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Outsourcing, is the process of utilizing third party workers for traditionally in-house business tasks; this may take place either inside or outside the company’s home country. It is a common practice that businesses use to cut expenses, gain access to employees with a special skill set, and obtain other benefits. Unlike offshoring, outsourcing does not need to take place in a separate country to occur. Businesses that remain in their countries of origin may seek out local third party workers, resulting in outsourcing. Outsourcing can, however, take place outside of the company’s country of origin as well. In this sense companies that practice outsourcing abroad use International Manufacturing Contracts to produce in low cost countries of Asia and Latin America. See also offshoring.
