Outsourcing and Offshoring: Here, There and Everywhere
Western firms are in the process of reconsidering their global footprints. For the past few decades, Western companies have been employing offshoring strategies. These processes saw companies making huge savings financially by moving work and jobs to other countries where wages were significantly lower. This has proven extremely effective, until now. The manufacturing game is now in the process of shifting drastically, and production is being brought back home. What are the reasons for such a dramatic change? Firstly, wages in these overseas countries are rising quickly, making offshoring a less financially appealing option. And secondly, many Americans are realizing that they may have sent a little too much work offshore and that there is a pressing need to reel some of that work back in.
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