Outsourcing is Good for Economy

Outsourcing is the act of obtaining services from an external or another firm. Lately, outsourcing has become a "charged" word in political and business world due to many job losses. It is an important concept to understand because of its business (both corporations and for small businesses) and because of its political implications. In a corporate environment, the term "outsourcing" often refers to a particular type of outsourcing, Business Process Outsourcing (BPO). BPO occurs when …

…in technology, pharmacy, financial as well as the automotive sectors. Foreign companies like Siemens, Novartis, and Honda are employing 6.4 million Americans. As such, these foreign companies support annual payroll of $350 billion, besides paying salaries which are on an average 16.5% higher than that paid by US companies. Even, US Presidential hopeful John Kerry and President Bush accept outsourcing is a global affair and twenty first century's reality that is here to stay with all of us.