Unlocking Growth: How Outsourced Provides Cost-Effective Hiring Solutions

Economic Insider Staff on April 29, 2025

By: Jon Stojan

In the current economy, finding, retaining, and affording skilled talent locally can be a significant challenge for businesses. While some companies may hesitate to explore offshore staffing, Outsourced is helping to change those perceptions by offering skilled professionals, premium facilities, ISO certification, and a workplace culture recognized for its high retention rate.

The Philippines-based company builds dedicated full-time teams for clients, setting it apart from competitors by providing flexible, transparent, and customized offshore staffing solutions without the need for long-term contracts.

Of course, Outsourced also ensures legal compliance and provides clients with full control.

A Cost-Saving Solution

CEO and Founder Mike Larcher had the idea for Outsourced while running an Australia-based digital agency in 2012. Realizing the challenges of finding and retaining talent locally, he decided to explore the Philippines, where he could reduce labor costs compared to hiring locally.

Larcher said, “I was able to achieve significant cost savings compared to hiring locally, and with this buying power, I was able to attract and retain highly skilled professionals in the Philippines.”

How Is Outsourced Different?

Outsourced is an ISO-certified offshore staffing company, which adds credibility to the services it offers. When it comes to offshore staffing, many people typically think of call centers or virtual assistant services.

However, when companies hire staff through Outsourced, they access skilled professionals in various fields, including IT, CX, creative, marketing, admin, professional services, finance, education, healthcare, and engineering.

Outsourced’s business model is focused on building dedicated full-time offshore teams for clients, providing skilled professionals such as web developers, graphic designers, marketers, network engineers, architects, and others.

The company has over a decade of experience with more than 1,000 employees, positioning Outsourced as a trusted partner for offshore staffing in the Philippines, particularly for companies in the United States, Canada, the UK, Australia, New Zealand, and Singapore.

Keeping Employees Happy

Outsourced strives to keep its employees as happy as the brands it serves by offering state-of-the-art facilities, comprehensive support teams, and a commitment to ethical staff treatment. By September 2024, the company was recognized as one of HR Asia’s Best Companies to Work for in Asia.

The company’s high staff retention rate reflects its positive work culture, which is further backed up by its Great Place to Work® certification. Larcher emphasizes that Outsourced is committed to employee happiness, wellness, and fostering a thriving workplace culture.

A Decade of Significant Growth

Outsourced has grown from a single employee in 2012 to over 1,000 employees, and Larcher hopes this growth continues in the coming years.

He said, “Our vision is to be recognized internationally for delivering high-quality offshore staffing solutions. We aim to expand to over 3,000 staff by 2028.”

In 2017, Outsourced achieved PEZA accreditation and obtained ISO certifications for Quality Management Systems and Information Security Management Systems in 2018. In 2024, Outsourced expanded beyond the Philippines, acquiring Double Yolk and extending services into India.

To stay up to date with Outsourced, follow the company on LinkedIn and Facebook.

Published by Joseph T.

SMB Cybersecurity: Protecting Your Small Business from Cyber Threats

Economic Insider Staff 2 on April 29, 2025

As small and midsize businesses (SMBs) continue to embrace digital transformation, cybersecurity has become one of their most pressing concerns. While larger enterprises may have dedicated resources and teams to tackle these issues, SMBs often find themselves more vulnerable to cyberattacks. With the rise of online business operations, ensuring data protection and preventing breaches have become vital for small businesses. But why is cybersecurity such a critical issue for SMBs, and what can they do to safeguard their digital assets?

Why Are Cyberattacks Targeting SMBs?

It’s a common misconception that only large businesses are the primary targets of cyberattacks. In reality, SMBs have become a prime focus for cybercriminals due to their limited resources and lack of sophisticated security measures. Hackers see these businesses as easy targets, knowing that many smaller firms don’t have the same level of security infrastructure as large corporations.

Consider the case of a small e-commerce store that shifted online during the pandemic. The business owner, focused on serving customers and scaling operations, may not have considered investing in robust cybersecurity solutions. Without adequate protection, cybercriminals could exploit vulnerabilities, stealing customer data or even holding the business hostage through ransomware. Unfortunately, stories like this have become all too common, and the consequences can be devastating for SMBs, leading to significant financial losses and reputational damage.

Cyberattacks target small businesses, with many suffering long-term consequences due to data breaches. Once a business experiences a breach, it may face challenges such as customer trust erosion, financial penalties, and costly recovery efforts. For many SMBs, the cost of recovering from a cyberattack far outweighs the cost of investing in proactive cybersecurity measures.

What Are the Most Common Cyber Threats for SMBs?

Understanding the most common types of cyberattacks targeting SMBs is key to developing effective cybersecurity strategies. One of the most frequent threats is phishing, where hackers send fraudulent emails designed to trick employees into revealing sensitive information such as passwords or financial data. These emails often look legitimate, making it difficult for untrained staff to identify them as scams. Once a hacker gains access, they can steal data, install malware, or even take control of business operations.

Another major threat is ransomware—a type of malware that locks or encrypts a company’s files until a ransom is paid. Small businesses, in particular, have been hit hard by ransomware attacks, as many lack the resources to effectively recover their data without paying the ransom. Even if the ransom is paid, there’s no guarantee that the data will be fully restored.

Beyond phishing and ransomware, weak passwords and outdated software are other common vulnerabilities for SMBs. Many small businesses don’t have strong password policies in place, making it easier for hackers to guess login credentials. Similarly, failure to regularly update software leaves businesses open to known vulnerabilities that cybercriminals can exploit.

How Can SMBs Improve Their Cybersecurity?

So, what can small and midsize businesses do to protect themselves from cyberattacks? The good news is that improving cybersecurity doesn’t have to be a complex or costly process. One of the first steps SMBs can take is to train their employees on cybersecurity best practices. Human error is a significant factor in many breaches, and educating staff about phishing attacks, password hygiene, and the importance of software updates can go a long way in preventing incidents.

For example, a small marketing agency may implement monthly training sessions to ensure that employees can recognize phishing attempts. Employees could be required to complete simulated phishing tests, and those who fall for the fake emails would receive additional training. This approach not only strengthens the overall security of the business but also empowers employees to be more vigilant about their online behavior.

Another critical step is to invest in basic cybersecurity tools. While large businesses may require more advanced solutions, smaller businesses can start with essentials like antivirus software, firewalls, and two-factor authentication (2FA). These tools add an additional layer of protection, making it harder for cybercriminals to gain access to sensitive data. For instance, a small retailer could enable 2FA on all business accounts, requiring employees to enter a code sent to their phone in addition to their password.

Finally, regularly updating software and systems is crucial for minimizing vulnerabilities. Software providers often release updates to fix security flaws, so ensuring that your systems are up-to-date reduces the chances of a hacker exploiting those weaknesses. Implementing automatic updates can help ensure that no important patch is missed.

Another option is to work with cybersecurity consultants or third-party providers who specialize in protecting SMBs. These experts can assess a business’s current security measures, identify vulnerabilities, and recommend tailored solutions. By outsourcing cybersecurity to a trusted provider, small businesses can focus on their core operations while ensuring their digital assets are secure.

As SMBs continue to digitize their operations, cybersecurity must be at the forefront of their business strategies. While the threat of cyberattacks is real and growing, businesses that take proactive steps can greatly reduce their risks. By educating employees, investing in basic cybersecurity tools, and keeping systems up-to-date, small and midsize businesses can protect themselves from the most common threats.

In today’s digital landscape, cybersecurity isn’t just an IT issue—it’s a business imperative. For SMBs, safeguarding data means not only protecting their bottom line but also building trust with customers and ensuring long-term success.\

The Economics of Monopolies: Power, Prices, and the Consequences

Economic Insider Staff 2 on April 29, 2025

Monopolies represent a significant aspect of market structure in economics, where a single company or entity has significant control over a particular industry or market. The rise of monopolies can often lead to both positive and negative economic consequences, including price manipulation, market power, and inefficiencies. This article explores the underlying economics of monopolies, the influence they exert over market dynamics, and the potential consequences that arise from their dominance.

The Nature of Monopolies and Market Power

A monopoly occurs when a single firm becomes the exclusive provider of a good or service in a particular market. Unlike perfect competition, where numerous firms operate, a monopoly is marked by the absence of competition. The lack of alternatives allows the monopolist to exercise significant control over the market, particularly in terms of setting prices. This market power can lead to the monopolist charging higher prices than would be possible in a competitive market, thus increasing profit margins at the expense of consumers. Additionally, monopolists may limit the availability or quality of goods or services to maintain control over the market.

The ability of a monopoly to set prices without facing competition often leads to inefficiencies in the market. With no incentive to lower prices or innovate, monopolistic firms may become complacent, resulting in stagnation and reduced consumer choice. This lack of competitive pressure can also discourage the pursuit of cost-effective production methods or product improvements, which would typically benefit consumers in a more competitive environment.

The Impact on Prices and Consumer Welfare

Monopolies have a unique ability to influence prices in ways that would be impossible in a competitive market. By controlling supply, a monopoly can set prices at levels higher than the equilibrium price, which would typically result from market competition. This pricing strategy often leads to higher costs for consumers, as the monopolist seeks to maximize profits rather than provide goods or services at competitive prices. The result is often a reduction in consumer welfare, as individuals are forced to pay more for the same or lesser quality products.

In addition to directly raising prices, monopolies can create barriers to entry that prevent potential competitors from entering the market. These barriers, such as high startup costs, exclusive contracts, and control over critical resources, make it difficult for new firms to challenge the monopolist’s dominance. As a result, monopolies can remain entrenched for long periods, further exacerbating the negative impact on consumer welfare.

Inefficiencies and Market Failures

The economic theory behind monopolies suggests that they often lead to inefficiencies in resource allocation. In competitive markets, firms are incentivized to minimize costs and maximize efficiency in order to stay ahead of competitors. However, monopolies lack this pressure, and as a result, they may not operate as efficiently as possible. For example, they may not invest in the latest technologies or adopt the best business practices, as they do not face the same competitive threats that would push them to do so.

Furthermore, monopolies can lead to a misallocation of resources, as they may produce less than what is socially optimal. In a competitive market, firms tend to produce at the point where supply and demand meet, optimizing both production and consumption. A monopoly, however, may produce at a lower quantity, setting higher prices, and creating a deadweight loss in the market. This deadweight loss represents the lost economic welfare that occurs when the quantity of a good produced and consumed is below the optimal level for society.

Regulatory Responses and Long-Term Consequences

Governments often intervene in markets dominated by monopolies to mitigate the negative effects they can have on consumers and the economy. Antitrust laws and regulations are designed to prevent the formation of monopolies or to break up existing monopolies that harm market competition. These laws aim to promote competition, reduce the potential for price manipulation, and ensure that consumers are not exploited by monopolistic practices.

Despite regulatory efforts, monopolies can still have long-term consequences that affect both the economy and society. In some cases, regulatory actions may lead to a reduction in the monopolist’s market power but may not fully restore competitive conditions. Additionally, monopolies can have social and political implications, as their control over key industries can grant them substantial influence over government policies and decision-making. This concentration of power can lead to a situation where a few large firms control the economic landscape, further exacerbating wealth inequality and social divides.

While monopolies can sometimes bring about efficiencies or innovation in specific industries, their dominance in a market often leads to negative economic outcomes. From higher prices and reduced consumer welfare to inefficiencies and market failures, monopolies present significant challenges to a well-functioning market economy. The role of government regulation is crucial in mitigating these effects, but the long-term consequences of monopolies may extend beyond economic factors, impacting society and politics as well.