If only it is so straightforward. In tech companies, we are looking for talents, not just any code monkey. We want people who can make impact, and we pay premium for them so that we can come up with fresh ideas to stay ahead of the curve and roll out reliable services. This is why top tier tech companies pay so high, and continues to do so.

I highly doubt any of these companies can be 'confident' in contracting tech jobs to cheap workers, because in software development what you pay is what you get. You hire local or overseas graduates who can pass the barrage of interviews you throw at them, you can bet your ass they know their worth because they all would know market rate of top tier tech companies. It doesn't matter if you are local or overseas for these.

If you are talking about bottom tier companies where tech is not the main line of business (cost centers) then maybe. But who in comp sci aims to go for these companies anyway? 🙃