U.S. BPO profits strain amid rising wages
WASHINGTON D.C., UNITED STATES — The business process outsourcing (BPO) industry in the United States is facing profit pressures as wages rise nationwide.
According to a study by ResearchAndMarkets.com, the sector only saw a 0.6% revenue growth despite recording a 1.9% growth over five years, hitting $72.1 billion.
Still, the report also stated that BPOs thrived due to economic strength and heightened demand in finance, Human Resources (HR), and insurance. Escalating operating costs, particularly in healthcare, also nudged companies to consider BPOs for cost-efficiency.
Additionally, more companies are shifting to BPOs for their versatile third-party services on a contractual basis.
Simultaneously, a report by job search platform Adzun showed a siring demand for AI specialists in the U.S., especially within the BPO and IT fields.
Of the 7.6 million job openings in the country, 169,045 called for AI proficiency, with a notable 3,575 seeking Generative AI knowledge. Roles in focus include software engineers and data scientists, with many positions presenting attractive salaries to their applicants.
