ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Access To Affordable Labor and A Diverse Talent Pool One of the long-term benefits of offshoring is that you get to reduce or even eliminate fixed costs like recruitment. Offshoring service providers can regulate manpower demands in accordance with your business requirements.

Detailed explanation-2: -Offshoring is the practice of employers basing some of its operations overseas, so as to take advantage of lower costs. It typically involves employees being employed in those countries.

Detailed explanation-3: -Offshore outsourcing means delegating certain tasks to a third party in an overseas location. There are several potential benefits: Cost savings. By combining offshoring and outsourcing, a company could potentially save more money if able to take advantage of lower foreign costs and less overhead.

Detailed explanation-4: -Outsourcing is the business practice of hiring a party outside a company to perform services or create goods that were traditionally performed in-house by the company’s own employees and staff. Outsourcing is a practice usually undertaken by companies as a cost-cutting measure.