Outsourcing Poised Even Better
A higher retention rate can help maximize a company’s profits by 4 times (legaljobs.io). Working remotely has increased employee expectations for better benefits and more job perks. Organizations now need to develop versatile working rules to placate their resources. If not, then attrition would only increase. This translates to companies facing increased hiring costs and even more internal expenses for training and replacements.
According to leftronic.com, voluntary turnover costs for a company exceed $600 billion annually.
The cost of replacing an employee for a company ranges between more than one half to twice their annual salary – Gallup
Not only does turnover upset your operations, but also the cost of replacing employees is a huge load on your wallet. It also gives your competitors the time and edge to beat your business in the market, while you are looking for the right fit.
As per tlnt.com,
One-third of newly hired employees quit their job within 6 months
With an outsourcing company, employee turnover is cared for because your BPO partner arranges for dedicated, highly talented resources, bearing all expenses. All the while, the end cost is considerably lower for the client. The associated functional effort is also the outsourcing partner’s responsibility to manage.
A seasoned BPO partner can provide you instant staffing of the best available resource in global data redundant locations. The cost of living is lower in some parts of the world like, Philippines, Pakistan, and China; which contributes to readily available, qualified resources that can work in shifts to give you 24/7 operational capability.