20Sep

Perks of Business Process Outsourcing (BPO) services from Sri Lanka

In today’s rapidly evolving business landscape, companies are constantly seeking innovative ways to enhance their operations, reduce costs, and stay competitive. In such an environment, Business Process Outsourcing (BPO) has emerged as a game-changing strategy for achieving these goals.

While outsourcing has been a global trend for several years, Sri Lanka has become the rising star among all other countries in the global outsourcing economy. In fact, the Global Sourcing Association has named Sri Lanka as the “Destination of the Year” in 2019. Nevertheless, Sri Lanka has ranked among the Top 50 Global Outsourcing destinations by AT Kearney and ranked among the Top 20 Emerging Cities by Global Services Magazine.

So, read onwards to explore why Sri Lanka is considered one of the best outsourcing destinations in the world.

Cost- efficiency

One of the most significant advantages of outsourcing to Sri Lanka is the cost savings it offers. Due to the lower cost of living, the compensations are also notably low in Sri Lanka compared to many other Western countries. It has been evident that consumer prices are 70% lower here than in other developed countries.

Another most important factor is the lower infrastructure and telecommunication costs Sri Lanka serves. Also, the electricity supply and office spaces/rentals are also at affordable prices. This cost advantage allows businesses to reduce overhead expenses without compromising on quality.

Skilled-workforce

Sri Lanka boasts a well-educated and highly skilled workforce who is proficient in the English language. Since Sri Lanka offers free education, there are thousands of graduates who pass out every year in various fields. Thus, the country is known for producing talented and experienced professionals who can deliver exceptional services to the global economy.

Favorable business environment

Sri Lanka’s government is actively involved in providing a favorable environment for the outsourcing industry. It is clearly evident by having low tax and regulatory costs in Sri Lanka. Nevertheless, by having good IT infrastructure and good telecommunication facilities, the fact is simply proven again.

Since, data security and compliance are paramount in the BPO industry; the government of Sri Lanka prioritizes data protection and adheres to international data security standards, ensuring that sensitive information is handled with the utmost care and confidentiality.

Time zone advantage and cultural compatibility

Sri Lanka’s strategic and unique positioning between Europe and Asia provides a significant time zone advantage for businesses looking to outsource, making it possible for businesses in Western countries to operate seamlessly with teams in Sri Lanka. Also, it is a well-known fact that the country has a long history of British colonial influence. Thus, it has led to a shared cultural understanding and a strong command of the English language making communication effective and easier among team members in different countries.

16Aug

The Importance of Virtual Assistants in 2023: Enhancing Business Efficiency

AdminBlog

The Importance of Virtual Assistants in 2023: Enhancing Business Efficiency

In 2023, the significance of virtual assistants cannot be overstated, as recommended by leading business owners, consultants, and business strategy builders. In recent years, businesses have been compelled to adapt to changing circumstances brought about by various external factors. This trend is set to continue as the repercussions of the global pandemic and ongoing conflicts persist. Furthermore, rapid advancements in technology have a profound impact on business strategies. As more businesses turn to the online realm to expand their operations, virtual assistant services have become an invaluable asset.

Seamless Online Management

Virtual assistant services play a vital role in efficiently managing your online presence. Business process outsourcing companies, known for their round-the-clock service, provide virtual support capable of handling online inquiries and managing customer support. These trained professionals excel in attending to such matters in a virtual setting. Establishing a robust online presence is imperative for businesses in 2023, and online virtual assistant services simplify the process.

Adapting to Technological Advancements

The year 2023 will witness continued technological growth, bringing forth rapid changes that impact business processes. Embracing new technology can enhance efficiency, productivity, and visibility while streamlining operations. However, training existing staff to adapt to these technological advancements often incurs significant additional costs for businesses. Likewise, hiring new talent may present limitations. This is where online virtual assistant services offer a solution. Equipped with extensive training and experience, virtual assistants enable businesses to capitalize on emerging trends within the industry.

Risk Management

Businesses in 2023 anticipate potential economic setbacks, including heightened inflation and weakened growth. To safeguard supply chains and maintain business functions, companies must proactively build resilience. Virtual support systems are invaluable in this regard. With their flexibility in scheduling and work environments, virtual staff members consistently deliver superior products and services with enhanced efficiency. Compared to physical staff, online virtual assistants eliminate overhead costs entirely, offering vital financial relief during challenging times.

We at SourceOne are a reputable company with extensive experience in partnering with businesses striving for excellence in their respective industries. We offer top-notch online virtual assistant services that adhere to industry standards. With our assistance, your business can reach its true potential despite external factors, as we possess the expertise to effectively navigate them.

04Aug

Have you explored the benefits of using SourceOne Sri Lanka’s EOR services for global expansion?

AdminBlog

Benefits of using SourceOne Sri Lanka’s EOR services for global expansion

Employer of Record (EOR) has become a critical solution for businesses looking to expand their operations globally without the complexities of establishing legal entities in foreign countries. SourceOne Sri Lanka, a leading EOR service provider, offers a comprehensive suite of services designed to facilitate seamless international growth for businesses across various domains.

Advantages of EOR services, highlight what sets SourceOne apart from its competitors, explore the countries served by the company, and identify target countries for further expansion.

Employers of Record service acts as an intermediary between a company and its employees in a foreign country. By serving as the legal employer, EOR providers handle all legal and administrative responsibilities, including payroll, taxes, compliance, and benefits. This allows businesses to focus on their core operations and quickly access global markets without the burden of setting up legal entities in each country.

SourceOne as the best EOR company in Sri Lanka, stands out from its competitors in the EOR industry through its commitment to personalized service and comprehensive support. The company’s experienced team understands the unique needs of each client and tailors solutions accordingly. SourceOne’s dedication to compliance ensures that businesses can operate confidently in any country, navigating complex regulations smoothly.

SourceOne Sri Lanka currently provides EOR services in prominent business hubs, including the United Arab Emirates, Singapore, the Netherlands, USA and China. These countries offer strategic advantages for businesses looking to expand into dynamic markets with diverse opportunities.

SourceOne caters to businesses across various domains, ensuring that clients from different sectors can capitalize on the benefits of EOR services. Whether it’s IT/ Software, Marketing, Customer Service, Manufacturing, or other industries, SourceOne’s expertise and global reach enable seamless workforce management and market entry.

In addition to its existing footprint, SourceOne Sri Lanka has set its sights on further global expansion. Target countries include Singapore, the United Arab Emirates, the United States, and China. These countries represent economic powerhouses and vibrant business ecosystems, making them ideal for SourceOne’s clients to seek new markets and opportunities.

As businesses increasingly seek to expand globally, SourceOne Sri Lanka’s EOR services prove to be a strategic partner in navigating the complexities of international markets. By leveraging their expertise and personalized approach, SourceOne enables companies to establish a global presence efficiently and compliantly.

As the company continues to expand into new territories, clients can trust SourceOne for their requirements in EOR service from Sri Lanka to be their trusted guide in achieving international success.

Let’s talk

13Mar

Payroll Outsource/Processing services from Sri Lanka

AdminBlog

For businesses trying to simplify their HR procedures and cut expenses, outsourcing payroll processing services are one of the best solutions in the current scenario. With a strong BPO sector that provides payroll processing services to businesses worldwide, Sri Lanka is a center for outsourcing services that is expanding quickly. In this post, we’ll examine Sri Lankan payroll outsourcing services in more detail.

Managing all facets of payroll processing, including Employment contracts, monthly payroll computations, tax deductions, fund transferring, issuing payslips and other related administrative duties, through a third party is known as outsourcing payroll. As a result, businesses have more time to concentrate on their core operations and are spared the headache of running their own payroll system. Payroll processing services can be outsourced to access a degree of competence that may not be possible internally.

Cost-effectiveness is one of the main benefits of partnering with SourceOne to handle payroll processing. SourceOne currently provides the payroll services to the clients in Netherlands, UAE , China and Singapore , at lower cost compared to other service providers. So, by outsourcing your payroll process to SourceOne , you can save a sizable sum of money on payroll processing services.

The other benefits that a client can gain from Outsourcing payroll processing services to SourceOne are;

An experienced staff that is bilingual in English and other languages works at SourceOne. As a result, there is reduced likelihood of misunderstandings or mistakes when communicating with Sri Lankan service providers.

Having access to cutting-edge hardware and software. SourceOne is making a significant investment in cutting-edge hardware and software. Businesses wishing to track their payroll data may find this technology’s real-time reporting and analysis to be of great benefit.

It’s crucial to pick a dependable company with industry experience when outsourcing payroll processing services to Sri Lanka. It is advised to conduct some research and contact references before selecting a service provider. We at SourceOne set clear expectations and communication channels, as well as a method for keeping an eye on performance and guaranteeing quality control.

For businesses wishing to simplify their HR procedures and cut expenses, outsourcing payroll processing services to Sri Lanka can be a wise decision. The nation appeals to outsourcing companies due to its developed BPO sector, competent labor base, and cutting-edge technology. To ensure the success of the outsourcing collaboration, it is crucial to select a credible service provider and create open lines of communication. By implementing these actions, businesses can benefit from the numerous advantages of outsourcing payroll processing services to SourceOne .

Why should you come to SourceOne

SourceOne is specialized in payroll processing service as per the required labour regulations in Sri Lanka. If you are looking for a service provider to manage your Payroll we offer the latest, most efficient payroll strategies and best practices. Our payroll services take the burden off your shoulders. Let us worry about your payroll while you work to grow your business. Trust us! We know the best for you. Look no further if you are looking for the best payroll outsource service in Sri Lanka we at SourceOne is one call away.

Let’s talk

18Jun

benefits of hiring virtual staff for organizations

How virtual staffing makes organizations more efficient?

AdminBlog

How virtual staffing makes organizations more efficient?

Employers and employees are trying to find the correct balance between office and remote work as it’s no secret that the world of work is changing by the pandemic and its aftermath. Every company dreams of a productive, efficient, and successful group of individuals as their team. According to research done in the year 2016, it was found that 85 percent of employees worked with virtual teammates, and 73 percent said the advantages outweigh the challenges. To satisfy specific business demands, companies are increasingly turning to outside services on demand.

A virtual assistant is a remote employee who assists with various business processes. Startups can hire virtual assistants to help with data entry, bookkeeping, inbox management, social media content, and pretty much anything else that doesn’t require them to be present in person. By hiring virtual staff, you can take your business to the next level because of its high-efficiency levels.

The efficiency level of ‘Hiring Virtual Staff’ could be measured under various factors. Such as Promptness, Cost, Time, Approachability, and Opportunity to reach a wide range of candidates. A few of the many reasons why virtual staff can make organizations more efficient are as follows;

Lowers costs
Access to top-performing employees
Having more committed hours
Employee retention

Lower costs

Hiring a regular office staff requires a considerable amount of cost and time compared to a virtual employee. The employer has to pay for the infrastructure of a new employee and provide access to necessary tools which are mandatory to complete their work. On the other hand a regular permanent cadre staff, the employer is responsible to pay employee taxes and other benefits such as travel allowances, insurance, etc. All these expenses could be eliminated by hiring a virtual assistant.

Access to top-performing employees

One of the most advantages of hiring virtual staff is that there are no geographical boundaries to your parameter when selecting your employees for the required work. You can find the best talent despite their country of origin. You can increase the knowledge sharing in your company which can directly influence innovation processes and helps your human capital to share their global knowledge and a better understanding of the global market. As a result, the employer will be benefited from a talented global network.

Having more committed hours

Making effective time for the work you do and doing it with interest is what matters the most. Committing your time to the work you do is vital to do the job precisely. Having more committed hours can benefit in many ways to a company. Completing a job within a minimum time limit, High accuracy levels are a few of them. Which in return will help maintain a good relationship with your customers and win their confidence.

Employee retention

Most employees leave their jobs due to job responsibilities not matching up to job expectations and the work-life getting conflicted with their personal life. Mainly It’s work-life balance and competitive compensation. Nowadays employees tend to demand improvements in their work-life balance and when it comes to virtual hiring this matter is mostly disregarded as they are being provided with flexible hours and lack of restrictions. The happier the employee more beneficial for the employer.

10Jun

reasons to choose outsourcing companies in sri lanka

Why choose Sri Lanka for outsourcing?

AdminBlog

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.

Latest technology

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.

08May

What are the benefits of a BPO?

AdminBlog

What are the benefits of a BPO?

Outsourcing, as a business practice, has been recognized and implemented widely across various continents. What allures so many businesses to outsourcing is that it allows a company to focus on its core competencies while offloading its non-core competencies to outsourcing providers at very low costs. Currently, it’s a popular way for businesses to lower operational costs and streamline operations while still handling important functions.

Focus on core business tasks

After you allocate tasks to your outsourcing partner, they share the workload of your employees. This allows you to develop your internal task force and use them more efficiently.

Lower costs

You are getting access to quality services that are offered at a much lower cost. Maintaining an infrastructure can be an extra burden for some businesses, which outsourcing can eliminate.

Promote growth

The costs of some operations are extremely high, but you might want to offer them to satisfy customers, expand your business model, or compete in the marketplace. Outsourcing can be a good option if the cost of expanding to handle those operations on your own is too expensive or would create inefficiencies in your business model.

Maintain operational control

When you consider outsourcing you should contemplate Operations with increasing costs. An outsourcing company can often bring better management skills to your company than what would otherwise be available without significant restructuring.

Provide continuity and risk management

High employee turnover can add uncertainty and inconsistency to a business. Outsourcing provides a level of continuity to the company while reducing the risk that a substandard level of operation could bring, even over a short period of time.

Develop internal staff

A large project can require skills that your staff does not possess. On-site outsourcing, where you bring in contractors to operate at your location, can provide you with the people who possess the skills you need while your people work beside them to acquire a new skill set.