The state of business in 2019 has radically changed multiple industries across the world. From office space developing more shared spaces to promote work flexibility to disruptive outsourcing transforming how BPOs operate, business this year revolves around adapting to change.
The demand for disruptive outsourcing is ramping up quick. Projected to grow 11 percent year-on-year until 2023, disruptive outsourcing can quickly get rid of certain pain points for multinationals. As such, outsourcing to the Philippines, now more than ever, can aid in corporate transformation by providing disruptive outsourcing solutions for the following two business processes that are both time-consuming and expensive.
IT and Cybersecurity
The reasons for offshoring software development are straightforward: offshore IT talent costs are cheaper and it is easier to find and hire talent outside of North America and Europe.
It’s surprising to note that while North America and Europe are some of the most developed regions in the world, both continents have widespread talent shortages that require immediate solutions. For example, there are more job vacancies than there are qualified applicants in the U.S. throughout all industries, and North America has a shortage of 500,000 cybersecurity professionals according to the International Information System Security Certification Consortium.
European companies are also not safe from IT shortages. In fact, by 2020, Europe also faces a shortage of 500,000 IT professionals. Considering the skills gap alone, outsourcing through Staff Leasing in the Philippines can already be an instant and long-term solution given the country’s extensive IT talent pool that produces roughly 200,000+ IT graduates annually.
Additionally, it’s no secret that offshoring to the Philippines is also a cost-cutting option. Philippine salaries, across all industries, are always less than a quarter of internal salaries in companies throughout North America and Europe.
Payroll processing is an essential business process that outsourcing can effectively handle on a continuous basis. The problem with internal payroll teams is the procurement of an effective payroll accounting system and having the payroll team learn how to use it. This is where payroll outsourcing comes in handy; offshoring payroll means not having to purchase an accounting program since the process is given to a professional who will be provided with the payroll application.
It's also important to note that through payroll outsourcing, companies save up on daily costs. The fact that payroll data can be relayed at any time a company chooses is extremely convenient, and ultimately helps organizations save up on time and costs.
KMC is a Staff Leasing provider in the Philippines that can assist multinationals in outsourcing not just IT, Cybersecurity, and Payroll Processing, but other large-scale business processes. For more information, click the CTA below.
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