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Created on January 29, 2022
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Transcript
OFFSHORING
WHAT IS OFFSHORING ??
WHAT ARE THE TRUTH AND CONSEQUENCES OF OFFSHORING ?
PRODUCTION
Production offshoring is one in which company set up its production unit in a distinct country for availing benefits of cheap factors of production. It imports finished products from such country for selling them in their domestic country.
SERVICES
Actually, when a company establish its service-related operations in some other country, it is termed as services offshoring. These services comprise of accounting, information technology, marketing, customer support, sales and many more.
INNOVATION AND SOFTWARE
It is an offshoring under which high-tech companies like those in Silicon Valley offshore their innovation work to nations such as Africa, Ukraine, Mexico and Colombia. This enables companies in hiring competent human resource at cheap rate which bring down the overall cost and makes production cycle shorter.
RESHORING
Reshoring simply refers to the opposite of offshoring and is also termed as inshoring, onshoring or backshoring. It involves bringing of manufacturing operations and other types of jobs that were offshored back to the company’s original country.
TYPES OF OFFSHORING
ADVANTAGES OF OFFSHORING
LOWER LABOUR COSTS
ACCESS TO SKILLED LABOUR
INCREASE REVENUE
ADVANTAGES OF OFFSHORING
LANGUAGE BARRIER
COMMUNICATION ISSUES
SOCIO-CULTURAL PROBLEMS
UNEMPLOYMENT
DISADVANTAGES OF OFFSHORING
LANGUAGE BARRIER
COMMUNICATION ISSUES
SOCIO-CULTURAL PROBLEMS
UNEMPLOYMENT
The Ecommerce and technology giant, which already wielded outsize clout before the crisis, has gained more than $600 billion on its market capitalisation in 2020. Amazon reported a year-on-year revenue increase of 40%, bringing in a total of $88.9 billion in sales. Actually, Amazon earns 13,995$ per second. Amazon sales statistics for the first quarter of 2021 show that every minute Amazon earns around $837,330. This means that the company makes more than $50 million every hour.
The company disclosed that it is currently holding more than $108 million in various offshore accounts by the end of the year 2020. The company has offshored in Bermuda, Singapore, Ireland, and the Bahamas.