The Outsourcing Week in Review: Tuesday, July 6, 2021

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Welcome to Inside Outsourcing: The Outsourcing Week in Review

THE WEEK IN REVIEW

The Jamaican Business Process Outsourcing (BPO) sector is expecting to finalize US$70-million worth of contracts, which will create 7,000 job opportunities, in the coming months! According to the Global Services Association of Jamaica (GSAJ), a non-profit association that represents outsourcing firms in the country, the majority of BPO providers in the island “are seeing new projects coming their way or have new projects in the pipeline.”

A representative from the Jamaica Promotions Corporation (JAMPRO) cited an anonymous study that said around 50,000 jobs “would be shifted to the US nearshore post-pandemic.” Exciting times for global outsourcing!

Online recruiting for BPO firms in Malaysia surged to a whopping 192% in May 2021 compared to last year’s data. According to the Monster Employment Index (MEI), the country’s employment index also grew from 40 to 64. Additionally, outsourcing powerhouse India reported an increase in online job postings despite the second wave of COVID-19 in the country. MEI noted that India’s overall online recruitment increased by four per cent in May 2021. In addition, the country’s hiring activity for top management level professionals even saw a 66% surge. Wow!

Further, a report from India-based online stock trading platform Motilal Oswal projected that there will be a “great demand” for Indian firms from clients looking to explore a digital transformation. Despite this though, Karnataka State IT/ITES Employees Union (KITU) issued a warning to software companies regarding “unethical and inhumane method of layoffs.” The union noted that businesses in the area that have over 300 employees should get government approval before enforcing layoffs.

Japanese staffing firm Pasona Group recently announced its upgraded forecasted revenue for the year ending May 2021. The firm enhanced its forecasted revenue from JPY 330 billion (approximately US$ 2.98 billion) to JPY 334.5 billion (approximately US$ 3.02 billion), adding that its BPO services continued to expand in Q4.

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#InCaseYouMissedIt: El Salvador has now formally adopted Bitcoin as an official currency, alongside the US dollar.  Their reasoning was that the digital currency may drive more investments to the country, with President Nayib Bukele saying that “cryptocurrency would generate jobs and help El Salvador achieve financial inclusion.” It’s interesting to ponder how digital international currencies could impact international staffing and outsourcing? TaskUs, which has an office in the country, welcomes the development, saying that “with our current crypto clients, we understand that agility and flexibility in staffing are key,” said Josh Nutter, Vice President of Business Development.

In other BPO news, outsourcing giant Accenture is getting itself involved in some acquisition activity. They recently acquired cloud infrastructure services provider CS Technology, which will give the company access to 100 skilled IT employees as it aims to “push further into the hybrid cloud infrastructure arena.” This is in addition to the firm’s acquisition of IT services provider Trivadis AG. Trivadis’ team of over 700 IT professionals across Europe is set to merge with Accenture’s Data & AI team within the Accenture Cloud First group. Both acquisitions’ financial terms are not disclosed.

While other countries loosen their mobility restrictions due to COVID-19, new regulations in Belize required BPO establishments to reduce their office capacity to 50%. Employees are also urged to work from home as necessary. The Caribbean country is also imposing tighter curfew hours due to a recent surge in new cases.

South Africa is also facing economic difficulties due to being the worst-hit African country for COVID-19 infections and deaths. The rand took a slump last week due to COVID-19 concerns and new lockdown measures. On July 1st, Nasdaq reported that the rand ZAR= traded at 14.4550 against the dollar, 1.3% weaker than its previous close.

To deal with Poland’s COVID situation, the country has come up with a fun and creative way to encourage vaccinations! State-owned firm Totalizator Sportowy said they will organize a national lottery for fully inoculated individuals. The lottery will run on September 30, and the total jackpot is over PLN 22.7 million (approximately US$ 5.95 million), both in cash and in-kind.

Pack your bags, we’re going to Poland!

 

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Tuesday, July 6, 2021

NEWS THIS WEEK

 

5 July 2021

  • India skills report lists its top youth employable states – read article…
  • DXC Technology named Insurance BPO Services Leader – read article…
  • India-based union KITU warms IT firms against massive layoffs – read article…
  • Accenture acquires CS Technology while finalizing another merger with Trivadis AG – read article…

2 July 2021

1 July 2021

  • Jamaican BPO contracts expected to carry out $70mn – read article…
  • BPO expansion of Japan-based Pasona Group revises its forecasted earnings – read article…
  • BPO online recruitments in Malaysia grows to 192% – read article…
  • BPO offices will be limited to 50% capacity in Belize – read article…

23 June 2021

  • El Salvador’s new currency opens fintech opportunities for BPOs – read article…
  • IBM and Movistar Colombia announces new collaboration – read article…
  • California state gave India-based outsourcing tech firm a tax break – read article…
  • WA Education collaborates with Kinetic IT for a $500m outsourcing contract – read article…

29 June 2021

  • Online payments firm Payoneer goes public after merger – read article…

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