As we live through this global pandemic, looking into strategies that lower operational costs and improve efficiency can help save our business.
Offshoring is one way to do it. Offshoring allows you to tap into a global talent pool and operate at a lower cost. Choosing the right offshore location is crucial to the success of your global venture.
But which country should you go to for this type of service?
The Philippines is known as one of the leaders in the Business Process Outsourcing Industry. Here’s why:
Effective communication is key to the success of offshoring. After Singapore, the Philippines ranks second highest for English proficiency in Asia according to the EF English Proficiency Index. Filipinos are taught English from Nursery to College. They consider English their second language and use it in everyday conversations.
Filipinos take pride in their work. They have a high regard for professionalism and know-how to value the time of others. Their service-oriented mindset, integrity, and loyalty are among the top qualities business owners from around the world seek them out.
Low-Cost Quality Labour
The Philippine Commission on Higher Education says more than half a million Filipinos graduate college annually, producing highly literate and educated people in the workforce. A great number of these graduates choose BPOs as their career destinations. When you outsource to the Philippines you get the same if not more in terms of quality for a lower cost.
The Filipino culture has been greatly influenced by its colonisers: Portugal, the United States and Japan. Those influences can be easily seen in their way of thinking, their language, their behaviour, food, music, and many others. Filipinos can easily relate and connect to people from all around the world because of this. This makes working with them easier than with those from other countries who have a vastly different culture.
Data Security and Privacy
For 30 years of BPO industry growth, the country has created a strong regulatory environment to protect highly sensitive client data including, but not limited to, health insurances, medical records, and personal financial data. They have adopted one of the most stringent data privacy acts modelled on the European GDPR so you can be sure that you and your business are safe and protected.
24/7 Staffing is normal in the Philippine BPO Industry. They are able to cover your requirements no matter the timezone. For Instance, the country’s biggest BPO client is the USA. They have a time difference of 12 hours. This led to the creation of night shift jobs that are highly compensated.
The Philippine Economic Zone Authority (PEZA) and special economic zones (SEZ) were created to support the BPO industry. They provide incentives such as fiscal and non-fiscal benefits like 4-year and 8-year income tax holidays to encourage investment to the industry. The local government also launched the Philippine IT-BPM Roadmap 2022 to further stress its commitment to supporting BPOs. The goal of the program is to produce 1.8 million more BPO related jobs to Filipinos.
There are pros and cons to every decision. If you’re considering offshoring to the Philippines but not sure what to do next. Talk to us on on 1300 855 111!