refer(s) to the act of taking a job traditionally performed by a designated agent (usually an employee) and outsourcing it to an undefined, generally large group of people in the form of an open call.

Crowd-sourcing

Explanation:

Like the term "outsourcing" conveys assigning task performed by own workforce to outside specialized firms, "crowd-sourcing" refers to breaking down a huge project which was initially performed by a single individual, and assigning the small parts to a large group.

Such an activity speeds up the performance of the project as a whole i.e the project gets completed lot more efficiently.

Crowd-sourcing helps a company utilize the skill sets unavailable to it within it's own workforce. Secondly such an activity speeds up the tasks and reduces operational costs.