The BPO industry in India generates considerable revenue as well as job opportunities. As per stats, the export revenue of the IT-enabled services and BPO industry across India is US$ 28.4 Bn for the period FY 2014 to FY 2018. It is also estimated that the size of IT-BPM (Business Process Management) in India will grow to US$ 350 billion by 2025, says the study from IBEF. These statistics confirm why the BPO industry in India has been highly attractive to people. More and more people want to utilize their skills to work for this industry and enjoy perks like good salaries, incentives, coverage under group medical insurance policy and others.
One of the foundational principles of the
BPO industry is the absence of limitations posed by borders, which can be both an opportunity and a threat. If you run a BPO
company, you must understand that growing the ROI in this industry is quite challenging. However, there are
certain factors that determine the growth of a BPO firm. Some of these factors
are as follows:
Clients expect BPO businesses to offer the best services at the lowest cost, which puts considerable pressure on the employees i.e. hired resources. This is one reason why you might have heard people saying that BPO professionals are always on their toes. On the business front, the need for the constant growth of revenue requires maximizing the output from the workforce, with very limited increases in the operational expenses. In such an environment, managing the client’s expectations while planning business growth is a big challenge for BPO businesses.
The very nature of BPO businesses is to connect professionals in
specific fields across the borders to various organizations. For long-term
growth, it is crucial for you to frame strict work regulations. They could be
about managing sales, delivering exceptional quality of customer support, or
minimum work hours per week. With such regulations in place, you can ensure
that the cost of doing business stays under
control in conjunction with the growth of profits.
Employee attrition is one of the most common challenges that BPO companies face. It often happens that more people leave a BPO firm than those who join it. The scenario repeats itself regularly every year. Being a BPO firm owner, losing an experienced employee is no less than a loss. You devote considerable time and resources to hiring an individual and in training them to ensure maximum productivity is delivered. But then, if such an individual leaves the firm, you lose a trained and performing employee i.e. an asset. Moreover, you have to go through the process of filling up that vacant profile all over again while providing much-needed training too.
To deal with such situations, you must have a streamlined,
efficient hiring process to maintain the operations in your outsourcing firm.
In addition, you should also buy a group medical insurance policy to cover all your employees, considering the rising risk of health problems in India. Health insurance coverage under a group medical insurance policy is a strong loyalty-building measure and gives employees a reason to continue working for your firm for the long tenure.
Just like in any other industry, the growth of BPO businesses
depends on how well they can meet the clients’ expectations. This implies that you need to provide the best quality service to the clients
or their end consumers. One way to ensure this is to maintain a constant line
The factors that drive growth in the BPO industry are also
responsible for creating more challenges for these businesses. Being
in this industry, you should identify the best practices, be it maintaining
work regulations or opting for a group medical insurance policy, to help your
business succeed. The right approach and practices can make the difference to a
BPO company’s growth and success in the long run.
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