12 Global Outsourcing Statistics That are Fundamental to Businesses

Right off the bat, you might find yourself asking, "what is outsourcing?" The concept of outsourcing has been valuable for most businesses in expediting their work process without sacrificing quality.

Many believe that outsourcing's roots can be traced back to as early as the Industrial Revolution. Even back then, business owners saw this practice's potential to maximize their productivity and possibly improve output quality.

What is outsourcing?

Global outsourcing is an opportunity for different companies to scout a larger talent pool to secure the best workers who fit their specific needs. Oxford Learner's Dictionary defines this concept as "the process of arranging for somebody outside a company to do work or provide goods for that company."

The outsourcing process grants employers the chance to actively seek out and evaluate otherwise unattainable employees due to varying factors in the hopes of hiring them and having them aid in achieving the company's goals.

Outsourcing's global impact in today's business landscape is undeniable. Even well-established companies find themselves searching outside their organization for a fresh set of eyes.

The value of outsourced workers

You are possibly wondering, "why is outsourcing so valuable for companies?" It provides an opportunity for a capable individual to come in and improve a project's quality.

An external worker's perspective could prove valuable considering they have had experience working in other environments for different organizations. Having these opinions in one's back pocket can alter their way of conducting or changing business practices, possibly for the better.

Not to mention a possible growth in work rate when outsourcing some of the tasks; additionally, allowing a company's in-house team to focus on their workload without overwhelming them with tasks on top of their daily work functions.

The bottom line could benefit since lower labor costs are in effect when hiring outsourced help. It increases the chances of procuring a highly skilled professional while not putting quality at stake for less cost.

The ability to streamline processes is integral for a company to deliver quality work on time and build up its reputation in the process. Time is valuable in the business world, especially in service-based industries. Outsourcing makes it a point not to waste time.

Outsourcing as a hiring practice

This practice provides companies flexibility in minimizing their errors when hiring. Companies need to make their return on investment; outsourcing is one of the areas they can explore to do so. Commerce is a fast-moving entity that can change on a whim when one least expects it. Outsourcing provides a contingency plan for businesses if and when the trends shift unexpectedly.

Knowing is half the battle, and learning the advantages of outsourcing can benefit an organization significantly. There is enough substantial evidence to support the importance of outsourcing with concrete figures in the form of statistics.

Lastly, these outsourcing trends will provide you with some insights to further understand general outsourcing and how it can affect your company—possibly making the hiring and decision-making process a more manageable and well-thought-out endeavor to tackle.