In 1997, Steven Hankin from McKinsey & Company stated that any business that leads or dominates its competition in attracting, hiring, developing, and retaining the best talent is and will likely continue to be highly successful. During that same time, outsourcing and offshoring companies have grown in prominence and utilization for various businesses and industries around the world. The advantage of selecting from a much broader global talent pool at a more affordable cost has been proven to have too many benefits. 

Hankin’s statement has remained true in all the decades that have followed. The race for acquiring and retaining the best talents from around the world has only become fiercer and more competitive. And now, with the emergence and spread of A.I. technology threatening the obsolescence of large swathes of the working population, that statement has become truer than ever. 

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While there are arguments for believing that offshoring and outsourcing will become outmoded with the proliferation and advancement of A.I. and virtual labor, there are better arguments that say outsourcing and offshoring companies will be able to offer even more valuable advantages to growing businesses and companies. In one of her interviews with Gartner, Frances Karamouzis, VP and distinguished analyst in Gartner’s research advisory group focused on business and I.T. services, noted that until skill gaps are closed, theoffshoring industry will continue to grow. 

While companies and businesses now have multiple new avenues for gaining a competitive advantage to differentiate themselves, from the“utilization of smart-machine technologies, the adoption of certain digital strategies, and certain Internet of Things strategies,”offshoring and outsourcing remain necessary for companies to level the playing field. 

Why Talent Remains a Company's Most Important Asset

A company’s employees serve two important roles. They are the backbone of its products and services and the representatives of the business’s brand. The option to use A.I. software to automate tasks has not diminished the value of great employees. In fact, it has only amplified their value and productivity in the workplace. A.I. won’t replace people in the workplace; instead, it’s people who can efficiently use A.I. who will be swooping in and taking those positions. A capable employee with the proper A.I. assistance tools can more than double or triple their already high output.  

Providing employees with the tools to cut time spent on important but repetitive tasks helps them do more in their working hours and lowers the odds of burnout. Allowing your employees to focus their mental reserves on much more creative tasks and automate away drab responsibilities can go a long way in keeping your workforce’s morale up.  

Retaining your business’s best employees is even more critical today as the value they can deliver with the right tools can are now significantly higher. Companies thattake care of and continuously motivate their teamsare more likely to succeed than those that don’t. High turnover rates and mass layoffs can severely damage a business’s public image and deter prospective candidates from applying. And without a steady stream of new candidates, growth becomes impossible and collapse inevitable. 

The Challenges Businesses Face in the Arms Race for Talent

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Today’s entrepreneurs and business owners face a very different landscape than their predecessors decades before. 

More and More Competition 

There area lot more entrepreneursand business owners today than there have ever been, and that number is only increasing. Great employees have more options to choose from, which increases the need for and importance of retaining and developing valuable staff.  

Employees Now Value Job Flexibility 

The generation of workers today who have grown up with digital technology understand full well the opportunities around the globe that are open to them. This became especially prevalent and clear during the height of the pandemic when many jobs became work-from-home.  

A Need for Growth 

The workforce of today, especially those that are highly motivated and productive, place a lot of value on what new knowledge and skills their current role can provide. Employers need to be more aware of how to best motivate and keep morale high for their best talent. 

Outsourcing and Offshoring Companies Are Still Key to Thriving in the Global Economy

Offshoring and outsourcing remain some of the most practical and competitive business strategies companies can employ to increase market reach and sustain their growth. If your business requires critical and highly sought-after professionals, your business may struggle to source one from your local area. With that said, it’s an even bigger nightmare trying to retain them in your roster, as other companies will also be trying to acquire them.  

However, offshoring and outsourcing to key countries, such as the Philippines, addresses this problem by providing you with access to a much wider talent pool for an affordable cost. 

Achieving victory in the talent war of today’s age requires businesses to keep track of a lot of factors, many of which most growing SMEs are unprepared for. Positioning your business in a foreign country with a thriving professional offshoring and outsourcing industry opens new avenues for growth and development that would have otherwise been insurmountable. 

Partner with iSupport Worldwide for Your Offshoring and Outsourcing Needs

iSupport Worldwide is a leading strategic offshoring partner, providing companies with dedicated, world-class staffing, facilities, and managed operations. At iSupport Worldwide, we help our clients find the right staff to contribute and develop their businesses.  

If you want a great partner on your side as you expand your business with offshoring, iSupport Worldwide is the offshoring solutions provider that will answer your needs. 

Let’s discuss the optimal offshoring and outsourcing strategy for you. 

Contact us today!