Business Process Outsourcing is more than what meets the eye. By definition according to investopedia.com
, business process outsourcing is a method of subcontracting various business-related operations to a third party either offshore, near shore or locally.
In our country the BPO industry did not only become a phenomenal success that fueled the growth of our employment but also placed the Philippines to a sound economic condition. It provided millions of jobs to Filipinos and foreign workers alike. Philippine BPO employs over one million workers and is expected to boom even more in 2016 according to an article by rappler.
Contact centers known as call center is one of many BPO activities which comprises more than three fourths of the BPO workforce, while other sectors classified as major components of the Philippine BPO are Medical and Legal Transcription (data transcription), Finance, Logistics, Accounting (back office processing), IT Software Development, Animation and Engineering Design.
With the strong and massive growth of the Philippine BPO, it is now one of the largest industry in the country along with Oil and Gas, FMCG, Shipping and Transportation, Logistics, and many others. In just a decade its growth is a record breaking ten-fold in increase in revenue and size of workforce.
In 2010 software publishing and computer programming services topped the highest average annual compensation per paid employee from a survey conducted by the Philippine Business and Industry for BPO activities. This is further supported in an article featured by PhilStar.com, where the author talked about how the IT-BPO sector is expected to become a $Trillion economy by 2030 which proved that IT-enabled services sector of the BPO is accelerating.
A survey on “Top Industries with Better Salary” released this year conducted by jobstreet.com
, showed that amongst the highest paid managers, BPO made it to the 6th rank and ranked 7th for the highest paid Fresh Graduates.
The same was seen in dollar remittances where BPO was found to be second largest contributor after the OFW remittances, adding boost to our economic progress.
The business process outsourcing has a come a long way despite its youth. Yet its detractors still woe its significance though it had proved time and time again how it helped shape our quality of life, our personal circumstances and our social and economic growth. We owe respect and regard to the industry that hailed its provisions to many hard working, family centered and God fearing Filipino workers. Thanks to the BPO.
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