sign of exit The great resignation anology - itj

What can companies do about “The Great Resignation”?

The not-so-new phenomenon took over the US economy up until this year. But, according to official data released last month, the pandemic-era phenomenon was still a feature of the job market in early 2022. According to CNN Business, US businesses had 11.3 million job openings to fulfill this year, slightly more than economists had predicted; regardless, the great void is far from being filled out.

Meanwhile, the number of people quitting their employment increased to 4.4 million in February, up marginally from the previous month but still well behind the November peak of 4.5 million. Despite providing more significant compensation, businesses struggle to attract employees due to the labor crisis. According to this study, the US software job market currently faces a 472K tech talent shortage, with 9 out of 10 business owners struggling to find and hire IT professionals. 

Many businesses are asking the underlying issue: What can they do to smooth out the enormous resignation effects?

One solution is to go to a nearshore software development solution, which may be accomplished via the BOT model. The Build-Operate-Transfer model allows service providers to quickly set up a new center by applying its client organization’s internal culture and processes. The aim is for the service center to be completely operational from its foundation. When set up in countries with a lower cost of living, it can also significantly reduce operating costs. Under these circumstances, a nearness between borders can become a great advantage.

Nowadays, these processes have become more rapid, easy, and achievable for all-size enterprises, and when looking for a great nearshoring partner, Mexico turns out to be the best option. According to Forbes, hiring Mexican talent is now far less expensive than in the US; Mexico’s talent pool turns out to be the most attractive. In Mexico, about 160,000 engineers graduate each year. As a result, Mexico has become a powerhouse of software engineering expertise in Latin America, with a talent pool of over 700,000 engineers. Plus, regarding IP Protections, because of the recent approval of the USMCA and a lengthy history of acquiring IPR protections through international accords, US corporations have substantially greater intellectual property rights protections in Mexico, according to NAPS

If you want to know more about the BOT model and how it works, you can visit the BOT Model: How global companies expand in this pandemic

To succeed in your field, you must be aware of changes and follow the latest trends. Keep an eye on what’s going on around you and adjust. Sometimes, the best option is to partner with someone else to continue growing your enterprise. You can be surprised by adapting to new fields or choices you have never considered before. 

About ITJ

ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.

BOT model

BOT model advantages for BioMedTech companies

BOT (Build-operate-transfer) contracting has grown to be developed into a decisive asset for companies and operators between borders. What initially began as an activity confined to multinational companies in the US has today developed into a broad based business platform backed by leading IT software and services organizations and other third party service providers. But this does not narrow down to only IT providers, great medtech companies such as Medtronic, Thermo Fisher, Johnson & Johnson, and Philips Healthcare can develop entirely independent new centers of excellence in a variety of new territories. And, what does this represent for all the BioMedTech companies?

The principal advantages of a BOT model rely on the extent to which these efforts can translate into talent pool and operating capacity strengths for a Biomedical technology business. In order to do so, the first step is to assess your AI/KM Culture and build the necessary abilities. In a BioMedTech environment, the goal of being customer-focused is on the top priorities, moreover developing outcomes that are efficiently delivered to customers. As a result, repetitive work requiring staff may now be successfully relocated to the BOT channel, freeing up personnel for value-added work and transactions with more complicated exceptions.

To know more about how companies are expanding in these pandemic times, visit BOT Model: How Global Companies Are Expanding in this Pandemic Times

Now, such an expanding industry requires more efficient processes and equipment on which they can rely. Through BOT, a company reallocates the risks and rewards in the development of software development projects. How?

A BOT is a business model that consists on a contractual relationship in which an organization hires a service provider to set up, optimize, and run a business. A BOT model might be very useful for healthcare organizations if they wish to outsource software operations related to the manufacture of a medical device to a much broader skill pool. This way you can begin to set up an operation unit which can encompass everything from selecting the buildings, as well as the setup and installation of infrastructures such as IT devices, internet, and computers. Afterwards focus on project or product creation, management, improvements, maintenance, and product support, with all the necessary audit. And for all these processes there are companies that can enhance your strategy.

So, why is it important to leverage BOT as a strategy for accelerating digital transformation?

A strong BOT partner for IT services will access high-quality personnel in many global locations. This can favor a BioMedTech company looking for the right talent and know-how experience in operations. To achieve successful financing for the proposed project, capital structuring skills for software development and financial engineering techniques are required to find the proper debt and equity economic mix. The open-source community will enable increasingly possible ‘rental’ expertise to continue to grow together, with the right engineers and medical tech specialists. 

One great example of a company whose case scenario represents the BOT model facilitator is ITJ. ITJ is a fast-growing IT partner that enables companies to create world-class software engineering centers of excellence in Tijuana, México. Furthermore, by partnering with California businesses (and now expanding), we help develop an innovative economy. As a plus in our operation model, we have the nearness in location between Tijuana and San Diego in our favor. Nowadays, ITJ is currently the perfect partner for BioMedTech companies, thanks to our experience.

About ITJ

ITJ is devoted to serving fast-growing and high-value market sectors, particularly the Internet of Medical Things (IoMT), working with innovative medical device companies looking to improve people’s lives. With a unique BOT (build, operate, and transfer) model that sources only the best digital talent available, ITJ enables companies in the US to create technology centers of excellence in Mexico. For more information, visit www.itj.com.

Inflation in the US

How to protect against inflation

The US has faced its highest inflation rate since 1990. The consumer price index paid by the typical consumer is up 6.2% over the past year through October, the highest inflation rate in more than 30 years. According to Jason Furman, who served as the top economic adviser in the Obama administration, inflation is not slowing. So what can we do about it? 

Here are tips you can take to protect your finances from a post-pandemic inflation boom, regardless of whether it’s temporary or sustained:

Investors, do not adjust your strategy substantially but preserve a diverse portfolio with some inflation-safe investments. What Kristina Hooper, chief global market strategist at Invesco, suggest is: “Investors have to recognize that, if they have a long enough time horizon, they typically are going to live through lower and higher levels of inflation over time, so to have components of a portfolio that typically perform well in inflationary environments is enough.” So, consider investing in growth stocks, dividend-paying stocks, and consumer staples. Second, look for assets with a shorter maturity, and that is related to inflation.

Consumers, save for a downturn in the economy but don’t hoard too much cash. So during recessions, it’s vital to prioritize building up an emergency fund. Still, after that, higher inflationary circumstances are a critical moment to ensure that you begin looking for a better return. 

Cutting expenses is a vital part of how companies should deal with inflation. A study of 5,700 global companies showed that those that cut costs to improve productivity during inflationary periods showed higher shareholder returns. In addition, organizations save money when investing abroad since several advantages come with asset protection, accessible talent pool, confidentiality, and diversification of investments. Contemplate BOT models and nearshoring; companies like ITJ can help you build CoE (Centers of Excellence) in predominantly nearshore tech hubs. 

For more information about the BOT model and how companies turn the balance in their markets, visit BOT Model: How Global Companies Are Expanding in this Pandemic Times.

Up to this point, the main difference from the recession at the end of the 1960s is unemployment. Nowadays, there is the fastest decrease in unemployment reported since 1950. Biden said. “Jobs are up. Wages are up. Value is up. And savings are up. But we have problems, too.” In some sectors, people don’t want to work by more than 10% in a year, regardless of higher hourly pay. 

People are not returning to be part of the workforce, and the higher pay may still not attract workers from the sidelines. “The government is paying people more not to work than to work,” Fox News host Tucker Carlson said on his primetime show in May. “So why would they work? Would you?”. Due to the problematic talent shortage the US is experiencing; companies are beginning to take action and started outsourcing as a budget-cutting method—a win-win situation.

About ITJ

ITJ is a trusted partner in building the finest software engineering teams in the Americas. For more information, visit www.itj.com.