How Outsourcing Can Address Talent Scarcity

The fast-paced and changing nature of the business world has compelled many companies to work hard and keep up with demand. This is especially true for scaling technology, financial, and healthcare companies that face even greater challenges. The fact of the matter remains that resources are scarce and, at best, are not proportionate to the rate of growth or demand. So, finding an excellent pool of talent for your growing company faces you as one of your main challenges.

Along with a scarcity of talent, specialized talent is even more in demand. Companies that are able to score specialized talent to be a part of their team are able to deliver maximum performance and efficiency, which leads to higher revenue and growth. This begs the question, “To what extent has outsourcing helped companies, and what made outsourcing your services to the Philippines extraordinary?” The answer to this question lies in the following details: 

Companies Are Facing a Scarcity of Resources

A lack of resources needed to deliver the performance required for a task can seriously hinder the growth of a company. Companies are already grappling with the shortage of a specialized workforce. A report published by Data People in 2022 found that there was a 25% decrease in the number of applicants while the number of jobs posted almost doubled over the same period of time.

A rise in the demand for employees forces an escalation in the cost of labor. Hiring permanent employees requires the company to shell out a significant amount of capital for training and hiring costs. Technology domains are especially strapped for talent, which is limiting the very necessary digital transformation that companies are forced to go through to keep up with the market’s demands.

Outsourcing in the Philippines gives companies facing a labor shortage access to an excellent pool of talent. This has numerous significant benefits for companies to achieve their next milestone.

The Philippines is one of the most skilled English-speaking nations whose original language is not English. Education First’s English Proficiency Index ranks the Philippines as the 18th most proficient non-native English speaker as of 2021. The index covered 112 nations in total.

Most Filipinos, regardless of their educational level, are proficient in English. Therefore, it is easy to establish a good rapport with talent from the Philippines. Due to the fact that the Philippines maintains a western standard of education, its talent is of the highest caliber. The quality of their work is acknowledged worldwide.

Filipinos are extremely devoted, diligent, and resourceful, requiring minimal supervision. When given chores, individuals may only request assistance and ask questions when necessary. Their exposure to multinational clients and intense education and training gives them a high level of expertise when it comes to customer service. 

Benefits of Outsourcing

For one, outsourcing allows companies to skip past the costs needed to invest in full-time, highly skilled labor and go straight to employing the specialized resources for the tasks they need. This is extremely cost-effective, especially for growing tech companies. Recruitment, training, and onboarding costs are often too high for many scaling companies to afford them. Such companies usually cannot afford to hire the best talent either. Additionally, VC-backed companies are under pressure to scale while managing cash flow, whether they are benefiting from Series A or Series B funding. Outsourcing allows such companies to strike that balance by reducing the outsourced process costs to almost one-third of the original costs. As a result, VC-backed companies can grow easily while leveraging the excellent talent pool combined with the latest technology at offshore BPOs in the Philippines.  

Furthermore, outsourcing processes to the Philippines allows companies access to an extensive range of high-quality and hi-tech resources and support tools. As the development periods of various processes or tasks vary throughout the year, outsourcing allows companies to respond to these variations by increasing or decreasing their resources as needed without an adverse impact. At the same time, this improves workforce performance, efficiency, and accuracy.

All in all, companies enjoy outsourcing because of the excellent benefits it offers.

• Decreased labor costs
• Increased efficiency
• Greater competitiveness
• Better compliance, security, and risk management
• Operations running 24/7

How Companies Can Scale Faster Through Outsourcing

One of the biggest perks that outsourcing offers is flexibility. Certain highly skilled human resources are very need-based. This means that employing the labor of such high skill is likely to cost the company huge amounts in employment expenses. These expenses are somewhat wasted during periods of time when the employee’s skills are not needed. Overall labor expenditures can be reduced when, instead of hiring full-time professionals, companies choose to outsource instead.

The pace of change across all industries is increasing, but this is especially true for the IT, financial, and healthcare industries. Having a grasp of the latest trends in the industry is essential for a company in this industry. The pandemic made digital transformation necessary for companies to thrive in the post-pandemic world. Regardless of the industry, a business that does not incorporate technology into its business model will likely run behind. outsourcing can be a way for such companies to hire an excellent pool of talent to guide them into making their business model as efficient and sustainable as possible in this technological age.

Companies in the US have been wrestling with problems trying to hire and retain the right talent. Another major benefit of outsourcing has been that companies can enjoy much wider access to talent. Companies are not limited by geography when it comes to outsourcing. In fact, many countries have seen a huge rise in job and business opportunities due to outsourcing companies across borders partnering with them. 

Having access to the best talent through outsourcing also provides growing companies the opportunity to benefit from guidance on how best to navigate business processes.

Reach Out to BPO Companies in the Philippines

Infinit-O partners with the world’s fastest-growing technology, financial, and healthcare services companies that want to scale more effectively and advance their brands, providing a strategic advantage.

Demonstrated by our world-class Net Promoter Score of 71, we deliver the highest quality outsourcing services using our unique data-driven approach, combining powerful technology and high-performance teams within our highly engaged and agile culture. 

Our expertise includes customer experience, back office, sales, data science, and engineering.

To learn more about how we can help you, reach out to us here!