The BPO sector is one of the sectors in the job market that is dominated by young talent from Generation Z and Y. The reasons for the interest in this industry are the attractive conditions and opportunities that many companies offer their employees. Maria Dekova, Team Leader – BPO Team at Manpower Bulgaria shares more on how these benefits differ from other sectors on the labor market and what changes and actualizations have employers undertaken in the last two turbulent years.
What makes the BPO sector and the jobs in it attractive to young people?
Due to the specific nature of the services offered and qualifications sought, the BPO industry mainly targets young people aged 18 to 35, offering them a wide range of career opportunities and social benefits to attract and retain the best young talents in the sector. The factors that make the environment attractive for young people are many, including competitive remuneration and an attractive benefits package, along with flexibility of working hours and location, access to opportunities for professional growth, stability and financial security. Outsourcing is a comprehensive term, but on the Bulgarian market it is characterized by the coverage of several main business areas - administration, human resources, financial and accounting services, customer service and IT/SOFTWARE operations. There is a trend of increasing recognition of the BPO sector, characterized by the rising awareness of job opportunities in it. Outsourcing companies are permanently positioning themselves as the preferred destination among young people, offering them security and opportunities for career development in niche business areas.
Has the economic crisis had an impact on the development of the BPO sector and the overall package of remuneration and benefits it offers?
The BPO industry represents one of the largest and fastest transforming business sectors in the country and globally. Against a volatile backdrop, characterized by multiple crises - health, economic and financial, energy, climate and the rising social inequalities, the BPO sector has clearly demonstrated stability and while many industries are suffering huge financial losses, outsourcing continues to demonstrate resilience and growth. The economic crisis, followed by rising inflation, has put entire business models and sectors to the test globally, pushing thousands of people out of the job market. One of the most affected sectors has been tourism, where thousands of employees have sought salvation in outsourcing companies, where foreign language speakers are in demand. A number of companies looking for rational solutions to reduce costs and optimize processes benefit from outsourcing solutions, offering thousands of jobs in the sector. The pandemic left a lasting imprint on the industry, transforming entire business models to an entirely remote mode of operation. This has allowed many companies to hire employees in other countries, taking advantage of the lower standard of living and tax benefits, with Bulgaria ranking among the top destinations for outsourced services. Trends in BPO remain more than positive towards highly competitive working conditions and an attractive benefits package. In conclusion, I would add that as a result of the rapidly changing global environment, the BPO sector has strongly transformed. Shared services companies' business models rely heavily on a focus on services based on the latest high-tech solutions, aiming to transform businesses through digital innovation based on sustainability in the future.
What are the latest trends in additional benefits in this industry and how do they differ from the rest of the job market?
Undoubtedly, the outsourcing industry is known for some of the highest pay levels in the country, but the advantages are far from exhausted here. Benefits, characterized by their increasing diversity, flexibility and attractiveness, are also increasingly important. Among the trends in benefits, the 4.5 or 4-day work week is becoming increasingly relevant, as is the fully remote option to work from anywhere in the country, which is finding a wide audience of professionals in a variety of fields looking for exactly these types of privileges. In the current dynamic labor market, we are seeing an increasingly pronounced race to make employers look attractive in terms of the benefits they provide to their employees. The rich palette of social benefits is driven by the sector's tendency to attract mainly young talents between the ages of 18 and 35 looking for flexibility and work-life balance. It is this trend in benefits that drives the main differences between benefits in outsourcing and the rest of the labor market.
