No surprise this idiocy is happening in other areas too. There is a special kind of mental disability you need to have (or acquire) to be an economics graduate: A total inability to see more than a few months into the future and a total inability to do any kind of risk management. It worked? Everything must be more than fine and surely we can do it cheaper, right?
That is why people with critical institutional and technological skills are not treated even remotely at their value, let alone critical for organizational survival. Tech history is full of big names that are not around anymore or only in massively reduced forms. And in most cases, it is because some "managers" did not manage to think.
Beancounter think. Yes, you can increase profits for the quarter if you gut the place. We were taken over by the bean counters where I retired from.
What was once an accounting office with 3 people, ended up becoming the largest group in the place. They gutted overhead, sucking it all up to pay themselves. I was mandated to travel to conferences at least once every other year. I couldn't perform the mandate, because there was no more overhead money.
Crazy thing was, my mandate didn't go away. I asked how the bloody hell I was supposed to do that. Boss mumbled something about taking quizzes online.
I forced the issue be during the self analysis part of the yearly review, that I had not perform a mandated activity for three years, and should be terminated for refusing direct orders. Gosh did they have to do a tap-dance.
So the bean counters pretty much destroyed the place. new innovations were not implemented, and we were falling behind. Meanwhile, they embedded a bean counter within each group, and were still agitating for more. I made a joke that we were going to have a 6 figure accountant hired to keep track of 5000 dollars of pencils. And then....
At the same time I was personally performing our groups finances and credit cards.