The past two years have brought about a significant shift on how SMEs have chosen to conduct their own businesses. While some have succumbed to the pandemic through massive layoffs, closure of satellite offices and the like, smart SMEs are now considering exploring the possibility of shifting to outsourcing essential work in order for their business to thrive, even with the uncertainty of the pandemic times.
What some fail to note, however, is that even before the pandemic, small to medium business owners have already relied on outsourcing for their various essential business requirements, as the high demand for talent outweighs the supply. And surprisingly, during the onset of COVID-19, it actually led to an increase in this highly-efficient business practice.
In fact, established B2B reviews and platforms, such as Clutch, did a survey of 1,003 business owners and a whopping 90% plan to outsource tasks in 2022 – compared to just 80% in 2021. And according to a poll by Gallup, 62% of employed Americans worked remotely in the beginning of 2020, while Reuters expected this amount to double in 2022.
This transformation forced by the pandemic has greatly increased the need for outsourcing work as a permanent fixture in business practices. Which is why it isn’t surprising at all that office-based work is now turning into remote work arrangements. In 2021, the global outsourcing market had an estimated value of $245.91 billion, as cited by Grand View Research.
The benefits of outsourcing work – such as cost-efficiency and flexibility, are now attracting more and more business owners, as remote work is fast becoming the new normal. In the same Clutch report, respondents are exploring outsourcing IT services (27%), Digital Marketing (24%), Legal (23%), Finance (23%), Development (21%), along with Customer Support (19%).
Business analysts have suggested that small business owners and startups are now heavily considering outsourcing this year, based on several labor market behaviors in the US, such as the great number of baby-boomers retiring, the proposed 32-hour work week by the progressives in the US Congress, record-low participation rates among the working-age population, mass resignations during the pandemic, the minimum wage hike in the US, and various funding challenges among startups and SMEs.
While the US and like countries enter a period post-pandemic wherein changes, innovation and adaptability are becoming the new normal – outsourcing is seen to even grow exponentially, as this becomes the smartest and most logical choice for business owners to keep their businesses thriving. In fact, preferred countries that have been specializing in providing outsourcing services have seen an upward trend in this business sector’s growth.
In the Philippines alone (one of the US’ preferred outsourcing partners), even with unstable labor market and wage hike concerns during the pandemic, BPO receipts surprisingly grew by 8.3% during the first nine months in 2021, which surpassed projections for the whole year.
Which is why choosing an established partner like ADDMORE Outsourcing, one that is forward-thinking and adaptable to each business owner’s needs – is key to ensure the growth of each company. From Customer Support, to Digital Marketing, to Finance and Legal – ADDMORE Outsourcing endeavors to keep abreast of current and future market trends in these respective fields in outsourcing. While you grow, we do the work to unleash your business potential through our multi-channel services. Call us now to find out how we can scale your business as you grow.
ADDMORE Outsourcing is a BPO that partners with various international companies who are looking to optimize their operations with value-enhanced resources. Our key focus is to provide efficient services and attainable solutions, thereby streamlining the work flow of each client, and enhancing their business efficiency and productivity to increase margins and realize profit.
Take advantage of the limitless benefits of outsourcing to the Philippines. Contact us today to schedule a free consultation