Not too long ago, companies looking to hire top talent were limited to candidates living within a certain distance to their office location. Organisations today can hire the exact person they need regardless if they’re based halfway across the world, thanks to technology.
Outsourcing has stepped up to meet the changing needs of various industries and is revolutionising the way business is done in almost all sectors. Problem is, there are so many locations to choose from. There’s Nicaragua, India, China, Brazil, Taiwan—so, which one is the best choice?
In this article, we’ll highlight why you should outsource to the Philippines. We’ll cover what makes this southeast Asian country a go-to destination for your online recruitment needs.
Key Benefits of Philippine Outsourcing
1.) Lower costs
One of the main reasons why business owners turn to online professionals is cost savings.
As the Philippines has a lower cost of living, it means that they require a lower salary compared to their Western counterparts. You’ll likely be paying a fraction of the amount for someone from the United States or Australia.
Labour costs aren’t the only way to save money though. The PH is also great for its favourable tax laws.
The national government implemented the Special Economic Zone Act of 1995 which allows PEZA-registered entities to enjoy fiscal and non-fiscal incentives, such as:
- Permanent visas for foreign executives or investors
- Exemption from taxes under the National Internal Revenue Code
- Fiscal incentives under Presidential Decree No. 66 or Book VI of Executive Order No. 226
- Tax credits for exporters using local materials as inputs under Export Development Act of 1994
Of course, these are for organisations that are registered or recognised in the country.
2.) Data privacy
With employees far away from the physical office, many companies initially think it might pose a security threat as information has a higher chance of being leaked.
Fortunately, you don’t have to worry about this so much when you outsource to the Philippines.
The PH has been an outsourcing destination for over 20 years and has built a strong regulatory environment in support of this. It’s been proven time and again that they provide compliant work systems and environments.
Added to that, the Data Privacy Act brought policies to international standards in 2012. It’s modelled on the European GDPR so it’s stringent about processing sensitive client data.
With this, any entity in violation faces imprisonment of up to 6 years and a fine between $20,000 and $100,000.
3.) Language proficiency
Outsourcing to foreign countries often results in potential language barriers. This is where this country has the edge over other giants like India and China though.
Despite sliding to 27th place in the English Proficiency Index of 2020, Filipinos have a high rating of 562 out of 700. The Philippines still holds the second highest English proficiency in Asia behind Singapore.
Most of the local children learn the language before they start going to school. Their fluency is further reinforced with formal education as English is the medium of instruction in schools. It’s also the primary language for local commerce.
This means the English language is part of everyday vocabulary, making it easier for Filipinos to understand colloquial or slang terms. They are perfect for call centres as they have little to no issue conversing with your customers.
4.) Track record
The business process outsourcing industry in the PH saw its beginnings in the year 1992. With a history spanning nearly 30 years, the sector has seen a ten-fold increase in its total revenue. Analysts at Ken Research predict that the amount will reach PHP 2.5 trillion by 2023.
Accenture, Convergys, and Sykes Asia were among the first multinational organisations to outsource to the Philippines. They have since extended their operations to include cities outside the capital, such as Cebu, Bacolod, and Davao.
The number of full-time employees in the IT business process management sector increased by 71,000 in 2019 bringing the overall headcount to 1.3 million. These numbers are revealed to be closer to the high range in industry growth forecasts thereby speaking well for the future of its investors.
All of these reflect the country’s track record of resilience and tenacity despite domestic and global headwinds.
5.) Top talent
Some entrepreneurs and managers worry that remote workers offer lower quality of work. Luckily, that isn’t the case with Philippine outsourcing.
The nation has a young population with a median age of 26 resulting in an abundant supply of manpower. This demographic has grown up in a world of technology so they have an innate understanding of computers, the internet, and other innovations.
Statistics also reveal a highly educated workforce with a functional literacy rate of 91.6%. Every year, local colleges and universities add thousands to the pool of skilled and qualified workers from their graduates. There are even courses specifically focused on skills needed for the BPO industry.
Ready to Outsource to the Philippines?
Over the years, the PH has become one of the most sought-after destinations when looking for remote workers. It offers a combination of suitable factors which are ideal for businesses from around the world, including but not limited to tax exemptions and data privacy.
Remote Workmate is an offshore staffing agency that gives you access to some of the best local talent at reasonable rates so you can start Philippine outsourcing as soon as possible.
To help you build a high-performing team for your startup, here are the different characteristics that you should look for in candidates for when hiring.
The Global PVC Window Profile Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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The Global Polyvinyl Alcohol Fibers Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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According to a research report "Cognitive Assessment and Training Market by Assessment Type (Pen- and Paper-Based, Hosted, Biometrics), Component, Application (Clinical Trial, Screening & Diagnostics, Brain Training, Academic Research), Vertical, and Region - Global Forecast to 2021", published by MarketsandMarkets, the cognitive assessment and training market size is expected to grow from USD 1.98 Billion in 2016 to USD 8.06 Billion by 2021, at a Compound Annual Growth Rate (CAGR) of 32.3%.Browse 63 market data tables and 47 figures spread through 150 pages and in-depth TOC on "Cognitive Assessment and Training Market - Global Forecast to 2021"The major forces driving this market are aging global population, increasing awareness about brain fitness, and advancements in technology.
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The assessment of cognitive functions is an integral part of decision-making during clinical drug development, as certain drugs can have an impact on the cognitive capabilities of the brain.
The market is expected to contribute the highest revenue for vendors offering clinical trials.Education vertical is expected to grow at the highest CAGR in the marketCognitive assessment solutions and services are used in the education vertical for screening prospective candidates for schools or colleges.
The leading cognitive assessment and training vendors for this vertical are Pearson Assessment and CogniFit.North America is expected to contribute to the largest market share and Asia-Pacific to grow at the highest CAGRNorth America is expected to hold the largest market share and to dominate the cognitive assessment and training market from 2016 to 2021, due to the increasing awareness among population about adopting medication for cognitive diseases.
The new generation in this region is more concerned toward the benefits of cognitive training, which is not just limited to patients with cognitive dysfunctions.
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