The current news story about the Royal Bank of Canada (RBC), hiring temporary foreign employees and getting rid of existing employees sounds very familiar. This is exactly what happened in the land of the free, home of the brave – U.S.A – but not just in the banking industry. Corporate USA kept whining that there were no ‘qualified’ employees in the country so they wrangled a change in the immigration legislation to ‘import’ qualified employees – employees that would work for a lot less money. And this whining of unqualified employees sounds very familiar as noted in some of Mr. Flaherty’s recent comments that Canada doesn’t have enough qualified employees.
All of the U.S. statistics are laid out in the book, Who Stole the American Dream, by Hedrick Smith. It states clearly that there were plenty of qualified U.S. candidates when corporate America complained of the shortage but the attraction to corporate America to bring in foreign candidates was all a matter of paying the foreigners less money. So is Canada just following the example that has been demonstrated by the U.S.? Let’s hope to hell not! It’s that kind of strategic action that has gotten the U.S. in the financial mess they’re in now. How much money is RBC saving by hiring these foreign employees? RBC claims directly on their website, “RBC believes in the power of communities and the individuals who live in them”. If that is true, then put your money where your mouth is and hire people from the community to work at your banks.
It’s not a secret that I hate dealing with banks – and I’m merely one of millions who agree. I hope RBC takes a lot of heat for this action. They deserve it.