How strategic outsourcing can give you a competitive advantage

The outsourcing industry is rapidly growing in Saudi Arabia and has fundamentally changed how businesses operate. Companies prefer to outsource non-core tasks and focus on their core competencies. This approach is useful and helps companies grow, however, to get the most out of outsourcing, companies need to consider how it can be used strategically rather than tactically. Tactical outsourcing is problem solving based, for example, a lack of capacity in the finance department may force a company to outsource their tax and zakat reporting to fill the capacity gap. On the other hand, strategic outsourcing focuses on aligning outsourcing with the company’s long term objectives. It assists companies in achieving a competitive advantage and repositioning themselves in the market. It also allows companies to spend more time on core activities that are crucial to success and that can’t be outsourced. 

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How outsourcing can help your company’s efficiency

According to the survey, the total working-age population's unemployment rate (Saudis and non-Saudis 15 years of age and older) decreased from 7.4% in the last quarter of 2020 to 6.5% in the first quarter of 2021. Furthermore, the Saudi unemployment rate (males and females 15 years and above) decreased to 11.7% in the first quarter of 2021, from 12.6% in the fourth quarter of 2020. Saudi Arabia's total unemployment rate is 0.1% lower than in the same period last year, which is below its pre-COVID level.  The report further shows that during the first quarter of 2021, the unemployment rate for the total male population of Saudi Arabia dropped to 3.7%, compared to 4.0% in the previous quarter. Overall, the female unemployment rate declined from 20.2% in the fourth quarter of 2020 to 16.1% in the first quarter of 2021.  According to Labor Force Survey estimates, the unemployment rate for Saudi males was 7.2% in the first quarter of 2021, compared to 7.1% in the fourth quarter of 2020, while the unemployment rate for Saudi females was 21.2% in the first quarter of 2021, compared to 24.4% in the previous quarter. The overall Saudi unemployment rate dropped to 11.7% in the first quarter of 2021, from 12.6% in 2020 Q4. It is now below pre-pandemic levels. 

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