subject: Money Matters in BPO [print this page] Money Matters in BPO
The matters of money are not simple for the BPO. There are many hidden expenses that crop up only after the telemarketing project takes off. During the course of the project, these expenses add to the call center's budget. However, when it comes to realizing this payment from the clients, things become complicated. Clients do not entertain cases where the call centers have overshot their budget. They are not being mean here; they are just being professional. In fact, they are not left with much choice in a cash-strapped economy. They have to work on tight reins and the budget issue is primary on their minds. That leaves the telemarketing unit with the losses incurred. That is why these units have to be careful about money matters.
There are some ways to stem the flow of cash at the call center. First, you have to chalk out a budget and stick to it. Experienced BPO units always make allowances for unseen expenditures. Bring the technological investment and manpower hiring charges into the picture. When you are planning out the telemarketing project, keep provisions for additional expenses. Customer service agents may quit during the project or you may find them unsuitable for work. In such cases, you will have to make sure that you have the resources to get substitutes onboard within a short period of time. In the technology aspect, BPO service may be needed to invest in some new equipment or just figure out a way to start off something new. Budgets are very important in making room for such expenditures.
Secondly, cut down on perks and special privileges when you are running on a tight budget. Get the personnel manager to explain to the call center agents as to why you are not being able to give them a monetary raise. Be transparent with them. Money is a prime motivator and if you cannot afford to offer them permanent raises then make sure you are paying them proper incentives. Incentives are a professional way to appreciate your employees and tell them that you value their contribution. Once you are paying them incentives, they will be motivated to give their best to the telemarketing services project. Moreover, you will be winning over their loyalty when they find that you are sharing your profit with them. Very few BPO companies actually do that.
Thirdly, call center units can save money if the processes are streamlined. There are several unproductive areas in call center services that consume resources. BPO managers have to identify them and erase them. The streamlining process is all about planning and chalking out the methods that are being used. If you find weak links in the process, you can talk to your agents and eradicate them. If you feel that you need to train them in a certain way to avoid the unproductive loss, you can head to the training room. Saving resources, especially money for the call centers, is something that the managers have to keen about. Unless they contribute, things look tough.
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