The book Un mundo sin ideas (A World Without Ideas) tackles the so-called new-look monopolies and comments on their influence on the fall in wages. We are confronted with the concept of monopsony, where the decision-making power of wages is held by the company.
The term has burst forth thanks to research conducted by José Azar, a professor at IESE and the University of Navarra, who, along with Ioanna Marinescu and Marshall I. Steinbaum, have published research showing that U.S. corporate concentration has led to stagnant salaries in recent decades.
And so we come to the concept of Gig Economy. A Gig is a musical commitment whereby musicians are hired for sporadic performances, so the expression Gig Economy would resemble the term Freelance Economy. The Gig Economy is therefore only one phase in our development as a society. Should we prepare for a future with less and less work? It’s not that there won’t be work in the future, it’s that opportunities in the labor market are already being channeled through new models. One of them is the outsourcing of services through companies specialized in so-called business process outsourcing (BPO).
The demand for BPO services in Spain reaches all sectors of activity, understood as the subcontracting of part of the business processes (human resources, financial services, administrative, accounting, customer service, logistics, training, IT, purchasing, etc.) to a specialized service provider, with companies focusing on their core business.
The reasons why they hire BPO are varied: cost reduction, service improvement, business transformation, easier access to resources, better alignment with the business, and so on. Two of the departments that most request BPO services are purchasing and finance, in order to incorporate “additional trained hands” and carry out day-to-day projects, etc. We estimate that the growth in requests for BPO services by purchasing departments in Spain is 30 percent, achieving, among other benefits, savings of up to 23 percent.
Spanish companies have found in the outsourcing of services the model to follow in order to be more competitive. It is already an unstoppable and positive development for professionals willing to realize their full potential in changing business environments.