Business process outsourcing may not be the best type of business in the world but it is one of the particular industry that really helps out amid the disaster of the global financial crisis. India and the Philippines are the two countries which have benefited the most from outsourcing, there maybe some financial struggle along the way but this industry is sure to just ride the wave. In the Philippines, the business process outsourcing (BPO) industry expects growth this year of between 35-40 percent on revenues of around $7 billion. Business process outsourcing provides a lot of solutions and not at all the cause of the problems.
The BPO sector expects annual growth of around 40 percent with revenues hitting $12 billion by 2010 and employing one million people compared with 300,000 this year. Considering that India came to absorb this BPO industry first and that they generate some $40 billion in annual export revenues, the story is much alike and it bounces through whatever challenge it faces. BPO was initially viewed as negative as looking at it partly one would consider that BPO countries are taking away jobs from the Western world just so Fortune 500 companies can cut costs and provide cheap labor by hiring people elsewhere.
India leads the world when it comes to outsourcing with more than half the global business while the Philippines is a distant second with around 10 percent. The importance of BPO lies in its potential to create jobs and income generation. Due to world crisis, a lot of companies will really think BPO as a better investment for their business and more businesses will choose Philippines as a primary BPO destination. There is a need for every existing company to survive and if by participating in BPO will help them achieve that goal then they would go ahead and do it. Tall buildings are now being structured and built specifically to cater to this need. There are about 250,000 new graduates every year all of which can speak English. The courses they graduated would vary from Engineering, Computer, Science, Arts and Linguistics. This pool of manpower is a great way to utilize and better market your products and services.
Daven Michaels is an award-winning outsourcer and author of the book, ‘Outsource This!’ Daven has been honored more than any other individual or outsourcing organization. You can get more information on outsourcing by visiting www.123Employee.com