Final answer:
Outsourcing has shifted from being just a cost-saving strategy to also focusing on acquiring the best global talent. Offshoring involves moving company operations overseas primarily for cheaper labor. Both practices can cause job market polarization.
Step-by-step explanation:
The subject matter in question pertains to business strategies such as outsourcing and offshoring. Outsourcing refers to the practice of contracting tasks to an outside source, and this can be done within the same country or internationally. Historically, companies have resorted to outsourcing primarily for cost reduction purposes. However, with the changing dynamics of the global economy and the availability of skilled talent across the globe, the emphasis is increasingly shifting towards talent acquisition. This strategy enables companies to employ the best possible talent for specific tasks, regardless of geographical limitations. On the other hand, offshoring is about moving operations overseas to tap into cheaper labor markets. Both practices can lead to a phenomenon called polarization, where there is an increasing gap between high-end and low-end jobs, with middle-level opportunities diminishing.