Keeping up with the changes in business is more important than ever, especially with the rise of technology. While outsourcing has been around for many years, with the world becoming increasingly interconnected, the opportunities for businesses to benefit from outsourcing are greater than ever before. Increasingly, businesses are outsourcing in order to maximize efficiency and reduce costs.
In 2023, this trend is expected to continue and become even more common. All businesses can benefit from outsourcing, which includes access to specialized skills and resources, cost savings, improved customer service, and more. In this article, we’ll examine the benefits of outsourcing global talent, as well as how businesses can take full advantage of it.
A Decade Of Change In The Global Talent Pool
Due to the rapid expansion of outsourcing over the past decade, the global talent pool has drastically changed. Due to this trend, companies are able to access a wider range of talent and skills from around the world, allowing them to hire the best-suited candidates.
This has not only transformed the outsourcing global talent pool, but also the way businesses operate and interact with their employees.
Mobility across borders has been another major change to the global talent pool. Using technology, we have created a workforce that is geographically diverse and able to move more easily between countries.
According to a recent global survey by CFO Research and Globalization Partners, the following three (3) key findings pertain to hiring global workers:
- Today’s CFOs hold a global perspective when it comes to hiring and business strategies.
- In 2021, CFOs are optimistic, believing that global expansion is imperative to their success.
- Due to the global talent pool, CFOs have changed their workforce management strategies.
A Look at the Future of Outsourcing
In recent years, outsourcing has grown exponentially, and its future remains bright. It is estimated that the outsourcing market will grow to US$40.16 billion by 2025, according to a research article. It is expected that outsourcing will grow even more in the future as remote work becomes more popular and brings more opportunities for businesses.
Globally, companies are increasingly recognizing the value of outsourcing and investing in technology, processes, and training to improve their services. Outsourcing enables them to focus more on providing specialized services to their customers.
Compared to a year ago, LinkedIn shows a higher proportion of paid jobs that offer remote work options in Australia, India, and Singapore. Businesses are increasingly relying on offshore resources to grow their business and achieve their strategic goals.
Why Should You Outsource?
Businesses can benefit greatly from outsourcing. Businesses outsource part of their business operations for a variety of reasons:
- Access to global talent not available onshore
- Enhance capacity, productivity, and efficiency
- The ability to scale up or down as needed
- Keeping core business activities in focus
- The latest technology at your fingertips
- System and process implementation
- Maintaining a controlled budget
- Continuity of operations
- Expansion globally
Finding the Right Outsourcing Partner
To ensure the quality of work remains high and that a business is able to access the skills and knowledge it needs, choosing the right outsourcing service provider is crucial. Choosing the right outsourcing partner requires consideration of a number of important factors.
The following checklist will help you determine whether a BPO company is a good match for your business.
- Verify the outsourcing company’s ability to build a capable offshore team that incorporates leadership, training, and continuous improvement.
- In order to streamline your overall operations, ensure they have the right systems, processes, and structure in place.
- The facility should be equipped with best-in-class facilities, and all tax, insurance, and regulatory requirements should be met.
- Find a partner with the experience, expertise, and core values you’re looking for, as well as in-depth knowledge of the outsourcing industry in the country they operate in.
- Assure that the team can provide guidance with regard to managing performance and other aspects of the project.
- In order to be transparent, they should provide support for your needs, offer honest feedback about any potential problems, and resolve issues promptly.
- Make sure your service provider provides the highest level of data security.
- Make sure the service provider has a culture of open and transparent communication.
In order to remain competitive, businesses increasingly turn to outsourcing to access global talent. Businesses can stay ahead of the competition and maximize their potential by utilizing outsourcing opportunities.
Let us help you find top talents in IT, technical support, digital marketing, and cloud services so you can leverage all the benefits of outsourcing in the new normal. Request a FREE copy of the e-book on Third Wave Outsourcing .