The Philippines is Changing Business Process Outsourcing Trends
Business process outsourcing is dominating the recruitment trends. Businesses invest heavily in different areas and departments to ensure growth and competitiveness in their respective industries. Digital and technological advancements will be taking most of the spotlight since they can propel a company forward more successfully than other strategies. The same can be said for reducing costs, allowing them to create enough wiggle room for their ideas and expansion plans.
There are plenty of methods worthy of a shot to help your business maintain a competitive edge against your industry rivals. Still, you will find that there is something more stable and reliable companies fail to pay attention to in their pursuit for growth and development.
The workforce is integral to every business department, with highly skilled employees taking charge of tasks and responsibilities critical to the gears that make your operations flow smoothly. Your business will go as far as your workforce can take you. To put things into perspective, those that have the most talented employees shine in a competitive field. However, recruitment comes with a cost.
Since you have to offer competitive packages to attract qualified candidates, you might encounter financial struggles. Fortunately, recruitment is where outsourcing can create some magic. You can find reliable outsourcing companies worldwide, but one nation stands tall above the rest when it comes to outsourcing top talent.
The Significant Impact of Business Process Outsourcing in Recruitment
Businesses spend a lot of money when recruiting one employee. To fill up an entire company would be a hefty investment. The recruitment process is not helping financially either. Here is a breakdown of the recruitment strategies you will invest in to hire employees:
Recruitment is a critical part of running a business because it can bring in a lot of talent. So much so that it becomes a business opportunity for entrepreneurs to help companies look for ideal candidates. Helpful B2B ventures such as advertising agencies and recruiting firms are dream partners for businesses looking to find talent, but they will be part of the recruitment process costs. It will be expensive, but it can be beneficial.
Reducing costs, however, needs to be present in every business department, including recruitment. Fortunately, recruitment process outsourcing provides the best solution. Besides saving you a lot of money, it can also take away your worries for the entire process, allowing you to focus on other business matters.
Outsourcing employees also opens opportunities to find highly skilled candidates in places beyond your local area. Digitalization is becoming a critical component for every business, with most companies integrating digital advancements in each department where they see fit. Taking advantage of recruitment process outsourcing opens you up to the beneficial possibilities of remote recruitment. Since businesses must go digital in the modern world, outsourcing provides you with the opportunity to recruit highly skilled candidates from all around the world.
Outsourcing top talent for your business is a significant step for small to medium-sized companies in the most business-friendly countries. Supposedly, you are starting a business in countries like the U.S., Canada, United Kingdom, and Australia. If that is the case, you will find out that established companies use outsourcing and offshoring solutions as part of their expansion plans. Companies like Google, Slack, and Alibaba will not achieve their levels of success without them.
The Rise of Business Process Outsourcing
Outsourcing became a traditional part of every business’ expansion plans to the point that it started to give birth to patterns for business opportunities. Business process outsourcing (BPO) companies began to materialize at an increasing rate. With more companies relying on outsourced services for recruitment and other business tasks, it boosted countries’ economies with the workforce as their most valuable assets.
China, India, and Malaysia are among the top countries booming in the outsourcing industry, mainly because each nation plays to its strengths. China attracts a lot of companies that require outsourced employees for manufacturing processes. The country is also producing over 4.7 million tech graduates every year, making it a rich source for IT and tech development experts.
India’s massive population and English language fluency allow the country to become a rich source of customer and tech support. Business owners only have to look at their business needs to figure out the areas where they must outsource employees.
However, business departments that require filling up will be aplenty. You might even need multiple outsourcing solutions from different countries to ensure that your operations will get the remote employees you are targeting for your business. One of the risks of outsourcing is that it could be challenging to maintain a cohesive team, resulting in business uncertainty and a lack of organizational learning. Partnering with multiple outsourcing companies won’t really save you from costs either, putting your cost-reduction efforts to waste.
Remote recruitment is ideal for every business, but you will have to consider outsourcing companies as partners instead of workforce suppliers. It can be challenging to find BPOs who can provide everything you need, from IT support and accounting staff to customer representatives and digital marketing personnel.
Chances are you will be creating contracts with many outsourcing companies for different departments, opening up further issues like lack of cohesion and communication difficulties. Remote recruitment trends are moving from finding multiple companies with expertise on specific outsource services to one who can provide them all, and this is where the Philippines shine.
Where the Philippines Stand Out for Business Process Outsourcing
The Philippines is among the top countries in the world when it comes to outsourcing solutions, ranking fifth among the best and capable of matching powerhouses like India and China, as per the 2021 trends report by the European software development outsourcing company Daxx. For a nation with a significantly lesser population compared to its rivals, the Philippines remains a force for outsourcing top talent.
In their 2019 Global Services Location Index, management consulting firm Kearney reported that the Philippines is an industry leader when it comes to factors like financial attractiveness, people skills and availability, and business environment.
Since 2010, the Philippines has been dubbed as “The BPO Capital of the World.” With over 110 million in population and scoring 98.2% on literacy rate, it is not surprising to find many BPO companies thriving in the remote recruitment scene. The Philippines is outsourcing employees to businesses for over 95,000 jobs, capable of filling up multiple departments with qualified candidates.
Philippine-based BPO companies are also providing more than just remote recruitment for outsourcing solutions. They recognize the need for clients to establish a business structure and culture surrounding outsourced employees, becoming the foundation for offshoring.
Business processes will require the necessary equipment, facilities, and support services to go along with outsourced employees. Offshoring fits well with expansion plans significantly since the digital age improves accessibility and remote work for businesses. Creating an offshore team will reduce costs over deploying local hires to foreign countries and paying for their salary and expenses.
If your business is at a stage where you require remote recruitment, you can find plenty of outsourcing industries around the world for your needs. Should you require a partnership to help you assist in expansion, stability, growth, and development, you should go for the combination of outsourcing and offshoring. This is where the recruitment trend changes, with the Philippines being home to over 800 registered BPO companies that can provide recruitment outsourcing and offshoring solutions.
The pandemic made many dramatic changes for the Philippines’ outsourcing industry, but it remains a stable and significant part of the country’s economy. The government is investing in its IT-related outsourcing firms, making up nearly half of the industry.
Finding a modern offshore partner can be challenging because you need to tick all the boxes, including:
The Philippines is a business destination with a good business environment, a competent and flexible workforce, and an attractive promise for cost-efficiency. Businesses continue to seek outsourcing solutions for different tasks but doing it with a modern offshore partner allows you to resolve multiple business needs at once. It might not take long before the recruitment trend in the Philippines becomes the norm, propelling businesses to the next step in their respective expansion plans.