In the past few years inbound call centers were ruling the chart of Indian business and economy. It had created millions of jobs for English-speaking workforce. It is believed that the primary reason behind the growth of BPO industry in India is its cheap labor cost. But presently, due to the world-wide financial crisis, the entire BPO industry is going through a hard time. Now-a-days, in order to manage this unfavorable economic situation many of the inbound call centers are adopting innovative style of cost-cutting. They are cutting down on travel, snacks, power, telephone bills and stationary bills.
This is not the end of all, some of the companies are also sacking their employees to handle this economic slowdown. Presently, due to the recession, many of the overseas clients have stopped working with the Indian inbound call centers.
According to the media reports, BPO industry will experience 2.5 lakh job losses by the first 6 months of 2009. Samir Chopra, the President of Industry Association of India (BPIAI) said that, in this situation government should take initiatives to curb this problem. According to him government aid is indeed the most affective measure that should be required to boost the inbound call centers. Other than this, administrative as well as fiscal measures should also be taken. Some of the steps that should be followed to overcome this grave economic problem include:
- Market development fund- Through seminars, events, discussions, telemarketing and workshops, market demand fund is expected to be increased. There are also some other steps that help the organizations to come out of this unfavorable financial situation.
- Extended tax relief for another 5-10 years- Relief in tax are also expected to curb the present economic crisis.
Karthik Shekar, the UNITES India General Secretary has also done some research work on this topic. According to him, there would be around 50,000 job losses in both the BPO and IT industry in the first six months of this year. This will naturally affect the work quality and Outsourcing Information Technology work of India will start to lose its appeal.
In order to overcome the recent economic crisis all the inbound call centers are taking different financial strategies. Few days back, many of the well-known IT firms of India held strategy meetings, where decisions were taken to overcome grave financial crisis of the BPO industry.
Though in recent times, most of the inbound call centers are under constant threat of economic crisis, it is hoped that this industry will soon come out of this tough situation. Some of the reasons for which inbound call centers are expected to do well in the future are as follows:
- Faced with rising salaries, high turnover and a weak education system, some of the renowned companies have started investing money in employee education and development.
- With the course of time, attrition rates are dropping remarkably.
- Presently, rising salaries in Indian IT industries are no longer treated as a problem.
- Now-a-days some of the highly-efficient workers are returning from Europe and United States to their home towns for different family reasons.
- A number of new engineering colleges are being established to meet the growing needs in the IT industry.
So, people who are working in the inbound call centers do not have to think much. That time is not far, when the inbound call centers will again occupy an important position in the business field.