Let me give you some trivia about outsourcing. I did not realize that outsourcing has been there for centuries and it did not start with the typical "Call Center" we all know.
Get ready to be wowed! The term "outsourcing" was first introduced to the world by none other than American author and management consultant, Ron Hira, in the early 1980s!
The practice of outsourcing is ancient, with a rich history that dates back to the Roman Empire, when the government relied on mercenary soldiers for military support.
The outsourcing industry is a truly global one, with India leading the pack as the top destination, accounting for a mind-blowing 55% of the global outsourcing industry!
The outsourcing industry is growing faster than ever, with an estimated value of over $92 billion in 2022 - that's huge!
Outsourcing has been a key player in the tech industry's rise to power, with a massive chunk of software development and IT work outsourced to countries with lower labor costs.
Companies turn to outsourcing for different reasons - some want to save money, while others want to tap into specialized skills and expertise.
Despite its many benefits, outsourcing has faced criticism for potentially taking away jobs from people in developed countries and contributing to income inequality.
The most commonly outsourced jobs are customer service, telemarketing, and back-office operations - these tasks are essential to many businesses, and outsourcing helps keep the wheels of commerce turning!