According to a report published by Grand View Research, a market research and consulting company, the global business process outsourcing market size was valued at USD 232.32 billion in 2020. Furthermore, they predict a compound annual growth rate of 8.5% from 2021 to 2028. Read more about report overview. This is a clear indicator that more businesses will leverage the trend of outsourcing work to remote teams. Of course, using remote teams is not a decision that should be taken lightly, but there are some clear benefits:
It Saves Time
Finding employees, especially for specialist roles, can be a very time-consuming process. It involves finding potential candidates, interviewing them, and ensuring that they are a good fit for your business. The time involved in doing the same for an entire team increases exponentially.
Even after careful selection, you might still end up in a situation where individuals cannot work together efficiently. New employees might also require more time to familiarize themselves with the tech stack your business uses
It is possible to get an entire remote team with a proven track record in less time than it would take you to hire one new in-house employee. Not only will this save you a lot of time, but the business will also benefit from being able to deliver the product or service faster.
It Saves Money
Hiring staff allows your business to invest in talent but often comes with significant overheads. Things like training and onboarding staff can be very costly, and there is always the risk that you might not see any positive results right away. Even worse, hiring an employee only to find that they are a poor fit for the company can be costly.
Other cost factors are also involved, such as the hardware and software needed for employees to do their jobs efficiently. With an outsourced remote team, this is no longer an issue, and you'll be saving money that can be put to better use elsewhere in your business.
The smaller budget needed to outsource a remote team instead of hiring additional full-time employees will enable you to take better care of your existing employees.
It Improves Flexibility
Flexibility is a significant benefit to both your business and employees when it comes to outsourcing. Using a remote team gives your business the flexibility to scale up before or during a big project and then switch back to your in-house team when it is completed.
The alternative to a remote team would be to hire more in-house employees. This would be a financial burden on the business and can cause stress amongst employees who know they might be let go once there is a need to scale back.
Using an experienced outsourcing agency gives you the peace of mind to always have enough people available without making financial commitments that could have long-term repercussions.
It Provides You With New Perspectives
Getting a fresh perspective from top talent is invaluable for the betterment of any project. A great outsourced team is not only able to deliver what is expected from them but is often in a better position to spot potential flaws or suggest innovations. This can be harder to accomplish when working with the same team day-in and day-out as they tend to begin sharing the same perspective.
A good outsourced team usually brings different experiences and ideas to the table that can be leveraged to improve your project in ways you didn't realize were possible. In most cases, outsourced teams have a lot of experience working on varied projects, which has given them a deeper understanding of potential risks and solutions.
Businesses can also draw on the extensive knowledge and proven track record of remote teams to improve their in-house teams without them having to learn "the hard way" through mistakes.
It Allows You To Focus On Your Core Business
Outsourcing work to remote teams does not mean having to take work away from your internal staff. On the contrary, it frees them up to focus on the tasks they were hired to do and are the most effective at. This allows them to be more productive as they don't have to waste time on things outside their area of expertise.
Employees are more motivated when doing work that falls within their specialty. They can then continue to deliver high-quality services without being required to divide their focus across multiple projects, which can result in low-quality performance or employee dissatisfaction. Research has shown that employees doing work in line with their strengths are associated with increased engagement and performance. Read more about motivational potential of meaningful work.
It Won't Disrupt Your Existing Operations
With the recent trends of working from home, remote team members will have an easier time integrating into your operations. Reports by Owl Labs also indicate that remote teams tend to be more productive while working from home. Read more about state of remote work.
These are just some benefits that outsourcing remote teams can offer for your business and employees. Increasing your reach and gaining a greater competitive advantage can be a game-changer for any industry.
Many companies find that they have skills gaps that can make them vulnerable, which outsourcing can solve quickly, efficiently, and without disrupting in-house teams. Even better, you lower the risk associated with not completing a project in a timely manner. However, all of this only applies when working with a trusted and reputable outsourcing company.
If you partner with the right outsourcing company, both your business and its employees could thrive with the help of remote teams.