Worker Shortage Solution - Outsource to an Offshore BPO
There is no worker shortage for us in Coimbatore, India. We continue to hire as many well-qualified professionals as we need to staff new client projects.
- Murthy Rao, CEO of Login Services
As we begin 2023, a serious worker shortage is creating chaos around the globe – especially in the most industrialized countries. If your organization has more open positions than you can fill, consider offshore outsourcing to stabilize your workforce and save money.
Here is a 5-minute read about:
– What the worker shortage is
– Its negative effects on business
– The many factors that have caused it
– What you can do now to turn it around
– How to improve staffing levels and get your company back to its “fighting weight”
TABLE OF CONTENTS
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Worker Shortage: The American Experience
There are currently 10.5 million job openings in the United States, and only 5.7 million job-seekers available to fill those jobs.
Job Cuts Due to COVID-19
When the COVID-19 pandemic began in early 2020, non-essential businesses closed down temporarily. Even many essential businesses that were allowed to remain open had to drastically cut jobs to try to stay in business. Some organizations did not survive, and had to close down permanently.
Post-Lockdown Job Growth
In 2022 – two years after the beginning of the disastrous pandemic – fortunes had largely reversed. American companies added 3.8 million jobs as they began to bounce back from the misery of the pandemic.
Worker Shortage - Where Did Everyone Go?
By the time American business had recovered to the point of adding back many of the jobs that were lost to the pandemic, the workforce had embraced the “Great Resignation”.
American workers made some discoveries:
– They could get by without working at all, or by working part-time/casual
– Fully remote, work-from-home jobs were nicer than in-office employment
– Corporate America needed them to work more than they needed the jobs
– Workers found their voice and began demanding better working conditions
Workforce Participation Remains Low in the U.S.
With the boom in job creation, you would think that American workers would come out in large numbers to fill those jobs.
The American economy has lost 2.9 million workers since the pandemic began
The American economy has lost 2.9 million workers and added 3.8 million jobs.
This means that even if everyone who wants employment got employment, there would still be about 4 million open jobs with no one to fill them.
How Global is the Worker Shortage?
The example of the American worker shortage experience is typical in most industrialized nations. They have been hit the hardest, although many other countries may be less impacted or only occasionally have staffing issues at times when rapid job growth occurs.
Not so in India. Murthy Rao, CEO of Login Services Business Process Outsourcing said, “There is no worker shortage for us in Coimbatore. We continue to hire as many well-qualified professionals as we need to staff new client projects.”
Indian BPOs Have Plenty of Workers
Well-established, top-tier, full-service BPO providers in India can attract the qualified talent needed to fill your open positions remotely.
LOGIN SERVICES™ is one of the leading BPOs in this elite class. It values its talented Indian tech professionals and focuses on employee retention – so we are always ready to quickly help solve your worker shortage challenges.
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