Moving jobs offshore, has been the option many companies have employed in the recent times as part of their restructuring and growth strategy. However, the latest findings of the Robert Walters Global Salary Survey suggest this to be a trend that is sure to take off in 2016. Findings of this recently published survey suggest an increasing inclination among organizations towards offshoring of core job functions in 2016.
The Australian economy has been facing challenges throughout the year; with the finance sector facing stiff global competition. 2015 saw talent move borders, with many accountants taking up overseas opportunities. Many players are looking at retaining talent by focusing on customer relations and adding value to their core offerings.
While demand for niche and advanced skills is expected to remain high in 2016, contract and temporary positions will also see a rise owing to transitional work increasing, if accounting firms and financial companies decide on offshoring more services. Not just the accounting and financial sector, the Department of Finance is also asking for industry opinion on what elements of their back office services can be delivered offshore.
While offshoring is not a new phenomenon, it can prove to be a challenge to companies if core accounting and financial functions shift base outside Australia.
However on the other hand, declining profit margins and rising costs of operations have made offshoring appealing. With most of the sectors moving towards a global labour market, businesses are using technology and automation to grant more freedom to employees to work remotely, there is less emphasis on where the job is getting done.