Do you know that BPO/Outsourcing industry is the fast-growing industry in Sri Lanka? The stats suggests that it generate over $900mn export revenue in 2020?
Outsourcing to Sri Lanka is becoming more attractive for businesses. Sri Lankan working culture is marked by the courtesy and hardworking nature of young professionals. Find out more
So, why you should consider Sri Lanka as an outsourcing destination?
Affordability
Lower labor costs: Compared to India, Philippine’s or China, Sri Lanka offers significantly lower employee salaries. This leads to cost savings for companies.
Infrastructure costs: Telecommunications and infrastructure costs in Sri Lanka are considerably lower than in other outsourcing destinations. It also offers lower real estate prices and competitive telecom rates.
Educated Workforce
Education system: Sri Lanka boasts a high literacy, producing around 100,000 graduates annually in various professional fields.
Language skills: English is widely used in the business community. Many employees also speak other languages, including French, German, Italian, Spanish, Korean, Chinese, and Japanese.
Favorable Business Environment
Data security: Sri Lanka has robust intellectual property protection regulations aligning with GDPR standards.
ICT infrastructure: The country’s telecommunications system is advanced. It is ranked well in global indices for digital output, skills, legal adaptability, and corporate activity.
The country is gaining popularity for outsourcing financial and accounting services. This is due to cost-effectiveness, skilled workforce, and information security.
BPO services in Sri Lanka can cost approximately 20% less. Salaries for roles like certified chartered accountants are substantially lower compared to the United States. So, hiring offshore accountants from Sri Lanka is very cost effective. It also provides many other advantages for foreign firms. (Find more details)
Conclusion: Sri Lanka is an increasingly attractive outsourcing destination. It offers a cost-effective solution with a highly educated and multilingual workforce. The country’s strong ICT infrastructure, competitive labor and infrastructure costs, and commitment to data security make it an ideal choice for businesses seeking to outsource financial and accounting services, ensuring quality and compliance at a lower cost.
Key Terms: Outsourcing, Sri Lanka
