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One of the big Swiss banks, Credit Suiss, has just informed 58 of it's IT specialists that they are now employed by an Indian company. If they don't want to work for HCL Technologies, then they no longer have jobs. This takes effect at the end of this month.
I'm not even sure this is legal - Switzerland normally requires a minimum of 3 months notice. Probably the CS lawyers have found some loophole or other, like "selling" a whole department or something.
The bank has stated that the employees will receive HCL contracts for "at least 12 months". Which probably also means "at most" 12 months, because no Indian company wants expensive Westerners on its books any longer than necessary.
Of course, CS is a really good bank if you're in top management. Top management rakes in the bonuses, no matter how poorly the bank performs.
[ Originally reported by TagesAnzeiger (German), which stated the number of employees impacted as 100. -Ed.]
(Score: 4, Interesting) by kaszz on Tuesday July 04 2017, @08:59PM (4 children)
Well actually the Indians are also being abused. It's a two way abuse. It's important to pay attention to the middle man. That's were the true abuse stem from. Indians don't seem bad in the true sense albeit there's some clueless around but that may be a selection bias.
If H1B imports or anyone else could not be had for significantly lower salary then the employers would most likely not bother unless the serfdom of H1B rules in itself are so desirable. This is the loophole to close. There might also be a weakness in that the H1B replacement don't seem as good as the ones being replaced. So there may be a opportunity to make the scheme fall on their doing. One way that might accelerate this process is to refuse business and in particular any help to companies that employ the H1B tactic. Or offer assistance only at a extremely high price. And of course any 0-days found can go directly to full disclosure etc. Such that the IT department needs to be skilled and clever or fail badly.
Under the presumption that the majority American IT-workers are more capable the the H1B imports. It should be possible to make the market mechanisms work this out. Otherwise it's simple math, these skills can be had for a lower price and it's just to suck it up.
(Score: 4, Insightful) by Snotnose on Tuesday July 04 2017, @11:49PM (1 child)
Yeah, it's not the Indians. I've worked with hundreds of them over the years, most of them are nice, hardworking people trying to better their lives without screwing anyone over.
The problem is the Cxx's. Both the Americans who sell out the American engineers, and the Indians, who sell out the Indian engineers. The Cxx's goal is to maximize the bottom line, which usually means screwing anyone they can to make the next quarter's goals.
When the dust settled America realized it was saved by a porn star.
(Score: 3, Insightful) by hemocyanin on Wednesday July 05 2017, @02:41AM
Between destroying jobs and killing the workers left behind ( https://soylentnews.org/article.pl?sid=17/07/04/1159209 [soylentnews.org] ), they're the most highly compensated sociopaths around and almost fully insulated from any legal repercussion.
(Score: 3, Informative) by FakeBeldin on Wednesday July 05 2017, @07:47AM
Though the evils of H1B visa are aplenty, they really don't relate to this story.
This story is about IT folks working in Zurich. Switzerland does not have H1B visa. Moreover, the story is about people's jobs moving to a different company, not about outsiders coming in on questionable terms and taking jobs from Americans - or even from Swiss.
(Score: 0) by Anonymous Coward on Thursday July 06 2017, @03:03PM
Simple economics says yes, these jobs go to Indians, but...
All things considered, that doesn't benefit our society.
This is why nations have tariffs, why nations support critical industry, and why some countries manipulate currency. A country is a group of people fighting to gain advantage over the rest of the world.
Some people are traitors to the team. Often they gain power, buying laws to the detriment of the others in their country. If this gets out of hand, the country fails.