While every entrepreneur today aims to create and drive a lean and result-oriented business model, they often find themselves fighting an unwanted war for talent. The mismatch in the growing demand for skills and availability of people who have them, has ushered in this new era where even recruitment has become a highly competitive field. The goal is to hire the best fit at the lowest cost but the way this goal is approached can make a huge difference to the recruitment process.
Traditionally, the process of getting all the professional expertise you need hasn’t been too hard. But today, just putting out an ad or hiring from the top universities is not enough anymore. There has been an ongoing shift in skills, training and consequent employment trends. And that is why recruitment needs to be looked at differently. If you can’t find the right match locally, it does not define the availability of that match. More often than not, the perfect fit in terms of experience, understanding, skillset and budget, could be waiting across the borders.
Is Outsourcing the Conclusive Answer?
Industry lines are blurring everywhere and “innovation” is the most crucial buzzword. And even new market entrants and startup businesses are now harnessing the power of open technology and outsourcing solutions. Why?
It is quite simple actually. With the growing demand for collaborating across and within organizations, along with the pressing need to quickly identify threats and opportunities, a business strategy cannot only focus on planning but more on how to be agile. The idea is to be able to scale up or down quickly in multiple skill areas that may be really difficult to access and maintain locally all the time. That is where outsourcing sweeps in and offers a lot more than you would imagine.
- Greater savings, higher speeds
- Access to a larger talent pool
- Partnerships that capture value
- A boost to innovation
Outsourcing allows you to get the work done for a fraction of the price you would pay locally. In addition to that, you don’t have to worry about vacation pay, medical insurance and other perks that you would usually owe an in-house employee. You don’t even have to worry about training expenses, tech support and infrastructure. In fact, it has been observed that companies can save about 60% in operational costs when they opt for outsourcing.
Moreover, outsourcing helps beat time-zone differences and your work can be continued round the clock. That means, you can expect a shorter turnaround time and your product would most likely reach the market faster.
In emerging markets, a company’s growth can be impeded due to shortages of talent. Outsourcing eliminates this risk by nurturing a huge talent pool that is consistent, creative and dedicated towards the client’s growth.
Outsourcing not only gives you access to the right talent but also helps you build cross-border professional relationships that can be very helpful for your overall business growth. This can also be a step towards creating your presence in a country where you would want to explore and establish a presence. As new markets emerge, multilayered offshoring investments can be a huge boost for your business.
External collaborations can contribute to as much as 50% of a company’s innovation. To begin with, outsourcing helps you disrupt traditional business models and inspires you to think out of the box. There is a fascinating cultural exchange too and a gush of ideas that help you innovate.
Outsourcing has become essential for every enterprise today. It can be safely declared that the mix of skill sets that are in demand are now way too diverse for any organization. And that means an added difficulty in keeping the right staff in-house, full-time. Ergo, you need to look outside a company, a region or even a country and tap the lucrative global talent pool. However, there are risks associated with conventional outsourcing that you need to be aware of before you jump-in headfirst.
- Loss of control
- Communication barriers
- Unforeseen costs
In case of outsourcing a project, two forms of control come in the picture: managerial and quality. If there is a lack of direct oversight or supervision, you could lose both.
One of the most obvious disadvantages is miscommunication happening due to a difference in language. Good communication is key to accurately extracting the requirements for your project. You need to choose professionals who understand you and whom you can understand completely.
Unexpected delays at any stage of the project can lead to cost overruns. Besides, if you haven’t been careful with your negotiation initially, it could affect your overall expenses.
The key to avoiding the major pitfalls of outsourcing is to break the traditional mold of the concept. This is where Virtual Employee’s unique business model swoops in to eliminate the pitfalls of outsourcing altogether. VE allows you to hire offshore talent who would work for you remotely. This is different from traditional outsourcing because nobody is taking complete control of your project but you!
What if you could manage offshore employees as your own?
Virtual Employee lets you keep your project in-house while providing you with the right talent in another country- India. It is more like having your own office at an offshore location where you get to interview and shortlist candidates remotely but as per your local recruitment processes. This alternative allows you to get the best of both worlds- the benefits of outsourcing + the benefits of having an in-house employee.
- You retain complete control over the project
- You enjoy full customization
- You are not bound by long-term/rigid contracts
- You can train/replace your dedicated resource
When you hire offshore employees from VE rather than completely handing over your project to an outsourcing company, you get to be in touch with all stages and aspects of the work. Regular communication with your offshore team and the flexibility offered by this work model further smoothens the workflow.
You dedicated remote Virtual Employees are only concerned about the effectiveness of your project. Driven by your growth, the team ensures that every aspect of the work is designed to suit your specific requirements.
Conventional outsourcing can sometimes be a little rigid when it comes to scaling up or down. You might not be able to back out if you are not happy with the work. On the other hand, sourcing in offshore talent gives you total freedom to pause or restart whenever you want.
In case of conventional outsourcing, you might not really know the professionals who take over your project. But in case of hiring remote employees, you can handpick those who fit the job description perfectly and you can ask for a replacement if you are not happy with their performance.
Based in the hotbed of technical talent, VE offers you the added advantage
For a considerably long time, one country has branded itself as the number 1 choice for outsourcing in the world- India. The outsourcing boom has generated much-treasured employment in India while fueling urbanization in the country since the 1990s. Furthermore, the spread of technology has created fertile ground for startups to grow. (With 560 million internet users in 2019, India has emerged as the second most connected nation in the world, next only to China.) In addition to that, India stands as the third most popular destination when it comes to attracting investment for technology transactions. A combination of all of these factors has prompted India to reinvent itself as an innovation hub too. But that’s not all the reason to look for talent in this country.
- Indian talent is way more lucrative than your local talent
- The Silicon Valley thrives on talent from India
A generation that has grown up fascinated with Hollywood and idolizing the American dream in India is more aspirational than ever. For a talented Indian professional with in-demand skills, university education and strong English communication abilities, their country may sometimes seem too slow. So, working for an American company, however small, is usually a big deal for them. While local professionals in your country may take you for granted, your employee in India would dedicate their 100%.
Some of the top world-changing giants like Google, Microsoft and Adobe have their CEOs hailing from India. This is not surprising considering the strength of Indians in the so-called STEM fields (Science, Technology, Engineering and Math). Besides, India remains unmatched when it comes to the vast pool of talented and available professionals across multiple domains. No wonder, almost 50% of all Fortune 500 companies choose to outsource to Indian outsourcing firms.
Being based in India, Virtual Employee makes it easier for you to access the Indian talent pool. Not only do we hire as per your chosen hiring processes and models but also, make it possible for you to interview the candidates and communicate with your remote employees over HD video conferencing.
Sourcing-in offshore talent is a win-win situation for all. For the employees, it is a great opportunity to improve their skills, explore a variety of projects and gain experience of working for a foreign company. For the companies, it paves way for meeting and exceeding business goals without crossing their budget. Besides, it can prove to be a great cultural exchange while working with highly-skilled individuals maintaining high work quality and productivity.