Engineering R and D Services Outsourcing Market – Outlook and Analysis for Future Growth

Global engineering R&D services outsourcing market is anticipated to reach more than USD 650 billion by 2025 according to a new report published by Polaris Market Research. The major factors which are driving this market is the access to low cost highly skilled resources which can work towards complex tasks of not only designing and testing but also on validation, simulation and execution. Companies are moving from business process outsourcing to knowledge process outsourcing and major industry verticals such as automotive, consumer electronics, semiconductors, aerospace and telecom are providing huge opportunities to the consulting companies.

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The traction of offshore outsourcing can be seen owing to the low cost and added capabilities from the service providers. There are dedicated ER&D service providers which are not only providing basic services but also, they are jointly investing with the companies to expand their businesses in growing markets and geographies. Companies are also focusing on expanding their market reach along with faster turnaround times from these providers. These are some of the major advantages for the companies to outsource their services.

The market for ER&D services has evolved from outsourcing of simple low-cost engineering services to capacity augmentation. At present companies are focusing more on reduced timelines, increased productivity and quality of outsourcing services. Countries such as India, China are among the biggest markets for ER&D service providers. Growing number of engineering professionals every year coupled with low cost of service have pushed the market for ER&D Outsourcing in this region.

Companies in North America and Europe are considered to spend more on these services however, Asia Pacific is the largest market for the ER&D service providers. Countries such as India and China have pushed the market for ER&D and are estimated to continue the trend over the forecast period. Applications in the automotive, telecom, consumer electronics and aerospace segments is considered to have large market share in 2017. There has been an increase in adoption in the offshore services as compared to onsite service due to low costs and highly skilled professionals on the offshore locations. The offshore outsourcing type would grow at a higher rate during the forecast period as compared to its counterpart.

Start Your Career by Learning Taxation Courses After Graduation

What is taxation?

Taxation is basically a process of imposing tax on individuals who generate income. It is levied on income and is directly charged by government, there are different rates applicable from country to country. Developed economies charged at lower rate, while poor or developing countries like India charges are high

Free Palestine
Income tax is to be levied on the income of every individual , business companies . Taxes are calculated on the annual income of an assesse.

Under Income Tax laws financial year starts on the 1st of April and ends on the 31st of March of the next calendar year.

There are three main areas.

First- Corporate tax : it is used for managing tax for companies or corporations.

Second : Personal tax- it is used for managing for individuals. Specialisms include estate planning and high net worth individuals.

Third : Indirect tax – managing tax on goods and services, such as VAT on products. This is different from tax on personal income or company’s profits.

Scope?

Taxation course has huge scope in today market, after online system in place in India, GST return filing, ITR filing, TDS return filing requires expertise. Those with practical knowledge can do this job with great ease/

Job Prospects

One can learn taxation by joining any institute. These courses are always in demand and have huge scope, there are many jobs related to this field.

If you are well-versed in taxation it can open numerous job opportunities for you as revenue managers, tax accountant, advisor, or practitioner. In many cases people become tax consultants, or tax practitioners after learning these courses.

Eligibility

Those who have completed their b com or graduation can pursue them. Students after completion of b com graduation can immediately join for such courses.

Entry level basic course can be done by undergraduate who have completed their 12th course in commerce.

Duration ?

Duration of courses can be from short term to long term , there are institues whihc offer short term diploma course and there are long term degree courses available with various colleges and universities

Career options ?

Assistant.

Executive

Manager.

Tax Consultants/ Practitioner

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Salary after learning

Salary entirely depends upon the region , area, city and country. In India starting salary for any tax assistant varies from 2 lacs to 3 lacs per annum.

However after due experience one can expect earning beyond 10 lacs per annum.

Principles of Management

Definition of Leadership
Leadership is the process by which individuals can guide, direct and influence other’s behaviors towards the accomplishment of set goals. It is the ability to influence others towards the realization of a goal. A leader plays various roles to induce follower to take their roles with confidence and zeal including developing future visions and motivating to attain the visions. Leadership denotes the number of qualities to be present in an individual. Leadership is situation bound, and there is no best style of leadership (Nahavandi, 2016). There is a difference between the concept of leadership and the concept of management. Managers are fundamentally focused on directing people and allocating resources to accomplish tasks (Grohar et al., 2016). Managers employ strong administrative abilities, given that much of their role involves providing instructions to subordinates and reporting results to superiors. Leaders can be managers.

Personal Skills/Weaknesses

Strengths
As a leader, my greatest strength lies in being Open-minded. I keep my mind open while being flexible. This enables me to adjust when necessary. I am also committed to investing, developing and maintaining great relationships. I consider myself a decisive person. The rapid pace of processes and increasing time pressures necessitates dealing with the speed amidst the complexity. I tend to make sound, justifiable decisions in a timely manner, particularly in times of uncertainty and crisis. I am also inspirational. People say I am self-driven and fueled by my beliefs as well as an internal drive and passion. I am a persistent individual. I believe that persistence beats resistance. Some things take the time to accomplish. To achieve them, there is a need for persistent. As a result, I am always willing to go beyond where others stop. I am also a good communicator. I easily make people aware of my expectations, thoughts, and ideas.

Weakness
I have various weaknesses. The first weakness lies in my tendency to be a perfect. I get things done right. However, this leads to attrition and burnout. As a result, it may diminish potential returns over time. I realize the importance of being more accommodating and accepting of small failures, letting go and delegating, allowing for diversity of action and thought and understanding that good enough is often good enough. The second weakness is that I am Over-optimism about strategies and people. The tendency has negative impacts as I may hang on to lower-performing individuals and strategies for too long. As a leader, there is need to recognize the grace in realism so as to see things accurately as they are versus how they should be.

Description of Leadership Experience
One of the most memorable leadership experiences was a picnic trip in summer 2016. The event took place on the month of August. Throughout the trip to Andover City Park in Kansas, I played the role of a leader. My role was to lead my group of 15 members. As the recreation trip leader, I was responsible for planning, leading, instruction and facilitating activities. Safety, as it pertains to the picnic, the skill level of students, and location that the trip was of main concern. I comfortably managed a diverse group of people during the outdoor setting and made decisions for the good of the group. In addition to leading the group, I assisted patrons with their outdoor adventure equipment needs including training, fitting and educating students about the outdoor adventure kits. I was expected to correctly operate cash and reconciliation procedures and engage students in a supportive and friendly demeanor. As the leader, I felt proud that students recognized my leadership skills.

Leadership Skills Used
Communication

The activity required the leader to use a number of skills. Communication skill was the most commonly used throughout the activity. As a leader, it is necessary to be able to clearly and succinctly express expectations to your followers. As a leader, it is important to master all forms of communication through all available means. A large part of communication involved listening. The first step was to establish a steady flow of information between team members through regular conversations with team members.

Motivation
As a leader, I inspired my team members to go the extra mile for the purpose of achieving our objectives. I motivated my teammates through different ways. These include building their self-esteem and giving them responsibilities to increase their participation in the activity.

Strategic thinking
This was perhaps the most critical skill I utilized. Application of this skills involved having an objective of what was expected and influencing team members to achieve that objective. It could not be possible to achieve objectives without communication, optimism, crisis management and effective solving of conflicts between team members. It is clear that working in a team may prove difficult than working as an individual. This is particularly so when team members have conflicting goals, fail to share information and lose themselves in an unproductive argument. Critical thinking helped create a sense of urgency also contributed to the effectiveness of the team. I was able to propel team members to get busy and carryout the activity at the desired pace.

Summary
Leaders focus on influencing others. Unlike managers, followers follow leaders due to their personality and their beliefs. As a leader, my greatest strength lies in being Open-minded, persistent, commitment to investing, developing and maintaining great relationships. I have various weaknesses including perfectionism and Over-optimism. My leadership experience was a picnic trip in summer 2016. As the recreation trip leader, I was responsible for planning, leading, instruction and facilitating activities. Skills used include Communication, Motivation and critical thinking.