A large talent pool, cost advantage, improved infrastructure, and government support can help India strengthen its position as the world’s most popular outsourcing destination.
April 4, 2022 Ahmedabad: India’s large talent pool, improved infrastructure, and government support put India in a unique position to take advantage of the unprecedented outsourcing opportunities the US offers in a post-Covid world, and further consolidate its position as the most popular outsourcing destination, according to experts.
Outsourcing has boomed globally since the Covid-19 pandemic outbreak which led to a large percentage of the population being forced to shift to work from home.
With fresh hirings and training proving to be a challenge, businesses shifted to outsourcing companies to meet their talent and service needs.
The Covid-19 situation has eased in many countries, but the reluctance of many employees to return to work from office full-time, means outsourcing services remain high in demand. The size of the global outsourcing industry is estimated at $1 trillion with banking, legal, accounting and life sciences, among the popular sectors for outsourcing.
“There are now more jobs available in the US economy than ever before, but there are also fewer people applying for jobs.
This is because Covid-19 created an interesting dynamic. People don’t want to go back to their jobs, especially if the jobs are not well paying or do not offer flexibility, while businesses want employees to come back to office.
This has made scaling up a challenging task, but also made outsourcing a really attractive opportunity, more so when companies need a variety of different services and have to find a solution without having to hire people who don’t want to go to office,” said Francis Racioppi, Chief People Officer, Analytix Solutions, a leading outsourcing solutions provider.
He was speaking at a talk on “Post Pandemic: Opportunities for outsourcing for US market”at Ahmedabad Management Association on Saturday which was attended by a large number of startups, industry representatives, and students.
Analytix Solutions, which has a large presence in Ahmedabad, has increased its headcount from 450 before the pandemic to 700 now to cater to the growing outsourcing needs of its clients. It plans to scale up further to 1,000 in the coming years.
Satish Patel, CEO and Founder, Analytix Solutions, said the demographic dividend India enjoys because of its young population gives the country a distinct advantage in the outsourcing industry.
“Outsourcing industry provides tremendous opportunities to people who want to develop their skills. The large English-speaking talent pool is a big advantage for India.
The cost advantage is another, and because of rising costs in the US, the gap is widening. Improved internet speeds, infrastructure, data safety, and the emergence of co-working spaces, are other positives for India.
Moreover, there is a lot of support from the government to promote the outsourcing industry. This is the reason we decided to come to India.
We also see more outsourcing companies coming up in India to take advantage of the opportunity,” said Mr. Patel who grew up in Gujarat before shifting to the US for further studies.
He also said the concerns that automation will eat into employment opportunities have been proven wrong.
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“Globally there is a shortage of employees, which has worsened since the pandemic. With automation, we can make things better,” he added.