There are a lot of reasons why the Philippines received monikers that indicate the country's strength in the BPO industry.
The BPO outsourcing companies in the Philippines play a significant part in the country's booming economy, enough to make the national government aware of its potential. BPO earnings continue to increase for the past decade, showing its potency as a profitable sector.
2020 felt just like the year that the generated earnings of the Philippine global outsourcing started to decline. The pandemic drove companies to pull their accounts out in the Philippines due to financial struggles and security protocols. The situation resulted in the deterioration of the revenue projection for the rest of the year.
The BPO outsourcing companies in the Philippines demonstrated their durability with quick adjustments. The IBPAP also expects the BPO industry to rebound with a much stronger showing in 2021. The earnings growth projection reached around 15%.
Aware of how critical the BPO industry will be to the economy, the national government continues to enhance the sector.
Outlining the Advantages of Outsourcing to the Philippines
Before diving into the government's efforts for the BPO industry, you must understand how the sector became the recognized financial pillar of the country. Globalization paved the way for BPO services worldwide to flourish. Companies in business-oriented nations like the US and also the UK seek solutions to reduce costs and maintain a competitive advantage.
The research led to identifying vendors from overseas nations. BPO companies offering significantly lesser operating costs without sacrificing exceptional service and labour became in-demand. But, there are just a few countries that meet those qualifications. One of them is the Philippines, with over 800 BPO businesses providing outsourcing and offshoring solutions for growth and success.
On the other hand, the pandemic painted an unpleasant image of employment opportunities. Unemployment rates sky-rocketed to a record 10.2% in 2020 because of COVID-19, an alarming speed for the national government. Over 420,000 Philippine workers lost their jobs, forcing the authorities to rely on the very dependable sectors to give employment opportunities.
Employment opportunities became prevalent, together with Philippine workers looking to jump at the chance to prove their worth.
The rapid alteration to work from home agreements plays a vital role in the recovery. After social distancing protocols employed by the authorities, BPO outsourcing companies in the Philippines pulled out workers from onsite duties. Employees maintain their tasks while working at home, using a skeletal workforce system imposed only when required.
BPO companies stabilized from a devastating 2020 earlier than expected as businesses that outsource to the Philippines beginning to recuperate. However, it remains to be seen when recovery is from the books for 2021. This situation is where the Philippine government's efforts pan out.
The BPO industry will not be the fastest growing sector in the Philippines without support from the federal government. The efforts to make the lives of BPO businesses and Philippine employees easier are well-documented. Here are a few implemented laws that greatly enhanced the Philippines' status as one of the best outsourcing countries.
These three enforced laws provided a route for the BPO industry to prosper in the Philippines. However, the national government remains determined to make sure that Philippine workers will continue to arrive at the outsourcing and offshoring sector.
Republic Act No. 11165, also known as the Telecommuting Act, recognizes digitalization and technological developments as options for employees to perform their duties in flexible work arrangements. As a result, companies in the BPO industry can provide telecommuting programs under mutually agreed-upon conditions to workers.
The extra protection given by the Telecommuting Act, combined with all the job arrangement modification of BPO businesses, led to more Philippine employees appearing to look for stability to their careers within the BPO sector. International companies now have more access to skilled and gifted Philippine employees than previously.
Your company is a unique entity.
Your preferences for the offshore team and activities may possibly be different, which affects the success rate and also results that you anticipate once you offshore work to a different nation.
They want direction and guidance to become effective designed for the business's operations.
No body gets it directly throughout initial attempts.
Extending those to a offshore team, how limited they may be, will still lead to improvement.
A Forbes essay says that effective management of an offshore team demands adequate time to train themparticularly to understand your institution's product and technology.
To make customers happy, BPOs deploy feedback strategy to ascertain what they like, prefer and which point motivates them to incline to a brand.BPOs To Deal With BottlenecksAn interesting fact proves that 24% of workers prefer to give up their jobs if their manager provides inappropriate performance feedback.
What if a mass resigns due to this reason?Certainly, the production will suffer a lot, disturbing overall profitability.
Feedbacks for Customer Grievances Feedbacks are strong reactions that you receive from your customers upon servicing.
Four Ways To Get Reviews Here is a roundup of four ways that BPOs have expertise in providing the outcome to you without getting distracted from the core practices.Customer Preferences These preferences are expectations, likes, dislikes, inclinations and motivations that actually move customers to purchase or run away.
Possibly, there may be many other ones who might be countering similar challenges, like higher price, lack of features and many more ones.
Customer Support Satisfaction FeedbackDifferent from the foregone types of feedbacks, it evaluates how well or unwell you have served your existing customers.
