Your Markets are Global but Is Your Talent Global?
Why you should source your talent globally in order to stay ahead of your emerging markets.
3.5 minutes | February 2, 2021
In the last two decades, we have been witness to the breathtaking pace of technology change, disruption and innovation. Across these years, offshoring has evolved from labour arbitrage and value enhancement to a 24/7 follow the sun play. Over the most recent years, a perfect storm of disruption, driven by exponential technologies and new business models are having a transformative impact on everyday life.
Here we explore some fundamental trends driving the global economy and the far-reaching impact on the offshoring industry.
The World is your Marketplace
We no longer live in a fragmented world with closed national markets. Thanks to the World Trade Organisation and economic liberalisation, open market access for the majority of goods and services is a norm around the world. This has an enormous impact on how businesses create, design and offer products and services. You no longer design for a narrow domestic market, but rather create products and services with a global cross-platform appeal. This cannot be accomplished without a diverse, global pool of talent.
Diversity of Talent Drives Innovation
There was a time when cultural differences associated with offshoring were perceived as a risk. As recent research has indicated, a diverse pool of talent often has better ability to anticipate and understand varied customer needs. This will lead to a better, innovative design of products and services that could appeal to a much broader range of customers. Businesses need to recognise that a diverse talent pool brings fresh perspectives, varied thought process and creativity, all of which are essential to further drive innovation.
Open Economy, Collaboration and Platforms
With the rapid pace of disruption and technology change, traditional norms of how people learn, work and collaborate are undergoing a fundamental transformation. With the evolution of learning and collaboration platforms, one can learn anything, at any time. In an increasingly global, open economy and with the advent of real-time collaboration tools, one can also work from anywhere in the world. We must recognise and prepare for a landscape where talent is no longer bounded by physical geography.
Don’t be Disrupted, Be the Disruptor
At the best of times, dealing with any kind of disruption is a challenge. Now we are grappling with not only technology and business model disruption but also the sheer pace at which this is happening. Just to survive, businesses are forced to innovate at a much faster pace. With the added challenge of emerging technologies, businesses no longer have the luxury of depending exclusively on an internal talent pool or local talent. In this fast-paced, disruptive landscape, inability to innovate is the fastest way to die as a business. The only way to beat this risk is to keep innovating. In other words, one must aim to be the disruptor, to mitigate the risk of being disrupted.
Offshoring is a Smart Business Strategy
There are numerous challenges and drivers impacting businesses and the global economy. To effectively deal with these challenges and leverage opportunities of a global market, businesses must embrace offshoring and tap into a diverse, global talent pool. Offshoring is a smart business strategy, not only to overcome skill shortages but also to enhance innovation capabilities. Offshore outsourcing ensures that you have the resources necessary for your company’s growth, without having to invest your hard cash in world-class infrastructure and the latest technology.
It allows you to provide effective service-level tasks with flexible work schedules, as well as important services such as 24/7 customer support. By choosing to move your business function overseas, you will be able to leverage a pool of highly skilled and very qualified experts with experience and capabilities that you otherwise may not be able to hire locally.
It’s understandable to have additional questions about a new business model, that’s why our team are fully equipped to handle all questions regarding the switch to offshore with MVP. Feel free to contact our team here.