Business Process Outsourcing (BPO) and Jamaica's Economy
This industry took a big hit as a result of COVID-19 in more ways than one. Under the microscope in this episode of ‘Beyond the Crisis‘ is the Global Services Industry popularly referred to as Business Process Outsourcing,( BPO). This is where companies contract third parties to carry out non-core processes or operations in order to focus on their core business functions. In Jamaica, this is primarily through customer service processes in call centers.
According to one report published in February, the Global BPO market was expected to reach just over 405 billion US dollars by 2027. Up to January of this year, the industry employed 40 thousand people in Jamaica and was growing at an annual rate of over 20 percent.
Players in the sector are now anxiously looking forward to getting back to the path of growth but Henry says this will require bold moves on the part of the government especially as it relates to legislative and other support needed to facilitate the work from home arrangement.
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