India has been an outsourcing hub for all gargantuan brands all over the world who come to India for cheaper yet highly skilled workforce. The trend has taken a higher toll ever since recession struck the global economy with numerous companies nearly shutting down their headquarters and outsourcing jobs in India.
The latest in the league is outsourcing mortgage underwriting and other administration jobs in India. After Kent Reliance, Ipswich Building Society is contemplating transfer of its back office operations to reduce radically administration costs. Many mutuals have started sharing back office tasks and outsourcing their administration to India in a bid to lower overheads.
Building societies are eager to drive down the costs as the sector struggles under the pressure of greater regulation and a shortage of liquidity. Newcastle Building Society runs IT systems used by other mutuals while Skipton Building Society owns a company that carries out auditing and administration jobs for its rivals. The consideration to move administration jobs to India clearly emphasizes and reinforces the possession of talented pool of professionals by the country.
This news brings with it a positive sentiment in the Indian job market, promising generation of thousands of administration jobs. So, admin professionals looking for better employment opportunities with a multi national have a new door open to them. Job market in India is now flooding with both government and private jobs in national and multi national companies. The attrition rates across the country are also expected to grow higher with various companies coming up with mega deals to provide benefits to the employees.
India is the favorite outsourcing and off-shoring hub that helps in not only generating jobs but overall development of the nation. But presently, the great news is that job market is reviving and preparing to offer better packages.
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