OCC consent order. Wealth is being separated and built out to come up to speed with PB and Lending. It will require a complete re-org - details to come next week. Finance is probably doing the same and looking at ways to really cut costs.
It's not just Finance. Lots of jobs that have traditionally been in NY are shifting to low cost areas through attrition. OFallon is picking up a lot of these too.
I'm seeing alot of Finance jobs posting for Tampa. I guess its catching up to Finance. I was part of a NYC group where Jobs were sent to Tampa and then some roles moved to India. It was either relocate or layoffs
I guess Tampa is expensive now because everything is going to India or Budapest
Heard the same. Probably moving to APAC or LATAM...
Through attrition, yes. That's what happened to one of my previous teams in a previous company - slowly jobs in EU/US started to disappear and they were transferred to Mumbai. Nothing new.