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Offshoring Service Sector Jobs - Essay Example

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Running Head: Offshoring Service Sector Jobs Offshoring Service Sector Jobs Offshoring Service Sector Jobs As the globe has entered into the eon of twenty first century, the inhabitants of the nations with their immense and colossal potentials and capacity have made the world a much developed and advanced place…
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Download file to see previous pages 1-10, 2011). In addition, this has also created a single platform for the businesses that can develop, broaden, and extend their business operations and activities from local to international arena. Indeed, these elevations and progressions has augmented the element of competition in the business community, hence it has now become one of the most imperative aspects for all corporations and businesses. As an outcome, the key emphasis of the organizations is now on the amplified productivity of goods and services (Feenstra & Taylor, pp. 1-10, 2011). The trends of the current market in the recent years have also depicted the fact that the businesses are constantly struggling with the challenges in order to survive and persist in the marketplace for which they are striving to work in the most effective and efficient manner. The notion and idea of globalization and globalized production has also broadened its capacity to the service industry as well. However, the human resource has always comes under the consideration to be the most valuable asset, because they can either make the organization witness the heights of success or can be the prime reason for its failure (Feenstra & Taylor, pp. 1-10, 2011). The records divulge the fact that the global economy is experiencing a structural change. With the increase in the global competition, pressures on profit margins have also come under its influence, which has given rise to the concept of offshoring. Through offshoring, likelihood of productivity increases as the enterprises have the option to work round the clock to send the data back and forth from the host country to the home country (Farrell & McKinsey Global Institute, pp. 3-10, 2007). Therefore, offshoring has become a prominent part of the recent trend, predominantly in the service sector that is the relocation or repositioning of an operational unit or process of the organization that include information technology, accounting and several others from one place to another either on a local or international basis. In addition, offshore also comes under association to outsourcing of people that has gained significant importance from the latter half of the twentieth century (Farrell & McKinsey Global Institute, pp. 3-10, 2007). The below graph is a representation that undoubtedly and noticeably demonstrates the idea that offshoring in the service sector is intensifying with the passage of time. (Schaaf, pp. 11, 2004) This is due to the reason that offshoring saved a huge amount of expense of the wages as the under-developed nations produce more skilled workers on relatively less wages when compared to the workers of the developed countries. Lower production cost coupled to the lower cost of labor is one of the leading and principal reasons that lead to offshoring in the service sector. The studies expose the piece of information that there is a huge difference between the labor costs of the underdeveloped nations when compared to the developed countries. Besides, the other costs such as health insurance and pension costs are also much lower in the underdeveloped countries relatively. Nevertheless, the saved amount can come under utilization for the telecommunications, data security, or the service quality of ...Download file to see next pages Read More
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