The term ‘offshore outsourcing’ was coined in the 1900s by economists when only some of the basic ‘blue collar’ jobs were exported. Gradually, as the offshore staffing technique evolved to encompass a broader range of services, employers started following the offshoring staffing trends for ‘white collar’ jobs. Fast-forward to the mid-20s, the tech revolution witnessed by the industry made it almost impossible to fill the talent gap without the help of offshore employees.
Partnering with offshore staffing solutions ranks among the most successful business strategies for growth today, and it continues to advance as leaders come to realize the benefits of offshoring. Here are some of the significant trends that are shaping offshoring practices today.
1. Increased focus on Cybersecurity
With data at the center of business functions today, a robust cybersecurity mechanism has become more critical than ever. Data breaches can incur a high cost to the company in terms of money and time. According to a 2021 study by Cybersecurity Ventures, global cybercrime is expected to grow at a rate of 15% annually, causing global economies to lose out on $10.5 trillion annually by 2025.
Data security concerns become even more pronounced with the offshore staffing trends when you have teams distributed across the globe. That’s when having a trusted offshoring partner is almost a necessity. A qualified offshore staffing agency employs certified security systems that can protect your company’s confidential data from intrusion.
Ensure you know the fundamental security frameworks for mitigating risks and protecting sensitive information. Safeguard all your devices and company systems, and most importantly, provide cybersecurity training to all your employees.
2. Quality over cost
It is only a myth about offshore staffing that IT offshoring is mainly about cutting back on costs, even if it means compromising quality. The truth is- with time, leaders have come to realize the importance of quality hiring over anything else.
As the demand for cutting-edge skills increases, companies are left with no option but to prioritize hiring skilled professionals. According to a study by Korn Ferry, the US could suffer a loss of about $162 billion annually in the tech domain if it failed to find more skilled workers.
Hiring skilled professionals benefits you with a great ROI and prevents your company from losing out on revenue caused due to missing opportunities, high turnaround time, lost clients, and low-quality work.
3. Technology upgrade
Digital tech transformation has taken the industry by storm, and offshore staffing is no exception. About 85% of leaders believe that digitization is a pre-requisite for success today, says a study by Deloitte Digital and MIT Sloan Review. Here are some of the top tech trends of outsourcing.
- Advanced collaboration tools– Most of the work happens remotely with offshore teams, and technology forms the backbone of all business processes. Having a reliable setup for communication and collaboration is a must for getting a job done from a network of remote employees.
- Artificial Intelligence (AI)– Most organizations are integrating AI into their day-to-day functions to automate repetitive tasks. This helps increase the speed of work and allows them to utilize human resources more effectively and engage them in more strategic tasks.
- Cloud Technology– Cloud technology has transformed the way companies used to store, retrieve, and access data. Most importantly, it allows organizations to maintain bulletproof security and protect sensitive data from unauthorized access. Creating a winning cloud strategy can go a long way in driving your business ahead of competitors.
- Internet of Things– According to CompTIA, about 6 of every ten companies today look forward to implementing some or the other form of IoT initiative in their business. IoT technology offers massive potential when it comes to improving customer experience, as well as enhancing internal operations.
4. Upskilling of staff
Given the fast-paced nature of the business world today, companies need to upskill and reskill their employees to match market standards constantly. Staff upskilling is no longer just an offshoring trend, it has become a necessity for every business. A study by Gartner reveals that only 16% of new joiners are capable of carrying out their job role. Offshore staffing provides a great opportunity for you to upgrade your workforce.
Employers today understand that a company can progress only if its employees keep upskilling themselves. The pandemic has taught us that no skill has a permanent position in the market and that anything can go redundant, anytime. The need of the hour is to build an agile and adaptive workforce that can quickly acquire new skills and apply them to generate results.
Besides, regular training and workshops have also been found to increase employee satisfaction and retention by making workers feel more valued. Most of them prefer to stay at an organization that invests in their upskilling.
The offshoring trend became even more vital as the pandemic pushed us to adapt to the new normal. Tech giants like Microsoft, Apple, Google, and many others are writing success stories by offshoring a considerable chunk of their business operations, and we believe you can write one too. What began as a mere cost-cutting measure has now become one of the most successful business strategies.