BPO Services is a sub-contracting procedure in which third-party outworkers provide agile means of carrying out business operations and maximizing business profitability. BPO services providers can be integrated into regular business models and can simultaneously handle a wide range of tasks. Top outsourcing businesses globally allow clients to attain their desired objectives without bearing the liabilities of full-time workforces and help them gain a competitive advantage over their rivals.
An event like the Covid-19 pandemic has accelerated and amplified the trend of digital adoption. It made the concept of work from home (WFH) much more acceptable even in sectors where it was considered alien until less than six months ago. According to many leading HR experts and business analysts, this brings about a paradigm shift in the way workplaces approach issues such as leadership, selection, screening, and training, indeed, the entire gamut of staffing and related subjects.
There is one industry that will be affected much more than others is the Business process outsourcing company sector. After all, if a worker sitting in any part of the world can meet the service needs of clients sitting in the US or Europe or any other location globally, there are no reason why these same functions cannot be fulfilled from smaller Tier II and Tier III cities, or, for that matter, even from villages. All it needs is a laptop, a reliable power supply, and a robust internet connection.
Second Wave of Outsourced Jobs is Escalating
This might set-off the next wave of employment formation for professionals with the requisite skills in India. Most of the companies had previously desisted from outsourcing these jobs because they were wary of sharing proprietary information and market intelligence with outsiders. Whereas the margins are severely curtailed and demanded as sluggish, the imperative of cutting costs may override these concerns in several large global firms.
There’s a pull factor as well. Indian companies have adopted WFH with swiftness and efficiency that is comparable to best practices anywhere else. Add to it the familiarity of most educated countries with English as a second language, and you have a combination that most other rival countries will find hard to match. The spread of the COVID-19 and the increasing adoption of WFH is also changing lives and lifestyles. It is also changing some fundamental assumptions of companies’ human resource functions at a professional level. This will have a lasting impact on the way the workplaces of the future evolve.
The trend of Working from Home is Increasing every day
A survey conducted by a leading global company in advisory and research services recently found that 41 percent of employees would like to work from home even after the pandemic passes and the associated scare subsides. As safety and health becoming a key issue for maximum people, the benefits associated with WFH like no commuting, less exposure to the pollution in big cities, and the additional flexibility is affordability of infrastructure, are becoming key issues for companies to take into account. Pushing the trend of BPOs recruiting and basing employees in smaller towns and cities in these centers’ rising number of local business opportunities. Apart from being able to serve global customers from relatively cheaper locations – thereby improving margins both for the principal and the BPO solutions – is the fact that rising prosperity in semi-urban and rural India is creating a new market for BPO services. The increasing penetration of e-commerce, tech-enabled deliveries, and other customer-facing functions will lead to jobs in supply chain management and back offices in these areas
BPO Services Simplifying the Strategic Planning
BPO service providing companies help you significantly cut your project costs by negotiating great rates, accruing tax savings, and avoiding the liabilities of having full-time employees working on your premises. Besides, outsourcing operations to low-cost countries with fewer wages and living costs lower overall expenses without losing work quality. In this way, you can achieve your anticipated goals within your capital constraints and achieve corporate excellence.
It helps you eliminate the skill-gaps and let you recruit highly qualified and talented professionals with diverse skills from a wide pool of competent graduates around the globe. BPO vendors can provide you with workforces matching your desired abilities to keep your company ahead of the competition and improve your operational and team performance. Consequently, organizations empowered by outsourcing expertise can outperform their competitors and gain significant leads in the market.
However, this trend of WFH and the transfer of traditionally big city-based jobs to smaller centers will also present significant in back office services management and HR challenges. The most significant is infrastructure. Despite improvements in power supply and internet availability, these can still be patchy in parts of India. Fostering a common culture will be difficult in a scenario where employees are widely dispersed and there is, at best, only infrequent one-on-one interactions. Professional bonding and loyalty will be a challenge that HR managers will have to grapple with. But that is for the future. For now, BPO will take on a much wider meaning than it has held in the past.