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Outsourcing - Eastern Promise is a Western lure.
(From Financial Director)
More than half of FTSE-100 companies contract some of their information technology and business processes to outside organisations.
A study by Cap Gemini Ernst & Young suggests that one in five of these companies has a single outsourcing contract worth at least 3% of its market capitalisation.
Offshoring
What is relatively new is the phenomenon known as offshoring. This entails the exporting a whole range of jobs - back-office positions in banks and other financial institutions, call-centre jobs and IT support positions - to low-wage economies, as in countries such as India or the Philippines.
At a recent seminar on offshoring, hosted by the London office of the international law firm Latham & Watkins, Christopher Gentle, director of Deloitte Research, told attendees that the cost base of the world's top 100 financial service institutions was $2.34 trillion. Of this, $356bn would move offshore within five years, leading to a migration of two million jobs.
The concept is gathering momentum and those companies that take up offshoring earlier are going to see the biggest benefits.
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