The BPO industry has been playing a significant role in growing businesses all over the world. It has achieved tremendous growth in the last couple of decades and the future looks promising. But that doesn’t mean everything is as flowery as it seems from the outside. The industry faces a lot of challenges that need to be dealt with properly. This post talks about some of these major challenges. Have a look.
- Lack of Talent: The lack of the right talent is a major concern for the BPO industry. In today’s time, it’s not hard to outsource your IT department completely to a third party as there is technology available around the globe to back your efforts. However, what’s crucial here is to connect with the right candidates with the proper skill sets. The demand continues to grow but there are not enough candidates to take on the job and do justice with the role they are assigned.
- High Attrition Rate: This is another challenge that most BPO companies face. Since the demand for the right candidates is very high, skilled employees leave their present company in search of a new opportunity that pays better. Just like this, your client may also switch to your competitor and hand the project to them, which can put a huge financial burden on your shoulders. These two issues keep on giving sleepless nights to many BPO company owners.
- Budget: Sometimes, clients have a limited budget to get things done. They don’t increase the budget but at the same time expect you to deliver quality work without any error. This leaves the management of a BPO company with very few options to carry out the entire project. One single mistake at this moment can cost them the entire project, so they are forced to pay lower salaries to their employees who deserve better pay.
Apart from these three, there are many other challenges as well, including changing political scenarios, poor connectivity, internal politics, and whatnot. Every BPO company has to deal with one or more of these challenges at some point, so make sure you are ready to face and conquer them.