There are multiple benefits of outsourcing or in simple terms signing contracts with an external supplier especially from countries like India. No matter if you own a multinational company or a small business, in this article you will get to know what all you can benefit from outsourcing and at what cost. Before exploring more about outsourcing from India, let's understand what is so good about outsourcing as a practice in itself.
Outsourcing helps you with getting in touch with people who specialize in one skill and will provide you with the best quality for the same. Signing contracts with the people who are recognized for excelling in the skill you need for your company not only saves a lot of your time that goes in explaining basic things that are needed in that operation but also allows you to focus on more important administrative operations. It helps you to channelize or streamline procedures skillfully.
Unlike with a long-term employee, you as the head of the team and party on the agreement will have more liberty talking about potential risks with the supplier. Not only that, the amount you pay most of the time is dependent on the quality of service provided and as discussed in the agreement prior to the project given to them.
Moreover, an outsource will share the burden of your employees and ease the task up for them. This increases the efficiency of the team and also helps develop good internal connections. Apart from this, you can make full use of 24 hours in a day if you outsource people from a country like India where the time zone is different. Critical tasks can be performed even after your employees leave the office and your customers won't have to wait for the morning hours anymore. This can also increase your profit as you are always open.
When you sign with outsources or agencies who provide labour for that skill for specific projects you don't have to care about their long-term commitments. Moreover, they can be let off if you genuinely don't like the quality of their work according to whatever agreement you have with them without any hesitation and you can explore more options.
Coming to India, it has a great number of skillful outsources. It has become a choice for most individuals in India and millennials and Gen Z seem to be most attracted by the idea of working on small and multiple projects or companies at the same time. It's an established piece of statistics that 80% of European and US outsourcing firms have chosen India as their desired outsource location because of its quality of work and time zone difference. NASSCOM has also reported that almost 50% of the Fortune 500 companies have chosen Indian outsourcing firms for software development.
Back in the day, being an outsource for companies outside India was not seen as a main source of income but more as a side income along with college studies and daily jobs, however the mindset is changing as people are starting to value creativity, freedom and work life balance along with dollar bills. Many young and talented Indians are looking for opportunities abroad for experience. As this is still at a very early stage and has a long way to go, it's the right time for international companies to use this opportunity to find best suited candidates from Indian agencies for the task. Another thing to note is that Indians have a cheaper hourly rate for work when compared to the global average and the difference per hour was found to be $ 3/hour, according to a report by Payoneer, a global digital payments platform published in 2020.
However, it's important to remember that the experience for an outsource in your company should be as important as the employee experience. Dipesh Garg, CEO & Founder at Truelancer – a Global marketplace for professional individuals with a network of over one million independent professionals had something to say about it. He said "Solo Entrepreneurs are the future of work. The way both large and small organizations are hiring is changing. Companies & founders are even hiring such professionals for the entire quarter.”
A survey was done by Truelancer (a platform for skilled individuals to find work) in 2015 said that the number of independent professionals in India is close to 15 million. The Gig Economy has also brought in more options for start-ups and companies in India as they can cut their costs while outsourcing their work with cheap and quality service provided by multiple professionals. Website and App development has never been cheaper and affordable for small businesses.
This has allowed people to focus more on their core tasks and outsource the supporting tasks and in turn helping their businesses respectively. Another reason for opting for outsourcing talent or agencies which provide such talent in India is due to the large availability of individuals in each field and one can choose from the pool according to their requirements.
Multiple sites such as Upwork, Fiverr, and Elance have been successful in providing a platform for individuals and agencies to present their work to their potential clients and made it easier for them to find work and showcase their skills. MissionKya, a Jaipur-based marketplace is another platform that is helping in bridging the gap between the two.
According to Outsource2India, 86% of companies that are ranked as “highly effective” have been outsourcing the task of content writing to skilled individuals through various intermediary platforms.
Also, the fact that Indian IT companies contributed $57.2 billion to US GDP in 2017 is sufficient to vouch for its relevance in the tech market across borders. Talking about hiring Virtual assistants from India, sites like Hubstaff Talent, GetFriday, Brickwork India, Acelerar Technologies, Ossisto, WERVAS, Webcenture, and AskSunday are doing a great job amplifying work for talented individuals and agencies. Hiring Virtual assistants from India costs only $ 5-15 per hour much less as compared to US and European countries.
A lot of people who have outsourced Indians say that outsourcing work in India is more about the quality of skilled professionals that are present here rather than cost. Indian professionals have been quick to scale their level to match or surpass the international standards. With the level of dedication, these individuals are ensuring that they stay ahead through stable quality systems and continuous quality improvement.
Exploring more into the outsourcing market in India, the fastest-growing areas consist of content writing, research, tech support, virtual assistance, digital marketing, Web Development, graphic designing, and blockchain Development which are some of the most desired job roles across the borders. With these things in perspective, wishing you the very best for your outsourcing experience!
Article by- Manisha Kar