The traditional outsourcing industry took a good hit and dipped during the pandemic. This same situation, however, has given the Business Process Outsourcing (BPO) industry a boost. Worldwide lockdown schemes have given entrepreneurs from various fields more than enough reason to outsource their workforce since business had to go on as usual.
Outsourcing companies worked through the different stages of the global lockdown
At the start of the lockdown, a Pampanga-based BPO firm adjusted to the situation beautifully by offering flexible work hours to their staff, which gave employees more freedom to tend to other household or personal needs. For businesses, outsourcing has been a great way to stay afloat, while key decision-makers like you are considering the long-term implications of the worst global economic crisis in history, which is said to be even worse than the Great Depression.
The global health crisis has catastrophic effects on the world economy. It has crippled businesses from virtually all industries, and many have closed down because they could not sustain operations anymore. No one could have been ready for the devastating operational, logistic, and financial challenges brought by the COVID-19 virus.
Traditional outsourcing, manufacturing, and supply chain movements have been interrupted across the board, which has forced many companies into closure. Those who persist today have also suffered great losses– profits cut by more than half in some cases, multiple waves of employee layoffs, furloughs, budget cuts, and much more. Bigger corporations who have some buffer have also been challenged to a great degree. Every entrepreneur, marketer, leader, or key decision-maker has had to make reforms in the way they do things.
Outsourcing during the pandemic just might be one of the core business solutions that you must explore for your company, given the multiple challenges presented by the worldwide pandemic. How can outsourcing help ensure business continuity amidst the pandemic, and what are some of the concrete, measurable, and positive impacts would it have on your company?
You will have more time to focus on growing your company
At this time, you should be zeroing in on creating feasible growth tactics and strategies to get ahead of the competition. When you outsource non-core functions, you will have more time in your hands to draw up plans that are geared towards your company’s steady progress.
Many online businesses are sprouting in the digital sphere, with the rise of social media, e-commerce, and the use of multiple apps via smartphones. One service you can outsource is digital marketing, especially if you are not tech-savvy. Maybe you think that studying digital marketing and its implementation yourself will help you cut costs, but then you also have to take care of the day-to-day, nitty-gritty details of business operations since the show must go on. You might buy services, digital tools, or products that won’t fit your needs since there are so many tools available out there and your capital will just go to waste that way.
A digital marketing firm with a good track record will maximize your budget and efficiency rates, allowing you to save more in the long run. Leaving services like that, or human resource (HR) department functions like maintaining employee engagement will ultimately take the burden off your plate so that you could continue growing your business’s future clients.
Save on business operation costs
Operational costs add up over time. Technical infrastructure, equipment, office rent, utilities, and many other factors need continuous maintenance, and their upkeep requires a significant chunk of money from company assets.
Reframing priorities is a vital step to help your company stay afloat in these uncertain times. You should ensure that you allocate your money wisely to support your company and employees. When you outsource specific tasks or jobs, you will cut significant costs which is the reason 59% of companies have chosen to outsource.
Hire top-notch employees
Outsourcing companies know how to look for the right people according to your requirements. When an outsourcing company is good at what they do, they will have a solid and proven system that gives them the ability to pick talents with the right skill sets, experience, and profiles who are more than capable of getting the job done.
You simply have to forward a comprehensive list of criteria or answer an outsourcing company’s client onboarding form, so they know what to look for. Outsourcing companies ensure that the candidates they have selected for you have gone through a rigid selection process so that they could hire top-performing employees in the quickest, most efficient manner.
Give your core team members better work-life balance
The core people in your company—those who work on critical campaigns—will have the benefit of enjoying a better work-life balance when you get some routine or non-core functions off their plates. Keeping everyone in your core team happy is vital to ensure your business’ longevity even beyond the global pandemic, and it is no joke to replace any core team member in case one or more decides to quit because of burnout. Outsourcing just might be a change worth exploring as you rethink your organizational chart to keep up with the times.
Better risk management
Business operation concerns like risk management could be optimized further with the help of a capable outsourcing company.
Financial and overall business risks are aplenty these days, magnified even more by the many uncertainties we face in the time of the pandemic. You might not be in the right place to think of the best business skills or operational upgrades that will help your business in this situation since you are taking care of so many other moving parts to keep your company afloat.
Outsourcing companies can provide you with trained people as well as optimized hardware and digital tools to help your business manage potential risks.
Scale workforce and modify your business plans the smart way
Save on salary expenses, employee benefits, and other costs like staff development training programs or seminars through outsourcing. When you outsource talent from top outsourcing companies, you do not only cut overhead costs but you also channel your business resources to invest in upgrades that make sense to your company’s growth trajectory.
Access cutting-edge technologies
Digital progress could be slow for smaller companies that do not have enough technical know-how within their core team units. On the other hand, digitally mature companies fare so much better than businesses that are not so digitally adept.
Outsourcing companies can give you access to digital tools and high-quality technological resources that could improve the way you work during the pandemic. For example, outsourcing service providers use payroll or benefits software that could either be integrated into your system or used separately, as well as data management tools designed to keep your company and customer information secure.
Standardize business processes
Because outsourcing companies focus on reaching the highest levels of work efficiency across different teams, they have developed standardized business processes that work to boost productivity. The result is that you get better results on a more consistent basis.
Increased accuracy and efficiency when it matters most is always a welcome upgrade for businesses of all sizes, so choose carefully and team up with service providers that have the right infrastructure in place.
Future-proof your business
The fast-paced industry movement, evolution in technologies, and diverse business operation methodologies brought about by the health crisis have challenged business leaders from all industries. Now more than ever, entrepreneurs and key decision makers need to take a step back and reflect on things that need to change in the way they conduct business.
Maximizing all the resources you have within your grasp is essential to thrive and survive in business. One of the best ways to future-proof your company is to implement an outsourcing strategy tailor-made for your current needs. Hire trained professionals, save on overall business expenses, and focus on enhancing your general business approach with outsourcing.
Having a well-crafted outsourcing strategy presents many benefits for your business even after the COVID-19 pandemic. These benefits include streamlined systems, improved company’s processes, digital maturity, and enhanced customer data analytics. Diversifying into new markets is also easier when you have accurate data and the right business solutions to optimize your workflow and processes.
When working with an outsourcing company, make sure that you can honestly communicate your needs. Choose a partner that puts a premium on transparency and accountability.
At the end of the day, your outsourcing provider can help you stay flexible amid the rapid changes in your industry brought about by the pandemic.
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