Archive for the ‘BPO’ Category
Scope of BPO in India Gujarat Ahmedabad
The global economic scenario goes haywire now-a-days. People frantically talk about economic recession with a ‘what-will-be-my-future’ sort of look in their anxiety-filled eyes.
Even Nasscom, the industry association, points out that the current fiscal crisis in the United States will adversely affect the Indian BPO/IT sectors as the clients from USA would be very vigilant in their unrestricted spending on outsourcing their projects.
But, imbibing the spirit of true ‘Indianism’, we are good at the art making positives out of negatives. So we are as quick as a squirrel to turn this crisis into an advantage for the BPO sector in the long run.
The advantages of Indian BPO industry in the present scenario is discussed in the article.
This global economic recession will force diverse financial organizations to outsource more work to cut costs to a large extent. This will definitely boost the Business Process Outsourcing (BPO) from the financial services sectors abroad, with our estimated work inflow increased to 40-45 times the current market size over the next five years.
Today the Indian BPO is the most upcoming and mushrooming industry attracting the educated youth all over the country. Indian BPO workforce offers several advantages over their western counterparts both in terms of cost savings (low-cost labour) and availability of resourceful manpower.
The revenue generated by the BPO & KPO industry in India is estimated to Rs.1,160 crores and provides employment to almost 7-8 lakh people in the year 2007-08. The largest contributor to the Indian BPO-KPO export market in 2007 is USA with a lion’s share of around 61%.
The Everest Research Institute predicts that for India, being the hub of global outsourcing for financial services, the opportunity for global BPO will mount to USD145 to 165 billion for India based services, within the next five years. The outsourcing of BPO projects from the insurance sector will have a steady rise, about 12-15 times simultaneously, according to the report.
Banking sectors and other financial firms are undergoing significant cost-reduction pressure and are therefore planning to move jobs offshore.
As I told you earlier in this article, Indians have the untiring spirit to rise from the ashes like the phoenix. Let this spirit kindle the minds of our people to rise up from the unrest and anxiety that looms around and to strive more to reap the best out of the worst.
Employee Retention Strategies for BPOs
Retention of Key employees is critical to the long term health and success of any organization. It is a known fact that retaining your best employees ensures customer satisfaction, increased
product sales, satisfied colleagues and reporting staff, effective succession planning and deeply imbedded organizational knowledge and learning.
Employee retention matters as organizational issues such as training time and investment; lost knowledge; insecure employees and a costly candidate search are involved. Hence failing to retain a key employee is a costly proposition for an organisation. Various estimates suggest that losing a
middle manager in most organizations costs up to five times of his salary.
The BPOs in India face an enormous challenge in reducing attrition rate and this being a nascent industry needs to draw parallels, examples from other industry practices as well as develop innovative Employee Relation Initiatives as highlighted below. This has been classified into three groups
1. The Corporate level
2. Managerial/supervisory level
3. Employee Recognition Initiatives
Here this article attempts to highlight the strategies for the corporate level.
Corporate Level Retention strategies:-
· To bring stability in business and increase customer service process.
· Nasscom has estimated that the Indian ITES industry will gross over $5.7 billion by 2005 (based on a conservative year-on-year growth of 65 percent by Nasscom).
· Staff/employee satisfaction translates directly into money quite quickly in the BPO industry compared to other industries.
· To reduce the pressure on the recruiting process.
· Recent acquisition deals both domestic & overseas by BPOs makes it even more critical to stabilize their back end operations to service new customers
Excellent Career Growth prospects
Encourage & groom employees to take up higher positions/openings. If not fulfilled then they will look outside the organization.
Look for talents within the organization and encourage them. For instance,if a person has the potential to be a trainer, groom & develop the employee.
Night shifts
1. Have people from other walks of life to talk about their experiences.Other professions like Army, Medicine, and shop floor workers also have towork in night shifts.
2. Have doctors to advise & guide them about their biological clocks and ways & means to deal with them.
3. Dietary advice:- Do’s and don’ts.
4. Create the passion that they are doing a yeomen service to the nation by bringing the much-required Foreign Exchange.
5. They are helping people (clients) to make their life easier.
6. Special lights in the office/workplace to ensure their bodies get sufficient vitamin D.
7. One distinct disadvantage of night shifts is the sense of disorientation with friends and family members. Concentrate on this problem and develop innovative solutions and ways to deal with it.
India is the preferred destination for BPO Business Process Outsourcing
India is no longer known as land of Elephants and Snakes but the land of High Talent professionals and cost effective corporate BPO solutions. India is becoming the leader in outsourcing with no close competitors. It’s made possible with the help of various factors.
India has a winning edge over other countries because of the following reasons.
* Availability of English speaking, skilled human resources in plenty
* Availability of cheap work force to offer cost effective BPO Solutions.
* Well defined process to address global needs.
* High conscious towards quality.
* Government’s support to develop the industry.
* Availability of advance technology at par with western countries.
* Flexible human resources to work in various time zones.
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BPO Business Process Outsourcing to India
BPO is the new buzz in town, a relatively new concept with strong economical and business fundamentals which IT firms are now reeling towards, which provides an amazingly new plethora of opportunities for what Information Technology Companies can provide for the old-economy firms and how strongly they can get themselves entrenched in their value chain. This would not only make them felt very important in terms of their contribution but also as a tool for their clients, guaranteeing them competitive survival and growth in the current business market place.
BPO conceptually allows an enterprise to just focus on its core Competency and by outsourcing all the other support based facets that generally consumes a substantial amount of a firm’s time and energy. Peripheral activity such as Payroll, Employee Health-Care, Employee benefits, System Support, internal IT division, Sales/Marketing, Inventory Management and the whole gamut of other things which hampers an organizations interest by not allowing it to focus on what it believes are its strategic area of expertise. A firm’s energy should be highly focussed around its core competency which is what ensures it a place in the market, earns revenue for it and keeps it going.
After having decided to outsource all of its business process baring its core competing area, an enterprise also has to plan and strategize of how it would actually outsource, to whom and how it would integrate this whole process which is equally crucial for maintaining its competitive edge of its competition. Any corporate house having debated on the various business processes that it wishes to outsource now needs to pick the right outsourcing firms/agencies by doing the necessary due-diligence in terms of researching and analysing a particular firms capability and credentials and its track record for having accomplished outsourcing activity for reputed clients. Equally essential to brainstorm is how would one be bringing all these different outsourcing firms together while integrating the different business components and ensuring this does not entail into complicated issues consuming more time and energy.
Once this outsourcing model is championed by any firm, having adapted and Integrated it into their business strategy, it can achieve substantial business altitude it terms of its competition by focussing on what is does best and leveraging the outsourced model to its maxim. Also these outsourced Business components can be bench marked as per the organizations quality requirements thus ensuring the qualitative benefits as well.
For the outsourcing firms, BPO presents enormous opportunity to provide more of such peripheral services and support thus making it more important and also allowing it to play a much higher value added role for its clients.
For further information regarding Indian BPO, please contact Mitul Bhavsar on +91-9825095314 or visit www.designwebgraphic.com
10 Tips for Doing Business in India
Indians are mostly open and friendly, and follow familiar conventions when it comes to doing business. Nevertheless, there are one or two things worth bearing in mind.
1. English will help a lot. Fourteen major and 300 minor languages are spoken in India, but the official languages are English and Hindi. Most Indians of managerial and technical levels, particularly in IT, have a good command of English, and that is the common language for conducting business. Your business card should show your details in English (present it with your right hand as the left is considered unclean).
2. In India everything takes time. However, this is certainly changing, particularly amongst IT professionals working in the Indian “Silicon Valley”, with its numerous software facilities and large number of overseas vendors. If time is an issue for you, make it clear to your Indian partner that you need to start meetings on time. And during the meeting itself, if other business is conducted simultaneously, don’t be surprised: this is normal and does not indicate a lack of interest in your discussion.
3. To greet someone, hold the palms of your hands together and say, “Namaste,” giving a slight bow. While this Hindu greeting is acceptable in all ethnic communities, a firm handshake is common amongst urban westernised Indians working for example in IT. (However, if you are male, offer your hand to an Indian businesswoman only if she does so first). Indian names can be complicated so address the person as Mr/Ms/Dr and then the last name on their business card.
4. Meetings usually start with small talk. Discussing one’s personal life is considered normal and friendly, and popular topics are cricket, politics, films and economic reforms. If you are offered refreshments, it is impolite to refuse, though you can leave them untouched.
5. Indians may seem slow to accept new ideas or proposals, but they are usually just exercising caution. Openness to something new depends in Indian business culture not only on the quality of a product or idea but on its source and endorsement. So if someone has already implemented your proposal or something similar, include these details along with referrals from your other partners or clients in India.
6. Bargaining for price or conditions is normal, so build buffers into your initial offer. High import duties and taxes may add to the cost of products.
7. Setting deadlines: all decisions will take time, particularly in bureaucratic, government-owned public-sector companies. Deadlines are not considered crucial in India; a lot depends on outside circumstances, for example religious holidays. Try to understand your partner’s capabilities.
8. Business lunches are preferred to dinners and are usually held in high-class restaurants or hotels. If you are the host, remember that many Hindus are vegetarian, others eat meat but not beef, and that Muslims don’t eat pork. Chicken, lamb, fish and vegetables should therefore be on the menu!
9. Indians like to make visitors feel welcome so you will probably be invited to “drop in” to someone’s house, “any time” (phone first, though). Don’t forget that Indians consider a direct “no” to be impolite, so always give a vague answer instead, like: “Thank you, I’ll try.”
10. If you are invited to someone’s home, arrive about 30 minutes late with a box of chocolates or sweets, or something representative of your culture, wrapped in red, yellow, green or blue paper (white and black are unlucky). Wash your hands before and after the meal, and don’t forget that traditional Indian food is eaten with the right hand. Alcohol is prohibited among Muslims, Sikhs and in many other Indian communities, though this is changing amongst urban, educated Indians. After the meal, offer to reciprocate by inviting your hosts out to dinner – maybe on your next trip over.
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