By Abigail L. Ho, Inquirer.net
The high wages being offered in the business process outsourcing industry may no longer be enough to convince mid-level executives to stay on in their jobs, as they now look for more “quality of life†incentives.
A recent study by research firm XMG Global found that, while cash was still an important consideration among BPO talents in three offshoring countries—the Philippines, India and China—the appeal of high wages alone had started to wane, particularly for supervisors, team leaders and mid-managers.
“Results [of the study] show that while the use of cash rewards is consistent with or slightly behind levels reported last year, some categories of awards level desired increased by an astounding 18 percent—notably what we at XMG Global call ‘quality of life’ incentives. Examples of this type of incentive include flex hours, additional paid time off, telecommuting, stress management and family counseling,†XMG said in a statement yesterday.
“As health and family-related issues are on the rise, most particularly due to work-related stress and working the graveyard shifts, the respondents indicated they were willing to devote more to a company that recognizes and respects their personal needs and life circumstances,†it added.
Considering the results of the study, XMG said BPO firms should consider providing more non-cash rewards that focused on improving the quality of life of their personnel.
This would not only help companies retain their talents, but would also ease the pressure on BPO firms to give out cash or cash-oriented incentives.
“Such incentives do much to address real and important employee needs and concerns, often without cash outlays. They also serve to foster loyalty and commitment,†XMG said.
“Vendors and captives that still believe that cash is the only form of incentive in offshoring countries are missing the opportunity to derive higher performance and retain key performers. Respecting individual needs for leading a better quality of life from work and more flexible approaches to the work environment will be a leading retention practice,†it added.
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