HR Word of the day- Outsourcing

Going through my Twitter page today, I saw the term Outsourcing with about 1,240 tweets in the last hour. So what does the term outsourcing mean to you?

Outsourcing is an agreement in which one company contracts-out a part of existing internal activity to another company.

It involves the contracting out of a business process, operational, and/or non-core functions (e.g. manufacturing, facility management, call center support) to another party to reduce operational cost and increase efficiency.

Outsourcing occasionally involves transferring employees and assets from one firm to another to help firms perform well in their core competencies, fuel innovation, and mitigate a shortage of skill or expertise in the areas where they want to outsource.

There are various benefits of outsourcing and some of them are:

1. Gaining access to world-class capabilities

2. Provides continuity and risk management

3. Streamlining or increasing efficiency for time-consuming functions

4. Improves company focus Let us make outsourcing work for you, reach out to us today for inquiries.

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