In the long-term, an increase in full-remote positions and offshoring will be broadly implemented to cut costs. But that takes time to do without affecting quality and productivity.
Offshoring wages and management have traditionally militated against quality parity. Cutting costs 75% is just a set up for failure in that regard. On the other hand, cutting only 20% or 30% you will find a lot of leetcoders on other continents.
We aren't talking about top surgeons or airline pilots who need access to rare equipment, simulators, and hands-on training. We are talking about people who need to train by leetcoding on a 12 year-old laptop in a dank basement with a 3G phone hotspot
Many people seem to forget that talent always comes at a cost.