Why choose Sri Lanka for outsourcing?
Sri Lanka has been consistently climbing the ranks of ‘top outsourcing destination’ ranking lists. It is emerging as a global IT-BPO destination of choice in many key focus domain areas. Sri Lanka is ranked among the Top 50 Global Outsourcing destinations by A.T. Kearney, a leading consulting firm, which regularly surveys countries based on financial attractiveness, labour quality and business environment. Sri Lanka also is ranked among the Top 20 Emerging Cities by Global Services Magazine. The country is ranked among the top 5 offshore outsourcing destinations in the world also Sri Lanka has won the ‘Best outsourcing destination of the year’ awarded by the National Outsourcing Association UK consecutively in 2013 and 2014 and was shortlisted for the award in 2015.
Today, more than 300 IT and BPO companies have operations in Sri Lanka, more than 60,000 people hold IT or BPO jobs, and the sector generates more than $400 million in exports. The growing IT-BPO industry in Sri Lanka offers a unique advantage for Small and Medium Enterprises (SMEs) to enjoy premium access to a high-quality talent pool, which is becoming progressively challenging in large established destinations such as India and China.
Sri Lanka has become one of the safest countries in the region for businesses and personal security. Companies from around the world, including Australia, have set up BPO operations in Sri Lanka because it is ranked as one of the top twenty countries for BPO investment.
The following are key factors to consider why choosing Sri Lanka for outsourcing is wise a decision.
Strong education system
Sri Lanka has one of the best education systems in the South Asian region leading to a large talent pool consisting of young, skilled professionals. The literacy rate in the country is over 95%, a number that few countries in the region can match. Sri Lanka is blessed with young professionals trained in premium and prestigious institutions in the country. Young professionals have refined their skills in local universities and private universities which are with foreign universities. The workforce is rich with technical and soft skills due to better education and more opportunities.
Better labour costs
Sri Lanka ranked number eleven on the A.T. Kearney ranking system for best-outsourcing destinations in 2017, which was an improvement over the previous year by three spots. The increase in rankings is attributed to an improvement in the quality of the workforce, better labour costs, and an improved business environment. According to readings, companies can save as much as 30% in labour costs without compromising the quality of their work. Thus, Sri Lanka is a great outsourcing destination for any business looking to maintain cost efficiencies.
Years of experience with foreign establishments and investment and a strong telecommunication network have allowed Sri Lanka to keep up to date on the latest developments in technology. Whether it is updated to existing software or the development of brand new technology such as cloud computing, outsourcing companies in Sri Lanka keep up with the latest developments in an ever-changing technological industry.
Friendly and quality workforce
Sri Lankans are well-known for their friendly nature and hospitality. Their polite attitude and enthusiasm make them perfect candidates for BPO positions. Many young professionals are eager to find work and perform exceptionally well in their respective professions.
Moreover, the island itself has much to offer, when it comes to distressing or just gratifying relaxation time. The sunny and sandy beaches of the coast, the mystic mountains at the centre, the incredible wildlife reserves spread across the country and the exciting nightlife in Colombo and the down south regions, can be reached within a couple of hours of travel. Which will provide ample exploration and extracurricular activity options for family time or leisure periods.