Offshoring or nearshoring is the practice of hiring a team(s) from a developing country where labour costs are lower to enable a business to scale faster, gain access to a wider pool of talent, and well as increase capacity and capability for less cost.
Staff offshoring can be the delegation of certain business functions or operations to a team situated in a different, often distant, geographical location. The comprehensive guide provides an in-depth look at various strategies that can be applied across different role functions, from marketing and sales and customer service to software development. Building offshore teams can help companies cut down on operational expenses by using talented professionals from across the globe where labour costs are comparatively lower.
However, it's essential to understand what offshoring is not. It is not a quick-fix cost-cutting strategy, nor a one-off contractor or freelancer. It is not a practice limited to large corporations; small and medium-sized businesses can also harness the benefits of offshoring. Most importantly, offshoring is not a compromise on quality—it's about finding the right talent at the right price for your business goals.