No this is a problem in the real world as well. If you are asked to do something but instead you pay someone else to do it, that is bad and you will get in trouble for doing it http://www.bbc.com/news/technology-21043693
I still see this as a contractual matter. If his employment contract strictly forbade him from doing this (and it might very well do so), then that's grounds for termination. Just like how copying homework could be grounds for suspension from school. But still a different effect on society than stealing.
Another thing to consider: he's making the company management look bad. The smart thing to do would be to promote him for his smart thinking.
Instead, he secretly outsourced his entire job and pretended to actually do the work himself so he could get paid to do nothing.
The company fired him because he didn't operate in a way that was good for the company, only in a way that benefited him personally.
People like him don't belong in management, they belong in jobs that don't require any trust, because they aren't trustworthy people.
I don't get why this is being brought up as a matter of cheating rather than leaking, which is the big elephant in the room.
Still shows a lack of ethics though.