Outsourcing How Does It Affect You?

1414 words - 6 pages

Outsourcing How Does It Affect you? What is outsourcing and how is it affecting our lives here in America? Outsourcing which has also been called contracting out is when a company contract's jobs out to be done by a company within or outside of the company. This includes hiring temp agencies to handle part of the work load and hiring other companies to do certain tasks or other work. The ever more common trend of outsourcing to offshore facilities is where the companies are outsourcing jobs to be handled in foreign countries. This leaves the Americans who worked those jobs here unemployed. Many who are laid off have to accept jobs that pay lower then the rate they previously made before the outsourcing occurred. "Even the official figures show a very rapid growth of Business, Professional and Technical service imports from selected Asian countries, in particular India, China and Singapore. From 1997 to 2003, US imports of Professional and Technical Services grew at an annual rate of 12 percent, with an annual growth rate of 22 percent from China, 23 percent from Singapore and 61 percent from India(Spurring Growth Dynamics from Services Offshoring)." Many companies that were once based out of America have outsourced thousands of jobs. When considering expanding or saving the company from bankrupt these companies look at the costs of labor, manufacturing and overhead then compare the cost to revenue and look for a cheaper more cost effective way to produce and or sell the product. Some countries even offer tax benefits to certain types of companies to attract them. Everyone is always looking to make more money and to cut expenses. Some of the companies who have outsourced include Sprint, General Electric, Bank of America, American Express, IBM and Citigroup. 3"Bank of America for example cut nearly 5,000 us jobs while outsourcing up to 1,100 jobs to India in 2003 (outsourcing rewards) (behind the lines September 2004). Those nearly 5,000 American workers were laid off and left unemployed so the company could save money. Many other companies have also outsourced these jobs such as call center operators, manufacturing projects, computer programming, and software production positions. These jobs have been sent to these countries so the company can continue to sell their product at the same rate or lower but still make good profits and lower expense costs. These countries have a lower cost of living then we do here in America which means they have lower wages. Our countries dollar is worth more then theirs in their country. When a company hires overseas they pay the going rate in that country to their workers. The companies then save money when they can hire people to work for half or less then half of the amout of money they would have to pay Americans. Their people are also more willing and egger to work then we are and gladly accept the jobs. We Americans tend to complain a lot about the job, work load, benefits and always want top wages which makes...

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