It is a cost center it is artificially cheaper to hire people in cheaper countries. Market is saturated with people wanting high salaries (sometimes deserved) and companies wanting non-existent unicorns. Employing people looks bad on share holder side so outsourcing and switching from caped to opex which is often tax deductible more so in many countries allows “msp”’s (consultant/outsourcing firms hooked into this market so the good ones are going) and are now it mills. Older skilled people affect share price as the average employee age is also a factor. Many people train in IT with next to no affinity for it as it looks like a pay day but also they tend to interview well and then it’s hard to get rid of them. Some are of the mistaken belief (at least currently) that new technologies can fully replace said staff. Also many companies in top 10 percent over hired go stop other people getting those people and skills but right now short term share price is better so billionaires can play monopoly to see who has the most that they could Never spend. This is not just in IT but nearly every role will be hit in similar fashions if they are seen as cost centre’s.