Taking a closer look at the state of the labor force in the US shows that The Great Resignation may be better called “The Great Reshuffle” because as resignations rose in numbers, the hiring rate in America has also shot up since November of 2020 to keep up with the pace of employee exits. While many of America’s labor force left their jobs, these workers have also been busy getting hired elsewhere.

With staff resigning left and right, new challenges have come up: recruitment and labor costs. If your business was one of the many affected by The Great Resignation/Reshuffle, you may be all too familiar with how much harder it has become to find great staff with the specific skills that your business needs these days – not to mention the rising labor costs that re-hiring and covering for vacant positions entail!

As a decision-maker, we’re sure you’d want to protect your business from these market and labor volatilities. A huge market opportunity in offshoring has seen an increase in the past years as more businesses outsource their employees outside of the country. The only question is, which country should you invest your time and effort to maximize your return of investment.

5 Good Reasons Why the Philippines is the Best Destination for Offshore

The Philippines Department of Trade and Industry (DTI) defines BPO as the “delegation of service-type business processes to a third-party service provider.” BPO in the Philippines continued to increase its positive growth rate and appears to be robust enough that the industry’s projected outsourcing market will grow by USD 40.16 Billion (at a CAGR of over 4%) during 2021-2025 amidst the pandemic. The Philippines has still remained the go-to location compared to India, Malaysia, and Brazil. The majority of international research and data companies have placed the Philippines as the top outsourcing destination in the world. Here are the top reasons why you should outsource your labor in the Philippines:

1. High-level English Proficiency
   The Philippines is rated one of the top English-speaking countries in the world with over 100M English proficient Filipinos.
2. 24/7 Service and Support
   The majority of outsourcing companies in the Philippines, including Sourcefit, offer same-time office hours and support as the client. We work according to your timezone and requirements, whatever it may be.
3. Cost-Efficient Labor Costs
   Save 60% to 80% of operational costs by outsourcing in the Philippines. The Filipino workforce’s daily salary can go as low as the hourly rate of their counterparts in western countries due to the lower cost of living in the country.
4. Cultural Match
   Filipinos adapt to foreign culture easily – especially to western culture that is still deeply intertwined with every Filipinos’ everyday life. Add to that the fact that hospitality is a value ingrained in every Filipino which makes working with professionals from the Philippines smooth and easy.
5. Strong Government Support
   The Philippine government offers entitlement to multiple incentives to support companies in the BPO industry such as tax days, simplified import and export procedures, the Special Economic Zone Act, and the Philippine Economic Zone Authority or PEZA. In addition, the Philippine government provides fiscal and non-fiscal benefits (like a 4-year and 8-year income tax holiday) and has built the IT-BPM Roadmap for 2022 which aims to develop over 1.8 million more jobs for Filipinos with a target revenue of $40 billion by the end of the year.

See how SOURCEFIT PHILIPPINES, an American-managed outsourcing company in the Philippines, can help you with your labor shortages. We are committed to working closely with clients every step of the way to understand their goals and seamlessly transfer their business culture and successful business processes to an offshore environment.