Offshoring Pace Doubles as Corporations Seek Cheaper Labor
Posted on November 26, 2004
A new study found that the number of jobs offshored was twice that which had been previously reported. This pace is also expected to quicken as more employers opt for much cheaper workers overseas. According to a study released by the U.S.-China Economic and Security Review Commission, 406,000 jobs shifted overseas in 2004. That is a ton of jobs. It works out to nearly 34,000 per month.
That is no surprise to tech workers. Many tech workers regularly visit websites and online forums to keep up with outsourcing trends that can be frightening to those in the computer industry.
Stephen Roach, Morgan Stanley's chief economist, told the Boston Globe, "Offshore labor pools have become increasingly attractive and more and more of the new hiring incrementally is occurring offshore."
Corporation are attracted to the cheaper labor which is costing American tech workers their jobs.