While outsourcing is a multi-billion dollar industry, the Impact Sourcing (IS) industry accounts for only 12% of the overall outsourcing market, according to the Everest Group.
Impact sourcing is a socially responsible alternative to traditional outsourcing. It is a business process delivery model that seeks to employ high potential, yet socioeconomically disadvantaged individuals. Companies who deploy impact sourcing intentionally hire and provide career development to individuals with fewer opportunities due to social status, geographic location or something more. While many organizations take note of IS, few understand the value it can bring to their organization or understand how to engage with an IS partner.
The benefits of IS are vast. Here are the top three reasons to engage with an IS partner:
- Consistently high quality
IS firms focus on quality and customer service first. They typically experience lower attrition and have a more motivated workforce than traditional outsourcing firms.
- Cost savings
Due to factors like geographic location and intentional process improvements, IS firms can offer more meaningful long-term savings than traditional outsourcing organizations. This allows your organization to focus on its core business operations. By engaging with a firm that focuses on operational excellence and quality delivery, you can confidently move forward with your strategic plan knowing that the non-essential business processes and services are being taken care of.
- Social Impact
We were all taught as children to leave the world a better place than we found it. IS allows us to leave the world in a better place through employment, training and ultimately economic advancement to those who need it most. Additionally, IS can have a positive impact on revenue as consumers report that they are more likely to work with and purchase from companies who are socially responsible.
At Liberty Source, we have chosen to tap into the pool of over 700,000 talented, educated, culturally aligned, and committed military spouses. In fact, according to the Department of Defense’s Military Spouse Employment Partnership, 24% of military spouses are unemployed and is the top obstacle for financial security among military families.
Spouses of men and women in the military don’t have the flexibility to pursue their own careers. They move often, and not always to locations where jobs in their career field are plentiful. This contributes to patchy resumes and feelings of discontent. Many employers struggle to structure a work environment that suits the needs of a military family, particularly during deployment. Additionally, spouses with professional licenses (legal, health care, education) must pursue, and oftentimes sit for exams, in each state the military moves them to. Constantly preparing for new exams, without actually practicing in their chosen profession, further delays and complicates their professional growth. With their career aspirations hindered, spouses may pursue graduate education in lieu of finding a job, only to end up “overqualified” when they are back in the job market.
There are variances in the types of impact workers that outsourcing firms choose to focus on, but the goal remains the same for organizations that engage in IS. It is the opportunity to fulfill Corporate Social Responsibility (CSR), portfolio diversity, and cost-parity all while freeing the internal teams up to focus on core business activities.
What’s your corporate social responsibility mission? Are you leaving the world in a better place?
About Liberty Source:
Liberty Source is a top-tier onshore managed business services provider with a social mission to provide sustainable careers to military spouses and veterans. Liberty Source provides organizations with high-quality, cost-effective solutions by utilizing digital innovation along with cognitive services which are essential to enabling accurate and meaningful business decisions. We serve as a direct extension of our client’s business operations, providing lower-cost, assured accuracy, and scaled deployment through culturally-aligned expertise.