Creaghan Harry - Factors That Cause Increased Growth Of BPO

In the present century, amongst all the sectors, BPO stands amongst the top recruiters and profit earners across the globe. There are many causes which contribute to the growth of this industry. Factors like the economic scale of business, low-risk factors, the advantage of increased profit and low human resource expenditure, all contribute towards immensely lucrative areas of capitalization.

According to Creaghan Harry, the current trends in the BPO industry is that of a monopoly in an unutilized market reaping tremendous benefits at a fraction of the cost. The rich pool of unending human resource makes sure that the company never runs short in the number of hands required to make the business successful. Business process outsourcing in Asian countries has grown by leaps and bounds providing ample opportunities and ample health benefits to the employees. Such offers prove to be very attractive to the youth of the present generation. Few of the factors that cause increased growth in the industry are as follows:

·         Highly skilled human resource- the current youth fresh out of schools and colleges are highly adept in communication skills, technology and marketing thereby providing a perfect employee base for the prospective BPO sectors.As duly noted by Creaghan Harry,since there are not many jobs in the market other than BPO, thus this pool of talented individuals becomes easily accessible to such companies.

·         Low cost of employment- the current availability of skilled employee creates a dilution of salary costs a company has to bear, thereby while the profits increase the expenditure in terms of salary decrease at the same time. This is a very profitable situation for the companies and the employers who now can exploit the market and earn more profits.

·         Customer support services 24/7- to maximize on profits, BPO centers now have now started to hire prospective customers in shifts 24/7; this means that alongside morning shifts, day shifts and night shifts also see a marked increase of employees. This not only helps in creating more employment and increases profits of the sector by three folds but also provide services overseas in areas with different time zones.

·         Market monopoly- the current market is devoid of jobs, and thereby the only place a fresh graduate can apply is a BPO sector, which holds almost seventy percent of the market's job and provides recruitment regularly thus it is a market of monopoly for the BPO

The current market conditions coupled with the unavailability of employment elsewhere creates a vast opportunity for the ITES industry. The BPO sector, while abound with jobs also provide health benefits insurance and other coverage to their employees. The salary benefits also increase with time and experience thereby not causing a stagnant situation for the employees as is widely believed.The experience benefits also are a bonus to the employee as now he has the option to avail a better position in a different company or improve his standing in the present one. Such an arrangement not only benefits the company but also helps the employee gain a secured job in the future.