Can India Help Bridge the Skill Gap in The UK?

According to an Open University study,Can India Help Bridge the Skill Gap in The UK? Articles UK businesses experience an annual deficit of a whopping £6.6 billion due to a shortage of skilled workers. All because of expenses related to recruiting candidates, providing training to workers with insufficient skills, and diminished productivity caused by gaps in staffing.

Over 2/3rds of UK businesses are feeling the impact and are on the search for solutions. And guess what? Offshoring, especially to India for software engineering, seems to be the hot pick. Keep on reading to learn more about the UK skill shortage and India’s move to bridge the gap.

What lies behind the UK’s skill shortage?
Companies have long grappled with skill

shortages, but a recent UK government report highlights three turbocharging factors.

First, the digital revolution fuels soaring demand for software skills across all sectors.

Second, pandemic lockdowns accelerate digital transformation and trigger the “great resignation,” depleting skilled developers.

Third, Brexit-induced reduced EU migration worsens skill gaps.

These dynamics sharply spike demand while plummeting high-value skill supply, impacting all UK industries, including IT.

What about the stats?
IT faces the second-highest job vacancy rate per 100 employees [UK Gov].

Feb-Apr 2023 saw 50,000+ IT sector job ads [Office of National Statistics].

2023’s tech talent pool is inferior to 2022’s [Statistic].

Training and tech budgets offer solutions, but there’s a catch – they need time and funds, which, let’s face it, are scarce resources!

There is, however, a far more popular option for overcoming the skill shortage in the UK.

Offshoring: A Key Response to the UK Skill Gap
A recent report indicates that IT leaders are going all in with a 38% surge in offshore development plans for the year 2023. This percentage rockets to 60% for firms with larger software teams. This shift totally makes sense. The other options are either doing nothing or going all out to try and attract local talent from bigger rivals, which can be costly.

Offshoring taps into skill-rich regions, expanding talent search beyond borders. Instead of just banking on the UK’s small pool of developers, going offshore gives British companies access to top-notch software engineers from places with a talent surplus.

And when it comes to offshore possibilities, India takes the lead as the ultimate hub for forming dedicated software teams.

Why India Is The Preffered Choice for Dedicated Software Development Teams
India’s got the skills and the scale to create world-class software teams. A recent report forecasts India to house over 5 million software engineers by 2025, potentially even surpassing the US. Investment in STEM education, evident in 1.08 million computer science students, fuels this surge.

Bangalore alone, with its bustling tech scene, is home to a whopping 1 million engineers. But it’s not just about the sheer numbers – India really nails it when it comes to English fluency and global teamwork experience.

India brings more to the table than just a big talent pool. With 60% lower living costs and 88% cheaper office spaces, it’s a budget-friendly dream for tech. But while huge savings are possible, it’s smart to take a balanced approach to maintain quality.

What About The Offshoring Challenges in India?
Offshoring might seem like a simple fix for the local talent shortage, but it comes with its own set of challenges that organisations need to know how to handle for the best possible results. Here are 5 of the most common offshoring roadblocks.

1. Sourcing capable engineers at the desired scale.

2. Handling operational models with limited control or visibility.

3. Bridging gaps between local and offshore teams amid cultural and linguistic differences.

4. Safeguarding against security risks and preserving intellectual property.

5. Effectively overseeing, motivating, and aiding offshore staff for sustained performance.

The answer to these challenges? Team up with an offshore partner to take care of those nitty-gritty tasks so that you can focus on what really moves the needle!

Take your development to the next level with a trustworthy offshore partner
Unless you’re a massive multinational corporation with abundant resources, partnering with an offshore ally is crucial. They offer operational infrastructure for rapid scaling and local expertise to navigate regulations. By leveraging their knowledge and infrastructure, companies can swiftly establish offshore teams for faster benefits.

However, not all partners are the same.

While some offshore companies focus on saving costs, they sometimes sacrifice culture fit, soft skills, and technical expertise due to tight budgets. Unfortunately, this can lead to high turnover as skilled engineers look for better opportunities elsewhere. But there’s another way: a strategy that revolves around valuing your team, delivering top-notch quality, and planning for the long haul.

Offshoring done right
At The Scalers, we create offshore teams so well-integrated, they’re not thought of as offshore by our partners.

What we offer:

high-quality, culturally aligned hires for enhanced value
targeted recruitment tailored to your specific needs
comprehensive logistical support, including office setup, equipment, onboarding, and timely compensation
dedicated Chief Happiness Officer for continuous employee contentment and commitment
active Partner Success Manager for regular updates, chats, and reports
streamlined process for team expansion when needed
Wrapping up
So, can India really bridge the UK’s skill gap?

India’s potential is undeniable. With a ton of tech talent, impressive English skills, and a booming IT scene, India is the go-to solution for the UK’s skills shortage.

By partnering with reliable offshore organisations like The Scalers, businesses can tap into high-quality talent, tailored recruitment, comprehensive logistical support, and a commitment to employee well-being.

With the right approach and the right partners, India’s

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How to effectively manage books of accounts remotely and save your time?

It appears that remote work will be another norm of the future. Work-from-home used to be a pipe dream for employees,How to effectively manage books of accounts remotely and save your time? Articles and it was nearly impossible. However, when government regulations about pandemics were considered, it has evolved to the point that companies must accommodate it as a pre-requisite.

Remote work necessitates the creation of a shared workspace in a geographically dispersed context. A public location that is open to all. In this case, investing in online accounting software allows you to go through functions more smoothly and with greater control.

It becomes difficult to ensure that information is shared and that different functions operate together efficiently if separate tools have different databases. Because of the limited cooperation in a distant working environment, it becomes much more difficult.

This entails the use of business management software that has online capabilities, allowing users to use the software from anywhere and integrate data across all operations. Therefore, if you’re a business owner and are working remotely, I would suggest, you need online accounting software that helps in billing, e-invoicing, and reporting.

Here’s How Cloud Accounting Software Helps You to Manage Your Books Remotely
To run your business on the cloud, you simply need an internet connection and you can seamlessly log on to your subscription account to operate and access all these features on the go and these are surprisingly interesting.

1. Generate Detail & Summary Reports
It’s easy to know the details of your business accurately. With accounting software on the cloud, you get knowledge about the profitability of the company, branch, and various projects. Tracking payables and receivables is a breeze. You can monitor productivity with order & sales reports

2. Dashboard & KPI
Cloud accounting provides a comprehensive dashboard that greatly helps to know your company’s finances at a glance. You can analyze the profitability of branches & projects. You can budget your money with a summary of dues. You can also track the status of compliances done with this software.

3. Scheduled Notifications
Your accounting tasks become way simpler when you’re updated on all important tasks. Keeping track of every account becomes easy with scheduled notifications. You can also set up a schedule for receiving various reports.

4. Pay as you use
Whether you’re a CA, a freelancer, a business of any scale, an enterprise, or an e-commerce website, you need an affordable plan and pricing. With cloud accounting software you can choose your best plan for all your activities. Cloud accounting software has various subscriptions available that provide features according to your business needs.

5. Document attachment
Most cloud accounting software includes a document attachment feature. An accountant can attach files to each and every entry by scanning and uploading the original file. This feature converts the file into an image that appears next to the entry when you open the voucher. This helps to save time and manage accounting activities even more hassle-free.

6. Integration with other software
A business might use various other software for smooth functioning. Therefore, online accounting software provides API integration with 3rd party software to embed primarily with any cloud-based app, so it becomes much easier to integrate with other software. For more information on online accounting software refer to the following article.

7. Inventory and Payroll support
Accounting software that helps firms to keep track of goods and manage their inventory includes inventory management as a standard feature. Online accounting software has a very user-friendly interface for managing stock and inventory.

When an item-by-item purchase is made, the inventory module adds items to stock automatically. Likewise, when a sale happens, the same stock is deducted from inventory. The inventory module also generates reports such as stock valuation and stock summary, which assist the company in determining the status of its stock.

Moreover, most cloud-based accounting software also provides a separate payroll module. It estimates every employee’s payroll inside a company automatically depending on their pay structure. As a result, the payroll module avoids the time-consuming chore of manually calculating your employees’ salaries. It also allows you to keep track of employee attendance and compute their pay.

8. GST e-Invoicing
The talk surrounding e-invoicing of GST has been doing the rounds since 2019. And this year every other company is working on implementing this. Most cloud accounting software is already offering e-invoicing integration with the GST portal and the software.

And it ensures that your e-invoicing needs are fulfilled if your turnover is greater than 50 crores. But in the future e-invoicing shall be applicable for all. The software also checks that your organization is GST compliant at all times by automatically creating GST invoices, calculating your tax liability, and filing tax reports.

9. Branch Accounting
Reconciling inter-branch transactions is a tedious task and prone to human errors. With cloud accounting software branch accounting seamlessly becomes a breeze. It allows creating as many branches as you’d require and getting consolidated reports from them. It also allows auto-posting simultaneously for two branches.

Cloud accounting software goes above and beyond to make all accounting tasks a cakewalk. The aforementioned features help to eliminate unnecessary manual tasks and save a lot of time.

This helps you focus on your core competencies and make timely decisions. Thus, when it comes to accounting software, cloud accounting software stands out as the ultimate business software to improve business efficiency.

Today’s business software and apps are featured-rich automated accounting software solution that assists you with AI integration. This makes online accounting software the future of business in accounting and the generation of MIS business reports.

Cloud accounting software is an easy-to-use cloud-based Accounting – Inventory – Payroll platform that provides a centralized database to run your entire business at your fingertips. The features of cloud accounting software are many folds but more importantly, it is software that generates billing e-invoicing, and GST filing online.

The same data can be accessed remotely by several users. And you can also get your hands on business reports whenever you desire.

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