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Though the recession period is yet to say goodbye Indian outsourcing market is really having some positive developments. On one hand there is an increase in recruitment and on the other it is seen that it still has a great fan following in the US. It is still seen to be the best place to offshore various back office and Business Process Outsourcing jobs. The good news does not end here, however, various outsourcing companies in India have also found a much-decreased rate of attrition due to the recession.
According to the figures of January-March companies involved in Business Process Outsourcing and other Information Technology related jobs have recruited 0.82 percent more people. This news comes as a boon at a time when people are very much afraid of losing their jobs. Right now with a stable government reelected at the helm of power people involved in this business are hoping that the situation will only turn for betterment.
Moreover, it is known that Wipro is slated to hire about 8,000 more employees this financial year. All the new recruitments will be done for its outsourcing business. Moreover, the company will find out talented workers from various Indian states that include Karnataka, Andhra Pradesh, and Maharashtra.
While employees are happy about getting an increasing opportunity to work with the best employers are also quite happy that the attrition rate are coming down. Big multinational companies like Genpact, Wipro, EXL, and WNS have all seen a good number of their employees saying ‘no’ to the lure of joining another company.
In Genpact and Wipro the rate of attrition has come down by 5 percent. So, now the revised attrition rate in both the companies is 21 percent and 13 percent respectively. But it is EXL that has recorded the best figures in this regard. The rate is lesser by 12.8 percent. In the case of WNS the rate has come down by 7 percent.
In fact most of the Indian IT firms have stopped merely depending on layoffs to handle the economical crises. They are trying to get innovative and that is why many of them have focused on controlling their operational costs.
The above-mentioned good news are basically complemented the fact that India still is the front-runner whenever a company decides to outsource its business and services. In this regard it leads the table placing other Asian countries like China, and Malaysia in the second and third places respectively.
This particular information will definitely allay the fear that might have been generated due to the hard stance taken by American President Barack Obama regarding outsourcing. Two things have basically worked behind this choice. One is the less expensive workforce and the other is the quality of the work.
These incidents show that the Indian BPO is still the most happening place and right now it has created lots of hope for a brighter future.