Organizations across the world have adopted Business Process Outsourcing (BPO) to increase their opportunities to achieve cost reduction and business growth.
However, this decision may not always prove positive due to various factors that influence it adversely.
If you Google the major challenges that a Business process outsourcing faces, you would find a whole list of small, medium, and big factors. From changing political scenarios to exceeding customer expectations to scarcity of talent; the list goes on.
The most successful businesses, as we all know, are not the ones that haven’t faced challenges. They are the ones that have slowly and steadily strategized solutions to overcome them.
This blog details some of the major setbacks faced by the Business Process Outsourcing industry and how those can be turned into opportunities.
Perhaps, virtual assistance is the best solution but it’s not the only solution. Read and find out some of the struggles that professionals in this sector deal with on a day today basis. Also, check out the solutions delineated by Ossisto’s experts.
Table of Content
- Problem statement – BPO sector faces huge staff Attrition
- The Solution – Virtual Employment Companies can be of Great Help
- Problem Statement – Exceeding Customer Expectations
- The Solution – Reliance on Experts who know the Pulse of the Industry
- Problem Statement – The Cost Factor
- The Solution – The Budget—Friendly Solution
Problem statement - BPO sector faces huge staff Attrition
The employee attrition rate is as high as 48% in this industry.
After a certain point, people just quit for various valid reasons. Lack of growth opportunities, work-life balance issues, decreased patience levels of the youngsters (*As most of the BPO industry employees are youngsters), high aspirations to reach bigger salary brackets or managerial levels or dampening stagnancy in the vertical growth; the reasons are many.
In some of the hot destinations like India, the average age of people joining the BPO workforce is anywhere between 24-25. They earn well but after a certain period, they start thinking of better jobs that give stability and progress. Absenteeism is an equally important issue that needs to be tackled along with attrition. A reliable resource says that 1 in 10 employees is always absent in a BPO scenario.
Finding quality human resource with the right skills and values, poses the biggest question mark in front of the HR teams in this matter. Willingness to learn, the ability to deal well with the clients, attention to the details, patience to handle cumbersome situations or fostering creativity; these can be picked up from a training class, but to what extent? Large BPO industry service providers may be able to bridge the ever-increasing demand and supply gap, but small and medium industries need assistance.
The Solution - Virtual Employment Companies can be of Great Help
An expert team in a virtual employment firm can be a source of great support to solve this issue and that too within a budget price. Well, established firms like Ossisto provide a wide range of services that can strengthen any business. Inbound call management, telemarketing services, live chat support, technical support, BPaaS, CCTV Monitoring Services, Outbound calls or email support services; all these aspects can be covered in the best possible way.
Not only can businesses outsource these tasks to an outside agency, but BPO industry companies can also outsource their HR functions to such agencies. This relieves them from the tensions of finding the right people who understand the pulse of the industry.
The secret is in assuring the employees the best benefits, opportunities to grow, investing on training and providing a safe & secure environment to grow along with the company.
Problem Statement - Exceeding Customer Expectations
Often, when people call a customer service number or try to communicate via email; they expect a quick reply that they have already picturized in their mind.
The truth is none of the customer representative agents have a right or a wrong solution to lead a satisfactory communication channel. But they have some regular tips and tricks to deal with all kinds of customers.
However, the new representatives on the floor often have a tough time in dealing with exceeding customer expectations. Managers must micromanage these employees to bring in the desirable results. In a recent blog published by Mark Taylor in a website called as Super Office, he explains on how 80% of the companies believe that they are providing a superior customer service experience while 8% of the people won’t agree to this fact.
The Solution - Reliance on Experts who know the Pulse of the Industry
The right solution can be found with the experts working in a virtual assistance agency. First because they create solutions based on experiences working with various brands from differing sectors.
Second, they understand the importance of providing the quality services, which means the factor ‘speed’ comes the second. The perk is that the employees in a virtual assistant need not be micromanaged. They move along the lines of integrity, knowledge, skill and dedicated work ethic.
Third, they know how to go an extra mile to build reputation, bring more returning clients and increase the profit. The professionals working with Ossisto, provide personalized solutions as a part of going an extra mile to help the customers. This has always helped us to find the right people for our clients from across the globe, reduce the time taken for the conversion and bring clarity in to the entire process.
Problem Statement - The Cost Factor
Whether you are planning/running a Business Process Outsourcing company, or you need a BPO industry team. The budgeting factor poses as a huge challenge. One must invest in technology, people & training, sales and marketing team and much more.
If you do not have a huge investment or an investor who is interested in your business, then the idea of starting a BPO industry company will always remain as an unfulfilled dream. Businesses looking for a Business process outsourcing service has always an option to outsource. However, if your idea is to run a BPO service, it is quite difficult in today’s economic conditions.
Unlike the previous era, developed countries have restricted outsourcing tasks to popular destinations like India or Philippines. This is a step to create more jobs among their own people. There is another angle to this problem. As more BPO companies are springing up, there is an imbalance in the demand/supply quotient, and it is truly difficult to find the quality services. Now the industry is facing a huge competition.
The Solution - The Budget—Friendly Solution
Virtual assistant service providers offer BPO services within pocket-friendly prices.
Most often the payment is based on time spent and there is no requirement for a capital investment. Businesses can avoid micromanaging as the experts are keen on providing quality services.
Of course, BPO industry outsourcing has become so common because of the comfort that it creates. We at Ossisto provide services at unbelievable prices and run offers over the already rebated price. Our customer representatives are professionals with dedicated work ethic. The transparency they bring into the process is unbeatable, compared to services provided by other organizations.
BPO industry sector has a vast market, which is of high demand with increasing number of startups and businesses. Its demand is never going to go down, but the question to ask is ‘how to face challenges in the right manner?’. ‘Who are the experts that can solve the issues?’. ‘How to get it done within the budget you have kept separately?’. Well, the apt solution is to rely on a virtual assistant service provider.