The Future of BPO Companies in the Philippines
More than 1.3 million Filipinos are employed in the Philippines’ business process outsourcing (BPO) sector, which is projected to produce more than $29 billion by the end of 2022. The capacity to expand and cost containment were the main goals of BPO services. In recent years, this has moved to offer outstanding customer experience or CX. We can conclude that despite some economic setbacks and technological disruptions, BPO companies in the Philippines will continue to grow.
The continued use of artificial intelligence (AI) and automation will result in job losses in the Philippines’ BPO industry. Soon enough, AI will handle nearly all of the straightforward and repetitive tasks currently carried out by agents in the outsourcing industry. Despite the fact that this is an unavoidable problem, one of the main factors contributing to BPO being the Philippines’ fastest-growing industry is the nation’s capacity to rise to the occasion.
Thus, we beg to ask: What makes the BPO industry continue to thrive in the Philippines? Let’s go over a few of the main factors that contribute to the nation’s ongoing BPO growth.
Providing excellent customer service
It’s critical to understand how and where BPOs in the Philippines can add more value because not all business processes can be automated. There are specific responsibilities that necessitate compassion and understanding and listening skills, thus the importance of delivering quality customer experiences. This makes BPO providers recognise they must put their clients first, comprehend their needs, and consider how BPO specialists might use technology to their advantage.
BPO companies should keep these in mind and make investments in both technology and employee development. Doing this allows them to empower their personnel and improve their digital literacy and capacity to perform world-class customer experience. This is where worker upskilling and reskilling come into play.
Access to a workforce with expertise
The BPO business is known for giving attractive salary and benefits packages. As a result, many professionals are drawn to work in such a workforce. The accessibility of opportunities for training and development makes a job in BPO one of the most alluring professional paths. Staff outsourcing Philippines is a great option for companies trying to establish operations here because Filipinos are known for their dedication to their careers and strong work ethics.
All things help to establish a pool of highly skilled workers engaged by the BPO sector. Ultimately, global corporations wish offshoring Philippines to use to their advantage.
Additionally, the English language proficiency of the nation’s BPO professionals makes them the preferred option for customer support and other contact centre outsourcing service needs.
Wider access to a skilled workforce
BPO companies continue to grow their presence not only in the capital region but also in other significant cities across the nation as the demand for their services rises. Having said that, there are more professionals looking for work. Employing an offshore company has many benefits, including the ability to access a talent pool of workers from around the world, 24/7 work coverage, and increased mobility.
Moreover, the relevance of the BPO industry in the Philippines can be demonstrated in how it favourably benefits the country’s economy. In fact, the BPO sector expects its revenue to expand by 8% to $28.8 billion in 2021.
Cost-effective and competitive pricing
Matched with quality production, the Philippines’ BPO sector offers competitive costs which firms and businesses from the US, UK, and other areas of the world appreciate.
Aside from that, firms continue to find business process outsourcing to be an affordable option. Businesses can reallocate their savings for other expenses and concentrate their resources on their core operations by assigning tasks through third-party service providers like BPO firms.
Persistent demand
Even within the COVID-19 pandemic, BPO businesses continue to operate, a greater number of them even hiring for new job positions. The services provided by the BPO sector are still in great demand despite the fact that there are significant restrictions imposed by general safety and health protocols. Therefore, considering that more and more possibilities are being generated to meet such demands, this is a huge win for BPO businesses and specialists as well as enterprises that acquire their services.
Able to adapt to change
When the COVID-19 pandemic struck the nation and the world, BPO operations initially faced significant difficulties. This being said, many BPO companies needed to think about ways how and where to keep going the business while maintaining the safety of everyone. The BPO industry did not feel the need to halt operations, despite the fact that the worldwide health crisis had a significant impact on the majority of businesses.
One of the top initiatives to maintain business sustainability and guarantee the safety and well-being of the BPO employees was to adopt more flexible work arrangements. Which include work-from-home or remote work arrangements as well as accommodations, meals, and other significant support that the employees will need.
Given all the factors influencing the nation’s ongoing BPO expansion, it is inevitable that BPO firms will continue to enhance their offerings, change how they guarantee high-quality results, and train their workforce to be competent on a global scale.