British companies are under growing pressure to shift jobs offshore as competition from emerging economies heats up, the Confederation of British Industry warns today (Monday).
But instead of fearing the phenomenon, the CBI argues that the benefits of offshoring outweigh the drawbacks, saying the move will increase productivity, profitability and economic growth for the UK.
A significant 51% of respondents to a MORI survey commissioned by the CBI and electronic goods specialist Alba, said pressure to outsource has increased over the past two years. And 30% said they have already shifted some parts of their business overseas, with almost one in four considering doing so in future.
Findings also show the trend to offshore is now spreading beyond manufacturing and call centre jobs to information technology, financial services, design and research and development.
Speaking in Birmigham at the CBI annual conference, Digby Jones, CBI director general, said: 'Offshoring is now part and parcel of doing business in the global economy.
'Make no mistake, this is a survival issue. Anyone who believes that firms have a great deal of choice is na‹ve. Companies know if they don't do it, somebody else will. If competitors act and they don't respond, they may put their business at risk.'
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