Despite the rising number of layoffs in the tech sector this 2023, experts believe the talent pool is drying out, but the demand surge is still ongoing.
Data reveals that while tech firms are indeed laying off employees, most job losses are among business development positions, not in tech departments. The US Bureau of Labor Statistics predicts that jobs in software development will soar by 25% from 2021 to 2031.
The rise in demand is primarily due to the rapid advancement of emerging technology such as the Internet of Things (IoT), virtual and augmented reality, and cryptos, which, in turn, is fueling the need for engineers who can design, create, and develop software.
The tech crunch continues to trickle down to local businesses in states such as Alabama, where software development is already one of the most in-demand professions.
However, with software development being such a niche, specialized skill, finding qualified workers to fill job openings has proven challenging, especially in areas with growing rural populations.
Fortunately, there is a more cost-effective and less time-consuming way to hire your much-needed software developer: outsourcing.
With software development outsourcing, businesses can forgo the traditional recruitment process, work with tech professionals from beyond their borders, save on overhead costs, and facilitate your company’s digital transformation all in one step.
While accountants and bookkeepers remain among the most in-demand positions today, the diminishing talent pipeline can no longer meet the growing demand.
The American Institute of Certified Public Accountants reports that there are already significantly fewer people graduating with accounting degrees.
On top of that, the number of people passing the certified public accountant exam is also dropping at an alarming rate.
A recent Deloitte survey revealed that 82% of hiring managers in the public sector and 69% in the private sector point to talent retention as a challenge in the accounting and finance fields.
More accountants are retiring, switching careers, or leaving the workforce altogether — further fueling the talent gap.
Meanwhile, experts predict an average of 170,200 job openings annually in the industry.
At the rate that it’s going, the growing shortage of accountants will inevitably create problems for businesses in the future if we don’t act now.
Due to their crucial role in financial reporting, the accountant talent shortage could lead to a rise in fraud, such as in the Enron, AT&T, and WorldCom scandals.
How can businesses avoid these potential issues? Accounting outsourcing can be a strategic place to start.
With over 466 schools nationwide and an average of 7,250 new CPAs joining the labor force by working for local and international firms, the Philippines is one of the top offshoring destinations for accounting jobs.
As poor talent management and changing market behavior fuel all-time high attrition rates, sales is another profession that faces a growing staffing crisis.
Business leaders need help to keep sales reps among their ranks, but they find replacing staff who have already quit even more challenging.
Since they represent brands and act as the key contact, from initial outreach to actual purchase, the sales rep crisis can have severe financial consequences for any business.
Apart from the negative impact on revenues and lead generation – the revolving door of sales reps can also damage customer loyalty.
Businesses can cushion themselves from this blow by leveraging the many benefits of business process outsourcing.
With the right Philippine call center, businesses can easily tap into a wealth of agents who can help them boost brand awareness, attract new customers, and gain a competitive edge.
Customer Service Representatives
The power of good customer service is undeniable. In fact, customers would still do business with a company that’s made a mistake if they had a positive customer service interaction. On the flip side, customers would switch to a competitor after a single bad experience, and a staggering 80% would switch if it happened more than once.
It’s no wonder more businesses are investing in their customer experience.
But can the CS sector cope with the demand as more brick-and-mortar shops move to the internet?
McKinsey found that call volumes are already soaring through the roof. When this happens, we can expect that call wait times also jump and customer satisfaction drops.
The only way to avoid overwhelming your CS team is by delegating part of their load to outsourcing companies in the Philippines that are certified experts in customer service.
Widely recognized as the Call Center Capital of the World, this Southeast Asian nation has consistently remained a top choice for outsourcing destinations, with US businesses turning to the country for exceptional 24/7 support.
While hospitals in Alabama face many challenges daily, staffing remains one of their most significant issues.
The state’s health sector has yet to recover from the pandemic-driven Great Resignation.
“We’ve still got hospitals that are desperate to hire any staff they can,” Dr. Don Williamson, the Alabama Hospital Association president, said. “Not just nurses. So, staffing is the big issue.”
Dr. Williamson explained that the staffing crisis is a multi-layered issue that involves short- and long-term causes. Ultimately, it affects the staff and patients due to longer wait times and limited hospital beds.
Outsourcing can offer a much-needed lifeline for overburdened healthcare workers as the industry navigates this challenge.
Thanks to their deep understanding of the nuances in the healthcare industry, Philippine BPO companies can delegate administrative support tasks to medical secretaries, one of the most in-demand jobs for hospitals and health facilities.
One example is SuperStaff, a BPO company offering comprehensive specialty healthcare outsourcing services.
Our outsourcing team can take on tasks that medical secretaries are usually responsible for, including medical billing and coding, medical transcription, patient support, and more.
Top 13 Reasons To Outsource to the Philippine BPO Industry
There are certain financial advantages to outsourcing to developing nations.
For one thing, businesses can save up on operational and overhead costs due to the lower cost of living, which has a direct effect on real estate and utilities.
Additionally, labor costs are also more competitive. The government also supports the industry through tax incentives.
Deep Cultural Ties
Due to its historical and diplomatic ties to the US and Spain, Western culture is deeply entrenched in Filipino traits and values, making Philippine BPO companies highly adaptable to foreign work cultures.
High English Proficiency
With an education system institutionalized by the US during its colonization period, English is the primary medium of education in the Philippines. It is also one of the country’s official languages, mainly used for more formal settings, such as business and legal matters.
As such, most Filipinos can speak the language fluently, ranking 22nd in the EF English proficiency rankings worldwide and second in Asia, next to Singapore.
Deep Talent Pool
The Philippines boasts a large workforce population that grows exponentially as the country’s premier universities and institutions produce more graduates prepared to join the job market.
Offshoring to the Philippines is a cost-effective way to scale quickly and efficiently without capital or infrastructural investment.
This flexibility will allow you to navigate the unpredictable demands of the market as we face economic uncertainties.
Outsourcing companies follow tried-and-tested business models but also offer full-suite solutions specifically tailored for your business success.
Shared Responsibilities and Better Risk Management
Hiring offshore can protect you from the legal implications and liabilities of employing internally.
In the case of the Philippines, the country has very established labor laws, which leading BPO companies are well-versed in.
Stringent Data Privacy and Security Policies
Thanks to its three-decade existence, the Philippines’ outsourcing industry has adopted one of the most stringent data privacy acts and established a robust regulatory environment regarding data processing, security, and privacy.
Every Philippine outsourcing company is geared towards round-the-clock support, which they can achieve through rotating shifts and weekend coverage.
So regardless of your company’s time zone or the time zone of your clients, the Philippines can offer business solutions anytime and anywhere.
Since the Philippines’ biggest outsourcing market is the US, many BPO employees work the night shift to make up for the 12-hour difference.
Rest assured that regardless of your time zone, Filipinos can deliver quality service 24/7.
Robust Economic Growth
Thanks to the robust growth of outsourcing companies in the Philippines, Filipinos now enjoy more purchasing power, while foreign investors benefit from the thriving business climate.
Exceptional Track Record
Since its humble beginning in the early 90s, the outsourcing industry has seen exceptional growth.
It now contributes nearly $30 billion to the Philippine economy every year and takes up an estimate that the country holds 10-15% of the global BPO market.
The Philippines’ top BPO companies have also expanded to other parts of the country outside the metropolitan capital Manila.
For instance, SuperStaff has branched out to the burgeoning business district of Pampanga, setting up offices in two of the province’s top cities.
Strong Government Support
A witness to the industry’s enormous potential, the public sector has strongly supported the Philippine BPO industry.
Apart from providing fiscal and non-fiscal support, the government has established the Philippine Economic Zone Authority (PEZA) to attract more foreign investors.
BPO companies leverage a potent combination of deep industry expertise and cutting-edge technology to give businesses a competitive advantage.
Apart from the appealing “follow the sun” workflow strategy and substantial cost savings, it allows businesses to focus on their core competencies and rest assured that their daily operations are running smoothly in the hands of professionals.
Ultimately, businesses outsourcing to the Philippines boost their productivity and efficiency while minimizing resources.
Fill In Your Labor Gaps by Outsourcing to the Philippines
Although the War for Talent shows no signs of stopping this year, your business can still gain a competitive edge.
Instead of putting all your eggs in one basket and waiting for the US job market to cool down, diversify your recruitment strategies by working with a reliable BPO firm in the Philippines.
With an experienced outsourcing provider, you can navigate labor shortages, improve flexibility and resilience, and fortify your operations for the rest of 2023 and beyond.
SuperStaff, a Philippine-based BPO company, can specifically design business models to address your company’s pain points.
Our experts will develop a strategy and then implement scalable, customizable solutions that will allow your operations to grow how you envision them.
Allow us to find the perfect formula for outsourcing services to maximize operational efficiency as you sit back, relax, and focus on what you know best.
Contact us today to learn more about our full suite of offshoring solutions for your success.