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Virtuous Cycle: Outsourcing In Canada

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Virtuous Cycle: Outsourcing In Canada
DISCUSSION POST:
Virtuous Cycle

Outsourcing is a technique that developed by the business tycoons during the emergence of globalization, it is a debatable subject in the management field as well as in the political views. Outsourcing is nothing but giving subcontracts to an external agency from the parent company to do a particular work. Now a day, multinational companies are very much interested to outsource their jobs to some developing countries to make more profit by introducing this cost cutting strategy. The outsourcing of jobs affects the economic growth of a country both positively and negatively, for capitalists it is a welcoming deed but for a common citizen, still it is a nightmare.
Outsourcing in Canada creates many controversies …show more content…
The recent surveys show that the rate unemployment has been increased than the rate in 2009 recession. One of the major reasons for this joblessness is outsourcing. A lion share of the works of Canadian banks and Canadian financial services were done by Indian information technologists, Bank of Nova Scotia, Royal Bank of Canada and TD Canada trust are the major clients of Indian IT tycoons such as iGate and TATA consultancy services (Unknown, 2014) (Jennifer Kwan, 2013). This kind of over outsourcing results in unemployment and naturally it affects the standard of living of the common people in the country. According to the words of Armine Yalnizyan, a senior economist, found that, a number of people were earn an average annual income of $30000 to $60000, but due to the outsourcing they lose their income quickly and all those people fell in a jeopardy. Those people may suffer homelessness and bankruptcy; it will put a citizen into trouble, and the economic status of this kind of people may affect the total economy of the country (Jennifer Kwan, …show more content…
(2010, March). Towards Sustainable Offshore Outsourcing: A Case Study of Quebec Manufacturing Firms Outsourcing to China. Retrieved February 7, 2014, from http://search.proquest.com.ezpxy.fanshawec.ca/: http://search.proquest.com.ezpxy.fanshawec.ca/docview/521931962/E363F6F702684E11PQ/1?accountid=39340
News, C. (2013, April 09). Outsourcing bank jobs is common practice, say employees. Retrieved February 07, 2014, from http://www.cbc.ca/: http://www.cbc.ca/news/canada/outsourcing-bank-jobs-is-common-practice-say-employees-1.1333814
Ozanne, M. R. (1998, September 25). canada outsourcing 1998: going mainstream. Retrieved February 7, 2014, from http://search.proquest.com.ezpxy.fanshawec.ca/: http://search.proquest.com.ezpxy.fanshawec.ca/docview/221366286/B9D3EF7904544B5EPQ/1?accountid=39340
Sandy, D. (1997, September). Sears builds "brand central" through outsourcing. Retrieved February 07, 2014, from http://search.proquest.com.ezpxy.fanshawec.ca/: http://search.proquest.com.ezpxy.fanshawec.ca/docview/208159080/3ED1C318A4B8464BPQ/1?accountid=39340
Unknown. (2014). Canadian banks stop IT outsourcing to India as unemployment grows. Retrieved February 07, 2014, from http://south-asian-news.sandhira.com/:
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