the observer wrote: ↑
Mon, 03 May 2021 9:37 am
I’d really think cost controls lie under the purview of corporates, not the gahmen.
I’m not sure if you’ve heard, but the bean counters in my corp are looking at sgdinr at 55 and are talking about how much savings the relocation would save.
gbpinr is 105, audinr is 57, usdinr is 75
Relocation happens all the time even before Covid. So the low hanging fruits are already gone. It is not simple as just looking at the SGDINR rate and think you can save a lot of money moving roles to India. I worked for Credit Suisse before and I have seen they got really bad quality from their Pune office and then moved the jobs back to Singapore in 2009. Then in 2012, they again moved the jobs back to Pune.
There are a lot of factors, the political/economic stability, rising wages in India. The salaries in India is not cheap. The taxation is high there. In Singapore employers pay quite a low salary, if you actually compare with US, Australia, UK. It is mainly the tax savings and because it is easy to live frugally in Singapore. So Singapore works well for Indians not because the salary is very high, it is because of the efficiencies here, both employers and employees get the best bang for the buck.
If employers manage to reduce office space by 50% and let employees work from home, that is a huge saving already for them. Indians would be willing to work from home in Singapore but will not take the same bullshit and work from India, for the same role. You wont get the same talent. You will get only monkies if you pay peanuts.