The global economy is witnessing a huge downfall because of the widespread recession in the last couple of years. This has affected every field of the human society and still in the process of recovery. The job market and businesses have been badly affected, thus, leading to unemployment. Everyone, starting from the business organizations to individuals, has adopted cost effective measures to cope up with this economic slowdown. Business organizations have incorporated several measures for reducing costs, such as, reduction in the number of employees and their salaries as well. Reduction in workforce has compelled the companies to outsource a number of their operations to the BPO firms. The BPO companies are mostly located in the countries of the third world. This has increased the sale of outsourcing services offered by these nations.
The ongoing recession has influenced various industrial sectors across the globe. Companies have consolidated, their profit margins have reduced and the employees have lost their jobs. BPO is only one such industry, which has not been greatly affected by the global economic crisis. Most international companies are entrusting the oriental business process outsourcing firms with their business operations that has turned out be a significant cost-effective plan for them. Thus, the contact centers in the third world countries are getting a hike in their sales that are earning them more revenues.
Recession has caused the international business concerns to remove their back office and contact center units and outsource work to offshore call centers that would otherwise be done by those units that have been closed. This has increased more working opportunities for the BPO sector of these countries. The call centers are acquiring new projects from their clients who are located abroad and thus, they are required to increase their working staff for completing their projects in an efficient manner. The business process outsourcing industry has a noticeable contribution in the field of youth employment, with more than one lakh young freshers opting for jobs in the call centers.
As the customer care centers are becoming rich in skilled workforce, the quality of their service is also improving. Delivery of improved services within the set time and lower operational costs, are bringing in profits for the BPO companies. The call center services are constantly getting improved through increased use of staffs that specialize in such jobs. Various industrial sectors, such as, insurance, technology, banking and travel are following the trend of getting their operations executed through the outsourcing companies. Increase in the expertise applied by the customer support centers; enable them to attain potential clients from other foreign countries. Most of the western countries are now hiring business process outsourcing services from these nations of the third world. Consequently, the call center industry is flourishing in the Asia-Pacific region.
Recent research shows that the BPO sector will experience a remarkable growth in the countries of Asia-Pacific in the near future. The sales growth in this sector is estimated to reach around 29 billion dollar by the next three years, i.e. in 2013.