How the PH Gov’t Enhanced the BPO Industry
There are a number of reasons why the Philippines obtained monikers that indicate the country's strength in the BPO industry.
The BPO outsourcing companies in the Philippines play a substantial role in the nation's booming market, enough to make the federal government conscious of its potential. BPO revenues continue to grow for the last ten years, showing its strength as a profitable sector. The IT-Business Process Association of the Philippines (IBPAP) shown in its report that the growth in numbers.
2020 felt like the year that the generated earnings of the Philippine global outsourcing began to decline. The pandemic forced companies to extract their accounts from the Philippines due to financial conflicts and security protocols. The situation resulted in the deterioration of the earnings projection for the remainder of the year.
The BPO outsourcing companies in the Philippines demonstrated their resilience with speedy alterations. The IBPAP also anticipates the BPO industry to rally with a much stronger showing in 2021. The earnings growth projection attained around 15%.
Aware of how crucial the BPO industry is to the Philippine market, the federal government continues to improve the sector.
Outlining the Advantages of Outsourcing to the Philippines
Before diving into the government's efforts for the BPO industry, you have to understand how the industry became the recognized financial pillar of the nation.
The research led to identifying vendors from overseas nations. BPO companies that provide significantly lesser operating costs without sacrificing excellent service and labor became in-demand. But, there are only a few countries that meet these qualifications.
However, the pandemic painted an unpleasant image of job opportunities. Unemployment rates sky-rocketed to a record 10.2percent in 2020 due to COVID-19, an alarming rate for the federal government. Over 420,000 Philippine employees lost their jobs, forcing the government to rely on the most reliable sectors to give employment opportunities.
Employment opportunities became widespread, with Philippine workers seeking to jump at the opportunity to show their worth.
The speedy adjustment to work from home structures plays a vital role in the healing. After social distancing protocols employed by the authorities, BPO outsourcing companies in the Philippines pulled out workers from on-site duties. Employees maintain their jobs while working at home, using a skeletal workforce system enforced only when necessary.
BPO companies stabilized from a devastating 2020 earlier than expected as companies that outsource to the Philippines beginning to recuperate. But it remains to be seen when retrieval is in the books for 2021.
The BPO industry won't be the fastest growing sector in the Philippines without assistance from the federal government. The attempts to make the lives of BPO companies and Philippine employees easier are well-documented.
These three enforced legislation provided a route for the BPO industry to flourish in the Philippines. However, the federal government remains determined to make sure that Philippine employees will continue to arrive for the outsourcing and offshoring sector.
Republic Act No. 11165, also called the Telecommuting Act, recognizes digitalization and technological improvements as options for employees to perform their responsibilities in flexible work arrangements. Because of this, companies in the BPO industry can provide telecommuting applications under mutually agreed-upon requirements to employees.
The added protection offered by the Telecommuting Act, coupled with the work arrangement modification of BPO companies, led to more Philippine employees seeking to find stability for their livelihood within the BPO sector. Global companies have more access to more skilled and gifted Philippine workers than before.
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