The Business Process Outsourcing (BPO) sectors have been hit hard ever since the pandemic struck.
However, the industry is slowly recovering post lockdown. Hiring activities have been quite active within the BPO sector in October and September.
The ITES and BPO services showed a growth of 7 percent as people started getting comfortable with the virtual and digital-enabled world.
As different services have started showing an uptick in the market, it is ideal to say that the demand for BPO professionals will rise again. Last month’s (October) report showed great progress on the hiring front.
The BPO industry is said to be one of the fastest-growing industries worldwide. Business Process Outsourcing refers to getting certain projects outsourced from a third party. This third party is therefore referred to as the service provider to the organization. Simply said, business outsourcing is a process that transfers services from one firm to an outside organization and thus replaces the services as well.
The very concept of outsourcing started in manufacturing firms across the world. But things have changed in the current era. This is why we now see projects being outsourced in fields like finance, accounting, offshore and nearshore services, and human resources. Almost every business firm work in collaboration with IT-based firms most referred to as ITES – BPO (Information Technology Enabled Service – Business Process Outsourcing).
Another segment of the BPO also includes KPO (Knowledge Process Outsourcing) and LPO (Legal Process Outsourcing) and is seen mostly in countries like India.
Below are some of the career prospects available for BPO professionals
India is said to be one of the best countries with an expansive BPO industry in Asia. The country is said to have nearly 4 to 5 percent of shares of all the BPO industry operating around the world. Not to mention, India ranks first in position in the world. One of the major reasons why job opportunities for BPO professionals in India are abundant.
Below are some of the designations you’re likely to get according to your education and work experience:
Professionals who’ve started their early career in the BPO sector have been known to make good money. However, salary compensation will vary according to the nature of the job. Whether it’s a night shift, education qualification, and work experience.
Candidates in India get paid around INR 180,000 per year. Besides this, incentives and bonuses are being offered based on the performance of the candidate. As said, the salary compensation clearly depends on the education qualification. For someone with a diverse set of skills can easily earn more than 180,000 per year.
Some candidates have even started upgrading skills by getting BPO certifications. Well, in a competitive job market, it is quite challenging to get ahead of the crowd, the candidate will eventually need to compete with others to make it to the finish line.
Professional certifications have been proven beneficial and advantageous for the BPO industry.