Future of Work.

Running head: Future of Work
Future of Work
Name of the Student
Course name:
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Future of Work
Introduction
The given study has taken into consideration regarding the re skill and up skill of the
employees in order to increase the employee production rate. The study is important in the sense
that in the modern world of business, the development of automation technology is being used by
most of the developed nations. One of the major factors that is currently present within the
developed and advanced economies is the concept of off-shoring and outsourcing. It is important
in the sense that most of the developed nations choose these options to decrease the cost of
operation. The main thesis statement is showing the fact that considering the status of the
developing nations, the off shoring and outsourcing will actually minimize the cost of operation.
Moreover, the essay will portray the line of arguments supporting the fact that off shoring is
important for economic growth. The study has chosen the two developing nations in the form of
Australia and Denmark and the developing nations have been selected as India and Singapore.
The study will mainly deal with Westpac as Australian company and Larsen &Turbo as company
originating in Denmark.
Discussion
Before going into deep analysis on the off shoring and outsourcing it is important to
understand the two definitions that are having huge difference. The term outsourcing is done by
most of the firms where any company will search for another party in order to complete single
set of achievements or a part of a certain project. In outsourcing, no transfer of physical asset
takes place among the parties that are indulged in the trade. However, the scene is quite different
for the off shoring. In the situation of off shoring the companies sets up physical assets into
another country or another region. However, there are certain advantages and disadvantages
regarding the off shoring and outsourcing of companies. Through the incorporation of off

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Future of Work
shoring policy, the corporate guns can minimize their costs of the operation as they can indulge
cheap resources into their production. On the other hand, out sourcing will allow the employees
to work remotely in other countries. One of the major factors that drive the urge for the off
shoring services is talent shortage. It has been seen that in most of developed nations, the lack of
talent is creating problems in the sense that through the development of talented workforce most
of the organizations are aiming to increase their dominance over international market.
Nowadays, the search for the talents in the global market has taken the shape of a war.
Companies like Google, Microsoft, IBM is continuously applied to US government to ease the
Visa to expand the business in the US market. According to the Bureau of Labor Statistics, the
unemployment rate for computer was around 3.6% in 2012 (Industry Week, 2013). This is
important in the sense that according to the Talent shortage survey, 50% of the employees are
feeling problem in getting the desired level of jobs. In order to highlight the importance of the
talent skills and talent gaps, companies like Larsen & Turbo is mainly looking to incorporate the
policy of off shoring so that they can build up physical infrastructures in the country they want to
invest. Now in order to increase the resource utilization will enable the development of the
resources identification process.
Companies like West Pac have taken the help of impact of off shoring and they are using
the local resources, to increase the investment process. They have taken the policy of retail
banking in order to increase the customer participation so that they will be able to identify the
business and the investment opportunities that is lying within the emerging economics
(Westpac.in, 2019). Now in order to minimize the skill gaps in the global perspective most of the
companies belonging from the developed nations are thinking of using local resources so that
they can increase the production rate by using local human and capital resources. It will be useful