The Outsourcing Week in Review: Tuesday, December 27, 2022

Welcome to Inside Outsourcing: The Outsourcing Week in Review

THE WEEK IN REVIEW

The prospects for global employment are brighter than ever as 2022 ends, with more investors seeing the potential in the Philippines. Four days to go before the New Year, here’s what you need to know in this week’s Inside Outsourcing!

Despite recessionary gloom, global employment outlook for the first quarter of 2023 is projected to be on an upward trajectory, according to staffing solutions firm TeamLease Services. In its latest report, TeamLease said that the Asia Pacific (APAC) region has a positive employment outlook for Q1 2023, up five per cent quarter-on-quarter. Meanwhile, the intention to hire in the Americas increased by three per cent as the U.S. labor market remained stable even in the presence of economic stress.

Amid the positive forecast, seventy per cent of finance executives say that digital technology expansion is a top priority in their firms. Research firm Everest Group revealed in its 2022 Global CFO Survey that investing and implementing digital technology that improves efficiency, and stakeholder experience became a top priority in most firms in 2022. The survey collected insights from 301 CFOs and their direct reports across major geographies including North America, UK & Europe, Asia Pacific, and the Middle East and Africa.

More companies and countries are preparing for the future. Staffing firm Unique recently launched the world’s first metaverse-based recruitment company called Uniqueverse. Unique says it is responding to the job applications of the future, as you can “discover virtual worlds in the anonymity of an avatar, map out your talent and competencies in an interactive way and get in touch with our recruiters.” Meanwhile, the Guyanese government recently launched Guyana Coders Initiative (GCI), a program that is aimed to equip 150,000 youth with technology skills. Guyana’s President Irfaan Ali said that in the future, the youth under this program can contribute what they have learned on the government’s medical and information technology (ICT) initiatives.

The year 2022 is ending with outsourcing companies receiving accolades. Outsourced information technology (IT) services provider and Outsource Accelerator Source Partner Innovature BPO is recently recognized by business-to-business (B2B) research body GoodFirms as one of Vietnam’s top business process outsourcing (BPO) firms. Meantime, managed services provider iQor earned its 2023 Great Place to Work Certification for its Philippine operations. Congratulations to both companies!

As Business Process Outsourcing (BPO) firms continue to thrive in the Philippines, Albay Representative and House Committee on Ways and Means Chairman Joey Salceda is appealing for an extension on the deadline for BPO firms to transfer from the Philippine Economic Zone Authority (PEZA) to the Board of Investments (BOI). Salceda proposed the deadline be moved from December 31 to January 31 so that more companies can keep their tax incentives while retaining their work-from-home (WFH) arrangements.

The Philippine government is making efforts to address the demand for global employment. Department of Information and Communications Technology Secretary Ivan John Uy said that the government is planning to offer short courses on cybersecurity and software engineering. This comes as National Economic and Development Authority (NEDA) Secretary Arsenio Balisacan projects that the Gross Domestic Product (GDP) of the Philippines for 2022 could surpass the government’s target due to a “robust fourth-quarter economic performance”. In fact, Swedish firms operating in the Philippines underscored the importance of promoting the inclusion of labor rights in furthering socioeconomic development in the country.

It has been a very productive 2022!

Wednesday, December 27, 2022

NEWS THIS WEEK

23 December 2022

• Innovature BPO recognized as top outsourcing firm in Vietnam – read article…
• Guyana launches globally-recognized skills training program for youth  – read article…
• BOI approvals hit P729Bn in 2022  – read article…
• NEDA chief expects 2022 PH GDP to exceed expectations  – read article…
• PH lawmaker asks to extend deadline for BPO firms’ shift to BOI –  read article…
• Unique launches metaverse-based recruitment firm –  read article…
• iQor PH receives 2023 Great Place to Work certification – read article…
• 70% of CFOs say investing in digital tech is a priority – read article…

 22 December 2022

• PEZA surpasses 2022 targets, investments grow by 103% – read article…
• DICT says PH to develop more cybersecurity experts  – read article…
• BOI likely to miss investment approval targets for 2022 – read article…
• Swedish firms say decent labor conditions prop PH’s socioeconomic growth  – read article…
• ArenaCX receives $4.2M funding – read article…
• Rotary clubs give out 500 ICT scholarships to Sri Lankan youth – read article…
• Global employment seen to rise in Q1 2023, says Teamlease – read article… 
• UK workers think freelancing can encourage more people to work – read article…

Read more Inside Outsourcing Newsletters here:

1. The Outsourcing Week in Review: Dec 21, 2022
2. The Outsourcing Week in Review: January 4, 2023