As a business scales to success, work overload can pose a risk to the quality of the end product. Very often businesses that aspire to grow; find themselves lacking in specialized expertise to sign up for additional responsibilities. Offshoring a part of your office operations or certain specialized tasks to a team of experts who know the drill can be the smartest way to operate a profiteering business.
Not only does this allow the on-shore employees to focus on the core business processes in a streamlined fashion but it also ensures that the quality of the end product is as promised. It also frees up much-needed capital through its cost-effectiveness. Businesses can fast track their expansion plans with saved resources.
Most businesses agree that recruiting offshore employees to share the workload makes the business operations efficient on the whole. Enhanced operational efficiency can give a business a competitive edge in the industry they function in.
Future Prospects & Advancement Opportunities of Offshore Employment
- Geographically Diversified Offshore Employment Portfolios
India, China, and the Philippines are the top choices for Offshore Employment among most European and US-based businesses. The skilled workforce that is available at low-cost in these geographic areas is the reason for such wide popularity.
The geographic concentration of offshore employment partners exposes businesses to location-specific risks. Currency and wage fluctuations, intense competition for employees and regulatory limits often threat smooth business functions offshore.
By diversifying their offshore employment portfolios; businesses can improve their overall global delivery, bringing greater predictability to cost management. They can seek better coordination, flexibility, and responsiveness for a sharper edge in this period of rapid change.
- Offshoring Value-Added Services
Strategic offshoring practices to maximize the productivity of the business are going to be the norm in the near future. Most companies have come to realize that instead of offshoring core business processes, back-office services and other value-added tasks fare well when offshored. This ensures satisfactory performance from offshore partners as well as massive cost savings. Consequently, we will see a rise in back office offshoring solutions in markets.
- The upsurge in New Offshore Locations
India, China, and the Philippines are well-established hubs of offshore employment and preferred choices among businesses. India, for example, provides a whole range of services, including those related to business processes, knowledge processes and IT. Yet there is a lack of bilingual voice support for most languages other than English, manufacturing and certain IT specialist skills such as mainframe development in India.
To fulfill these specialized needs and mitigate the risk of operations, businesses are hunting for new offshoring locations. Sometimes businesses selectively leverage a few locations in Latin America, others in western Europe and a few in Aisa to ensure that global delivery is possible.
- Increased Reliance on Collaborative Tool Usage
Offshore employment is a winning opportunity to harness global talent, but the challenges that come with collaboration between offshore and onshore teams can be multifold. While time zone difference ensures that business operations progress throughout the clock, effective communication between onshore and offshore resources often suffers due to them.
There is a need to coordinate working hours so that at least one team is at work at any given moment. Tools like Jira allow businesses to track work done by each team member so that they can be held accountable for those deliverables. Microsoft Outlook helps shoot emails to set up meetings and calls. Outlook emails and Skype for Business IMs can be used to communicate and seek clarity where verbal communication is unclear.
- Increased Investment in Offshore Employment Sector
With the rapid increase in its popularity, entrepreneurs see the bright prospects that the offshore employment sector poses in the near future. Investments are being made in organizations that gear up to be one-stop-shop for businesses looking to offshore their business processes or services.
Range of services varies from ones like data entry services, BPO centers, seat and employee leasing, office spaces and marketing tasks to those like virtual assistance, digital marketing, app development, and content development, etc.
While it is nice to have a remote team executing business processes in a streamlined way, businesses are choosing nearshore locations over offshore ones to cut out lead times. Location decisions are also based on factors like the use of new technologies, automation, and digitization.
Nearshoring allows work delegation closer to home to achieve certain cost efficiencies. Negligible time zone differences and physical proximity of the nearshore locations offer a winning prospect to businesses.
Signing up for offshore employment services comes with multiple benefits for business and thus the rising popularity. Closer access to raw materials, specific technical expertise and potentially lower labor costs are lucrative factors that are contributing to the growth of the industry.
To avail, all the benefits from offshore employment with mitigating the risks involved require critical thinking on the part of decision-makers. There is a need for availability of most up-to-date and trusted industry insight to help businesses weigh the pros and cons of offshoring their business processes.
We hope this write up detailing prospects and advancement opportunities of offshore employment is a useful resource for businesses looking to leverage in some profits.