What is Workforce Management? What is Workforce Management?
Workforce Management (WFM) is a method of strategically maximizing staff efficiency to ensure that all resources are in the proper position at the right time. Workforce management also enhances the quality, performance, and competitiveness of call center employees.
Organizations are now using workforce management systems and tools to improve operational efficiency in a systematic way. It involves human resource management, performance, training management, preparation, data gathering, procurement, budgeting and planning, scheduling, and research.
Besides job morale and preparation, workforce management also emphasizes how businesses can engage with workers. A good workforce management approach includes online preparation and supervisor-based coaching. It ensures that staff is up to speed with the expertise for their jobs. Importance of Workforce Management
Workforce management focuses not only on employee performance and scheduling but also on how businesses should invest in their workers. Workforce management is also critical to the company management. It allows a company to guarantee that they have adequate employees available to support their clients and if their employees have the expertise and skills to do so. Workforce management helps monitor the day-to-day success of workers and easily recognizes opportunities for change.
Various BPO firms in the Philippines provide solid WFM strategies that involve online training and expert outsourcing advisory to ensure employees are up to date on the latest skills for their job. With the help of Outsource Accelerator, you can request three free quotes from trusted offshore staffing providers in the country.
What is Domestic Outsourcing? What is Domestic Outsourcing?
Domestic outsourcing, or more commonly referred to as onshore outsourcing, is a strategic form of business process outsourcing where a company outsources its business functions to a third-party provider located in the same country where the business is headquartered. Back office functions like customer service, IT operations, and accounting are usually the roles outsourced to these third-party providers.
Domestic outsourcing keeps a company’s core team focused on their main responsibilities, and it reduces the worry for additional employees’ equipment, benefits, office space, and so forth. It also helps save on costs, while hiring an outsourced dedicated team with the right educational backgrounds for the job. Domestic outsourcing vs offshore outsourcing
Offshore outsourcing is the complete opposite of domestic outsourcing. It is the other form of strategic solution that refers to when a company outsources its business functions to a third party provider located in a far-off country, most commonly Southeast Asia.
The top outsourcing destinations in Asia include the Philippines, India, China, Singapore, Malaysia, Thailand, and Singapore.
What is Business Process Outsourcing (BPO)? What is Business Process Outsourcing BPO?
Business Process Outsourcing (BPO) is the engagement of services from a third-party provider. BPO uses various technology-enabled services to hasten the delivery of services. The business activities could be back-office such as, but not limited to, payroll, accounting, human resources, or front office jobs like customer service, sales, and marketing, etc. In the case of content providers, these business activities could mean hiring writers, remote editors, or virtual assistants.
BPO speeds up processes and enhances efficiency. Companies that outsource some of their business activities use their time on core services and competencies. With this shift in focus, companies improve their current processes that may result in improved customer satisfaction. BPO helps companies divert their resources to more critical business strategies. Often, companies find it impractical to hire a full-time position in-house because of the cost associated with doing so. How does Business Process Outsourcing work?
When a business engages an external specialist to manage and operate some of its internal processes, it's referred to as business process outsourcing. Such ‘processes’ include customer service, accounting and finance, or sales. It is different from hiring an agency to do specific tasks, as the outsourcing provider (BPO) is more concerned with the ongoing production of labour-intensive tasks, instead of the higher-level strategy and guidance.
Now, business process outsourcing has broadened and is more akin to staff augmentation, or staff leasing. What are the benefits of business process outsourcing?
There are many benefits to outsourcing, as well as some downsides and risks. The common benefits include: Cost savings: significant savings of up to 70%, leveraging the lower global salaries Global market: access to a bigger employment pool of talent Global presence: having operational across the globe increases trade opportunities Flexible workforce: reduces internal local labour and employment compliance obligations Leverage skill: leveraging the skills of other specialist companies Focus: enables the client company to focus on their core functions
Business process outsourcing examples
The business process outsourcing sector is a vast industry, generating over $200bn annually, and employing many millions of people worldwide. Some examples include: Big enterprise
Facebook and Uber outsource many of their operational functions, including content moderation for Facebook, and customer service for Uber Medium-size businesses
A medium business with 50-500 staff might outsource the labour-intensive accounting and finance functions to a team in the Philippines. Small business and entrepreneur
It is common for small business owners to have a Virtual Assistant (VA) working for hem full time, remotely from the Philippines. What are the different types of BPO?
The type of business process outsourcing can be characterised by their specialisation, location, and size. Generalist or specialist BPOs
Business process outsourcing is in the human resources and professional services sector. However, their services extend across all industries. The majority of BPOs are generalist, in that they offer a full range of professional services, although some specialise in certain verticals (ie accounting, or animation). Location
Business process outsourcing typically operates form developing nations such as the Philippines, India, and Colombia. They typically have cheaper cost-of-living and bigger populations. Different locations offer different advantages. Size of BPO
The bigger BPOs employ more than 250,000 people. They are huge, global operations. Medium-sized BPOs range from 500-5,000 staff and offer a full range of services. The smaller BPOs might have 1-500 people. Functions of business process outsourcing
Collectively, business process outsourcing provides any kind of staffing solution. Common functions of BPO include: Finance and accounting: operational, technical and specialist functions Healthcare: various functions of the backend of the healthcare and health-insurance industries Creative and content: everything from post-production of Hollywood movies to newspaper and website content Tech, IT and development: network management, web and app development and maintenance Sales & customer support: ongoing sales and customer operational support and delivery Marketing: ongoing marketing, communication and branding activities Talent and HR: externalising the management of company HR, recruitment and compliance Administration: general business administration and operational activities Business Process Outsourcing (BPO) services
Outsource Accelerator is the most trusted source for independent information & advisory for Business Process Outsourcing (BPO). We have over 4,000 articles, 200+ podcast episodes, and a comprehensive directory with 700+ BPOs… all designed to make it easier for clients to learn about, and engage with, business process outsourcing.
What is First Response Time (FRT)? What is First Response Time?
First response time (“FRT,” also referred to as “first reply time”) is the amount of time between the moment a customer submits a ticket/issue and the moment the customer service representative responds to the customer to provide an initial response. This metric is measured in business hours.
The shorter the first response time, the better. FRT is the acknowledgement to the customer that their concern is being looked into, and keeping it low lessens the possibility of the customer getting even more frustrated from waiting for a response. About first response time
Your customer service team’s first response time sets your customers’ expectations on the quality of the customer service experience that you provide. An early response to a customer’s concern means that you’re attentive of what they need and willing to get it resolved as soon as possible. Longer response times may make the customer that they need to get your attention in a different way, and may cause them to post a negative review on social media for everyone to see.