OutSourcing

What is OutSourcing?

Outsourcing involves hiring external parties to perform tasks and produce goods that were traditionally handled by a company's internal workforce. Typically pursued to reduce costs, outsourcing impacts various job sectors, including customer support, manufacturing, and administrative functions. Recognized as a business strategy in 1989, outsourcing gained prominence in the 1990s and remains a contentious topic worldwide. Critics contend that it leads to job losses domestically, especially in manufacturing. Proponents argue that outsourcing encourages businesses to allocate resources efficiently and contributes to the dynamics of free market economies globally.