Firms have had to do their best to keep up with and adapt to the rapidly changing landscape around them caused by the coronavirus. In many places, non-essential businesses are shut and people are having to make due working from home.
Devang Bhatt, from brokerage ICICI Direct, said that “in the near future, IT companies could feel the heat of pricing pressure, revenue loss due to lockdown, client bankruptcy and slower client decision making led by lower discretionary spends” this list represents just a few of the pressing issues companies are facing right now.
Businesses are going to need to be smart to get through this emergency. One invaluable tool that companies can tap into is outsourcing. It can help your business save on costs, adapt to new technologies and innovations, tap into superb talent pools, and increase speed and flexibility. In times of uncertainty, outsourcing is the lifeline that your business needs.
How outsourcing can help you in a crisis?
Cost savings
One of the top reasons companies choose to outsource is to cut costs. Right now many businesses are facing zero or low sales numbers while still paying for overhead (rent, salaries, etc.).
Outsourcing allows you to get work done at a low cost in an efficient manner. It allows you to take advantage of the cheap cost of living and low salaries. The difference in wages can be passed on as savings to your company. Talented developers can be found all across the globe who will work for less than native ones and deliver an equal or greater quality of work.
In addition, businesses save by not having to pay the overhead for outsourced employees. You don’t need to pay for office space, paid sick days, healthcare, or equipment. These savings are called “indirect cost savings.” According to Aspector, a human resources consultancy company, indirect cost savings make up 19% of the total cost savings that come from outsourcing. In a whitepaper, Aspector outlines how “the majority of the savings [from outsourcing] appear in the finance department, HR and the procurement department, but significant savings can often also be realized in IT, CRE [Commercial Real Estate] as well as in the legal department.”
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