When looking for a dependable and affordable employee today, you don’t have to limit yourself to your current location. Nowadays, especially because of the pandemic, the entire world has become every business’s source of manpower, which is why more and more businesses are turning to outsourcing.
We’ve compiled some of the most mind-blowing outsourcing statistics to help you see how widespread this recruiting approach is and what some of its most compelling advantages are.
India, China, and a slew of other countries throughout the world provide high-quality work at low costs. We can expect Eastern European countries to join the race in the future, which will boost the quality of the job provided.
The US and Canada are the two biggest users of outsourcing in the West, contributing 81% to the outsourcing contract value for their Government and Defense needs.
Call center workers in the US earn on average only 14% more than call center workers in India.
The US accounted for 84.2 percent of all outsourcing deals, while the UK contributed only 5.2 percent.
Because of how cost-effective outsourcing personnel is for the US, many businesses, specifically 91% of them, continued to use this business model after the great recession.
The global outsourcing market was worth $85.6 billion in 2018.
According to 2017 outsourcing statistics, India ranks first with a 7.07 index.
The average annualized contract value in 2017 was $32.6 million, up 53 percent from $21.3 million in 2016.
The Philippines is quickly becoming one of the world’s most sought-after outsourcing destinations, as 21 out of 25 offshore call centers are located there.
Ukraine might overthrow India as the dominant market for outsourced staff based on their IT outsourcing trend that projects a market reach of $5.7 billion by 2020.
Deloitte conducted a survey that showed 78% of respondents felt positive about their outsourcing relationships.
65% of companies who outsource application hosting have confirmed continuing and even increasing their outsourcing efforts.
Cutting costs is one of the major reasons why 59% of businesses outsource.
The banking industry outsources help desk positions by 40%.
Outsourcing payroll management saves businesses 18% more than businesses that do not.
The upward trend of outsourcing projects and an increase in outsourcing high-level jobs.
Entry-level outsourced IT workers in China earn an average of $7000.
If your friends have not convinced you enough to try outsourcing some functions of your business or to try being an outsourced worker yourself, maybe these numbers will.