The U.S. financial environment still appears to be bleak especially with more sectors coming out in need of bailout. From the banking sector, the world has now witnessed it spread to other industries. Those remaining companies which are merely surviving or will be receiving government aid will naturally restructure themselves to be leaner by selling off their non-core businesses, shutting down non-profitable divisions or transferring operations elsewhere to lower costs. The latter is seen as a good business opportunity for the Philippines to boost its outsourcing industry.

Reports are circulating that outsourcing hub India might be experiencing contraction. In a recent report from CIO, India’s top call centers and business process outsourcing providers said that due to slower revenue and profit growth last quarter, they are likely to cut more than 25percent of their staff in the next 10 days.

Consumers are scaling back on their prescription drugs spending as reported by New York Times last October 21. With the financial and economic crisis, people have to prioritize food and housing more than drugs; and this has a substantial effect in the pharmaceutical industry.

Being environment friendly is the talk of the town these days as many organizations and companies want to contribute anything as part of their corporate social responsibility efforts to fight global warming and climate change.  With the industrialization of the world, human beings discharged so much carbon dioxide (CO2) and other components of greenhouse that a thick belt around the atmosphere prevents reflected sunlight and heat from escaping the Earth which results in a higher global temperature.

Technology Partners International Inc. reported that only $10.8 billion financial services outsourcing deals were signed this year compared to last year’s $17.9 billion. Despite that, the recent survey by Global Service Media shows positive outsourcing industry outlook indicating that outsourcing firms will continue to grow from U.S. financial firm consolidation.

“It’s not just about cost anymore”, that is what Josie Sephton, Principal Analyst of Freeform Dynamics wrote in her article, saying that cost might be the initial driver for outsourcing boom but with the changing times environment protection is becoming a much more important factor than it was 3 years ago in making outsourcing decisions.

The banking and financial climate these days are not that strong as business owners, chief executives are cautiously optimistic about the U.S. economy and of course the future growth of their companies. Outsourcing is a paradigm shift that can change a business model for the better as there is a clear growing trend for companies, regardless of size and industry, to outsource an element of their business.