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Salesforce's 'Agentforce': A Hidden Workforce Raising Investor Concerns

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  Published in Stocks and Investing on Monday, January 5th 2026 at 2:43 GMT by Seeking Alpha

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Salesforce's Shadowy "Agentforce": A Potential Red Flag for Investors?

Salesforce (CRM) is widely considered a leader in cloud-based CRM software, and its stock remains a significant holding for many investors. However, a recent Seeking Alpha article by Kyle Jacoby raises serious questions about a relatively obscure but potentially impactful aspect of Salesforce’s operations: “Agentforce.” This article argues that Agentforce, a rapidly expanding workforce comprised primarily of contract workers, poses substantial risks to Salesforce's profitability, operational efficiency, and ultimately, its long-term investment appeal.

What is Agentforce? The Hidden Workforce

The core issue highlighted by Jacoby isn’t necessarily the existence of contract labor – it’s standard practice in tech. Instead, it's the sheer scale and rapid growth of Agentforce, coupled with a lack of transparency surrounding its role within Salesforce. Agentforce workers are essentially outsourced Salesforce specialists, often performing tasks like technical support, implementation services, and even aspects of software development. They are engaged through third-party staffing agencies, effectively operating as an invisible workforce largely shielded from direct oversight by Salesforce management.

The article points out that Agentforce has ballooned significantly in recent years. While precise figures remain difficult to obtain due to the indirect nature of their employment, estimates suggest it now represents a substantial portion – potentially over 20% - of Salesforce’s total workforce. This rapid expansion isn't just about headcount; it signifies a shift towards a more contingent and less controlled labor model.

The Risks Unveiled: Cost Concerns & Quality Control

Jacoby argues that this reliance on Agentforce introduces several significant risks for investors. The first, and perhaps most immediate concern, is cost. While contract workers often appear cheaper upfront than full-time employees (avoiding benefits, stock options, etc.), the reality can be far more complex. The article cites examples where Agentforce rates have been significantly higher than initially projected – sometimes exceeding $100/hour – due to increased demand and a competitive market for skilled Salesforce professionals.

Furthermore, the lack of direct management oversight raises concerns about quality control. Contract workers are often less invested in the company's long-term success and may prioritize speed over accuracy or adherence to best practices. This can lead to errors, inefficiencies, and ultimately, dissatisfied customers – a critical factor for a CRM provider whose value proposition hinges on seamless customer relationship management. The article references anecdotal evidence from former Salesforce employees suggesting that Agentforce work sometimes requires significant rework by full-time staff, negating any initial cost savings.

The Impact on Salesforce's Profitability & Guidance

The author connects the rapid growth of Agentforce to recent downward revisions in Salesforce’s guidance and declining profit margins. While management attributes these issues to macroeconomic headwinds and currency fluctuations, Jacoby suggests that the hidden costs associated with Agentforce are contributing factors being downplayed. The increased reliance on contract labor eats into profitability without necessarily improving output or customer satisfaction.

He also points out a potential disconnect between Salesforce's public messaging about innovation and its internal operational realities. The article posits that relying heavily on outsourced specialists can stifle true innovation, as these workers often lack the deep institutional knowledge and long-term commitment needed to drive groundbreaking advancements.

Lack of Transparency: A Growing Problem

A key element of Jacoby’s critique is Salesforce's opacity surrounding Agentforce. The company doesn't publicly disclose the size or costs associated with this workforce, making it difficult for investors to accurately assess its impact on financial performance. This lack of transparency raises broader governance concerns and suggests a potential attempt to mask underlying operational challenges.

Jacoby draws parallels to other companies that have faced scrutiny for their reliance on contingent labor and the subsequent negative consequences for shareholders. He warns that Salesforce could be heading down a similar path if it doesn't address the Agentforce issue proactively.

What Should Investors Do?

The article concludes with a call to action for Salesforce investors: demand greater transparency regarding Agentforce. Jacoby suggests that investors should actively question management about the size, costs, and impact of this workforce during upcoming earnings calls. He also urges them to scrutinize Salesforce's financial statements more closely, looking for hidden cost drivers related to contract labor.

Ultimately, Jacoby’s argument isn’t necessarily a call to sell Salesforce stock immediately. Rather, it’s a warning that investors need to understand the risks associated with Agentforce and hold management accountable for addressing them. The article suggests that ignoring this "shadowy" workforce could lead to further disappointments in Salesforce's financial performance and erode investor confidence. While Salesforce remains a dominant player in its market, understanding the complexities of its operational structure – including the significant role played by Agentforce – is crucial for making informed investment decisions.

Note: I have attempted to accurately reflect the Seeking Alpha article’s arguments and concerns. For further context and detail, please refer directly to the original article at [ https://seekingalpha.com/article/4857083-salesforce-take-a-good-look-at-agentforce-before-you-invest ].