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Delivering quality services on time is a big challenge for any company. But, to achieve this feat, firms require professionals with expertise and the right skill sets. Now most companies try to work around it by hiring and onboarding the best people.
But an in-house team doesn’t always guarantee success and often, it’s too late before businesses realize that the entire process went in vain. Thankfully, they have plenty of options to explore on the offshore front. There are several benefits of offshoring staffing options, especially for startups.
As per a report published by Deloitte, offshore staffing can save up to 45% on labor costs. Especially for organizations in developed countries, the concept has worked wonders. So, let’s dig deeper into this concept and examine its merits.
Here’s Why Offshoring Has Become So Popular
Hiring is one of the most crucial aspects of every organization. They recruit people only after gauging their efficacy for a certain project/task. Having said that, the firms also have some obligations to adhere to.
- They cannot delay the work because they aren’t finding the right people. They may have to start the project with people who are not up to the mark.
- Cost is another critical factor that decides the hiring dynamics. If hiring freshers, companies need to train and teach them from scratch which further adds to the cost, time, and effort.
- The next considerable addition is employee care. There are leaves, financial security, health benefits and many other benefits. While this isn’t such a big issue for large enterprises, it’s not the same for SMEs (small and medium-sized) businesses. They can’t risk spending so much capital only to incur losses.
The most viable option for startups and small businesses to sort out the extra team players problem is to hire offshore staffing services. In most cases, these professionals work on short-term contracts and are hired specifically for the purpose of finishing certain tasks/projects.
Unlike hiring a full-time employee, startups don’t need to worry about leaves or benefits and yet, they can get quality services. However, the advantages of offshore employees extend beyond quality services. In this article, we’ll discuss the seven most striking advantages. So let’s plunge right into the perks of offshoring.
Key Advantages of Hiring Offshore Staff for Startups
In simple terms, offshoring is the practice of hiring people outside one’s country. Here are some notable highlights of offshoring that most companies relate to.
1# Cost-Saving
Companies in developed nations have to shell out lots of money to hire talented professionals in the same region. Conversely, they pay a significantly low cost when they onboard people with the same skills in developing countries. That’s because of the difference in the currency value of both.
Today, more and more startups from Western countries go for offshoring. Not only do they pay less money, but they also get some unique ideas and perceptions with a diversified talent pool. Notably, most professionals work on their English as well besides their core subject. As a result, companies don’t have to spend plenty of time explaining things.
2# You Get Experts
Offshoring has become a wonderful source of acquiring talented professionals. Although one can find experts in different domains across the globe, migration for work can be a major issue due to so many reasons. But going for offshore hiring options allow startups to find the right talent at the right price.
Outsourcing firms thrive on strong networking and that’s how they get hold of experienced professionals. Right from designers and developers to accountants and virtual CFOs, they get to choose from a wider talent pool full of efficient and sincere veterans.
3# Timely Completion
Meeting deadlines and delivering quality services simultaneously are the foremost priorities of any startup. Offshore employees understand these obligations well. In fact, they themselves thrive on these factors. Hence, they are accustomed to working diligently on a tight schedule and completing their tasks on time.
It also maximizes the chances of getting hired on a long-term basis. So, it’s safe to say that by hiring offshore staff, startups can increase their chances of successful project completion.
4# Scalability
In the offshore setting, you can scale your hiring options as per your business dynamics. That’s because you have a wide number of choices and no long-term obligations. As a matter of fact, this medium has made scaling easier than ever. It has enabled the firms to adjust the team size conveniently and almost instantly.
And this has improved the dynamics of work in many industries. Startups are more interested in hiring offshore employees who work remotely as it helps them a considerable amount. Firstly, they don’t need a physical workspace. They can just procure clients, hire people, and grow their business. Hence, the scalability of offshoring has made entrepreneurship more powerful.
5# Swift Hiring
Several reasons make offshore hiring faster than the normal one. Usually, employees seek much more than just a hike in their salary. Offshore employees, on the other hand, just demand decent pay for their work. They’re even more willing to coordinate and communicate more frequently.
No matter the time-zone difference, they can always find a middle ground to work. Most companies just have to contact their offshore hiring agency to get a professional in no time.
6# Tax Benefits
That’s right, companies can get tax benefits by hiring offshore manpower. Many countries offer certain incentives to firms that outsource their work. Thus, your firm can also take that advantage and increase its savings. It’s a very attractive prospect, especially for startups. These budding enterprises can save significant costs while getting high-end services.
7# Flexible Hiring Models
One of the perks of going for offshore staffing is the availability of flexible hiring models. It means that startups can get employees on a short-term, long-term, or part-time basis. This helps entrepreneurs save overhead expenses and make the most of their money. It allows small businesses to expand their workforce easily in a cost-effective manner.
The Takeaway
Offshore staffing option has become the go-to choice for many organizations, both large and small, due to its competitive advantages. Using this medium, they always get the results they desire. It enables them to grow their business while overcoming all challenges.
However, if you face potential challenges in managing an offshore staff, you can always seek professional help. Gurbani Chartered Accountants have been helping startups hire offshore employees.
Contact us now for more details!