“If you deprive yourself of outsourcing and your competitors do not, you’re putting yourself out of business.
The first prime minister of Singapore and a great visionary, Lee Kuan Yew, when he quoted the above, he had envisioned the immense potential that lay ahead in terms of global outsourcing. To generate electrifying results, the time to bridge the talent gap and connect with the global resource pool was going to be the thing of the future.
At present, let’s talk about the situation for the talent pool in The States. There is a major talent gap currently in the U.S. which continues to expand at an exponential rate. September’s unemployment rate dropped to 3.5%, last seen in December 1969. It is a positive sign for U.S. workers, but for employers trying to grow their firms, it makes it difficult for team expansion.
The global organizational consulting firm, Korn Ferry, predicts that it is more difficult and challenging for technology companies. They expect the technology, media, and telecommunications (TMT) industries to be short more than 1.1 million skilled workers in 2020, with the gap growing to nearly 4.3 million by 2030.
The U.S. median wage is nearly 2x the national blended level for technology occupations, unemployment is now at a 50 year low, and there is a shortage of skilled software engineers. This trifecta combination is a task for firms that are looking to deliver new technology rapidly.
Look at the Global Talent Pool
What is common amongst the world’s top and successful companies? They outsource some of their work. companies like Google, Slack, Microsoft, Alibaba, and GitHub have long known the multifold benefits outsourcing can give to their business. About 78% of businesses in the U.S. feel positive about their relationship with their outsourcing company.
Outsourcing is a term that has been misunderstood by a majority of the world. Outsourcing only means to hire talent for specific purpose and technology without any organization overheads or costs.
And so let’s relook at some new-age benefits:
- Accelerated innovation
- Greater access to top talent across the globe
- Tech Skills that just complements your team (& not replace)
- Brings in Expert advice & execution
Outsourcing Development Partnerships
For organizations that need engineering talent, outsourcing developers can mean the difference between achieving a deadline and missing a critical window. The key is to find an outsourced development partner that understands your business requirements, and the market the talent is physically located.
In addition to having relevant experience, you also want to be sure that the outsourced team you are working with fits with your organization. While these outsourced developers aren’t technically employees, you will be working closely with them. It is important that as you talk to industry peers, you get positive feedback. These developers won’t just do what you only request. They will bring in their experience with them and would tell you something that could be considered or done differently. This sort of positive and productive is a very necessary and integral part of the software development.
8 CRUCIAL QUESTIONS TO ASK A POTENTIAL SOFTWARE DEVELOPMENT TEAM – Remote or Offshore
1) Tell me about your experience completing projects similar to mine.
2) Do you care to understand our business and thus my project’s requirements?
3) What about Seamless Communication – Time Zone, Tools that you use to our benefits?
4) What involvement will be expected from me throughout the process? What if we have only business stakeholders to participate in and review projects?
5) What happens after my product has been developed?
6) How do you precisely add value to my business/project?
7) Can you provide references?
8) Is your company the right size to attend my project requests?
Partnering for Success
The digitization of our global economy means that there is no shortage in opportunity for companies innovating with technology. To balance these factors, companies will need to continue harnessing talent worldwide. Businesses that partner with offshore software developers will be able to quickly pivot to changing market dynamics or effectively launch new products. The success of these offshore initiatives depends on finding the right firm that understands your business and is aligned to make your project successful.
Want to learn more about how offshoring development can help your business? Let’s connect.