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One alternative is to subscribe to iCloud calendar with your Exchange/O365 email accounts or any Outlook account, and then sync the same accounts in Outlook for Mac. See details:
An error occurred while saving the commentMike Boris commented
The way outlook and apple contacts do not sync together is absolutely crazy and short sighted. As a small business owner i look to software to work easily and properly so i can focus on my business. I need a too that works, niot one that cost me extra money in IT support.