Offshoring to India Continues To Be In the Top Spot
With its huge supply of IT and engineering professionals and English language proficiency, India has been the most favorable market offering offshore services after China, Brazil and others. In the dearth of local talent in STEM (science, technology, engineering and mathematics) and high hiring cost at local level, the companies in the US are making way to India to pitch in the top talent at a much lower cost. This is not only the case with high-tech jobs but also the back-office services and other non-technical tasks, which are being outsourced to India. This has led the panic button on in the Western job market where small as well as the giant players like IBM headed towards India to hire out talent in an economical way.
Going Offshore Way
Hackett, a Florida based company suggests that the business of Offshoring is booming which claims the migration of about 150,000 service-related jobs every year from Europe and America market to other regions like India. With India keep emerging as the largest market for outsourcing of services, companies have a choice to offshore their IT and backend services either directly to offshore company India or via a local company with a big offshore presence. If speculations are to be considered, which estimate that financial-services firms and banks in the US and Europe have already offshored about 80% of their business functions to India and other offshore locations.
Offshore business on the up
India has always been beyond compare producing high-skilled low-wage labor in abundance. When the concept of outsourcing came into existence in the 90’s, it came with the notion that the third party specialists would be better than the in-house team at IT and back-office tasks. Even though they are not adept or savvy, they are economical. This outlook has tossed the complete approach of doing boring back-office work as “your mess for less”. As a result, the demand from the US for offshoring in India has doubled making it a cost-effective option for the firms that started eyeing on the professionals in India. This has made India to be in the top spot in 2015 global Offshoring business.
As per the report of ‘IT-BPM Sector in India’ by NASSCOM, stating that India continues to enjoy the most preferred destination for offshoring. “Currency movements and increased operational efficiencies have ensured that India’s position as the world’s most cost-competitive sourcing destination has only become stronger in the past year. Even Tier-I cities in India like Bengaluru continue to be between eight to 10 times cheaper than source countries and significantly cheaper than other low-cost destinations”, says the report.
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