The domination of technology for the last 10 years has changed so quickly that one single click could traverse into a total transformation. A new approach towards globalization such as outsourcing has dominated the market stage extending its services among developing countries. It harnessed globalization and helped improved people’s lives economically. The rise of outsourcing has changed the perception of business in so many ways. With enormous demands from clients, outsourcing is continually evolving.
On the other hand, in countries such as the USA, the effects of outsourcing created a slight of a torment among most Americans since they are the ones who are compromised of the jobs that were supposed to be theirs. The unemployment in the United States has been affected by the increasing number of outsourcing businesses expanding to other countries.
During the 2016 presidential elections, current US President Donald Trump has threatened to impose tariffs in developing countries which are now the target point for outsourcing. The contrasting factors, however, would be felt once restrictions are imposed. Eventually, it would make the U.S. less competitive and there would be a need to increase wages among American workers, in costs and with prices.
Undeniably, there are far more skilled Americans who could actually outdo foreign counterparts but there are still denominating characteristics Americans differs from other foreign workers. With the undermining threat, this is putting pressure towards labor markets and the outsourcing world. But in the present time, things are running smoothly. This is a matter of balancing the economic equilibrium in maintaining global equality, although there are also government laws to consider. These do not highly affect how outsourcing businesses work.
In the Philippines in particular, the statistics of the business process outsourcing industry has raked 192 billion in revenues in 2012 alone which means that, up to the present, it is still dominating the business sector there. In India, the global outsourcing market stood at $108 billion in 2012. With the said numbers, it is all the more attracting more investors in and that would mean the possibilities of employment for many citizens.
We all we work towards good and fair global competitiveness. This does not mean to compromise those who are also wanting to gain a stable job especially on the western side of the globe. Seems like it clearly defined that the world is indeed round. There could possibly be other means of adjusting the economic constraints without restraining the good ones to make it a probable win-win situation. That is what we will be looking out for in the coming years — how the said industry will progress. And while the other side of the world is in sweet slumber, the other part of the globe is going about cookin’ and keeping businesses running.