KPOs are likely to grow nexpectedly. But what is it they do that is helping them pull professionals out from their careers to join the KPO bandwagon?
Recent visit of United States (US) president, Barek Obama has proved that the job inflow from US will remain to continue in India. The one of the answer is- through knowledge process outsourcing (KPO). KPO is the outsourcing of knowledge work in fields like law, finance, medicine, etc.
It involves transfer of business to other geographic locations for access to highly skilled workforce, improved quality, operational efficiency and cost savings. KPO is one step ahead of business process outsourcing (BPO) in which work other than software development and technical support is outsourced.
Current scenario
Though the KPO sector started emerging around the turn of the century in India, it is still in nascent stage. However, things are looking up. In last four years, the industry witnessed more than 26% CAGR (Cumulative Annual Growth Rate), creating a sea of opportunities for young graduates and experienced professionals. Career in KPO industry is exciting, fast-paced and rewarding. It provides a number of functional domains to graduates where they can hone and develop their skills and knowledge.
According to a study of Evaluserve, a leading provider of KPO services, the industry will provide 2,55,000 jobs in India by 2011. The research shows strong growth in the KPO sector in India. During 2000-01, India had 9,000 KPO professionals generating total revenues of US$260 million.
Currently, India employs nearly 80,000 employees in the sector and figures will increase in future.
India is one of the most preferred destinations for KPO industry because of cost, availability of skilled manpower, operational efficiencies and improved quality. The workforce is educated and well-versed with English.
Every year, the country produces large number of professionals in fields like IT, education, science, engineering, finance, law and architecture (About 3,60,000 graduates, including 40,000 MBAs and 6,000 PhDs). KPO brings a range of opportunities to this ever-growing young and dependable workforce.
Type of jobs
KPO involves work that requires advanced technical and analytical skills. The areas associated with KPO include research and development, advanced web applications, learning solutions, financial consultancy and services, animation and design, medical services, business and technical analysis, business and market research, writing and content development, pharmaceuticals and biotechnology, legal services, training and consultancy, data analytics, network management and intellectual property research.
Eligibility
The minimum eligibility to work in the KPO industry is graduation in any discipline. However, those with professional and postgraduate degrees are preferred. Good logical analytical skills and in-depth knowledge of a domain are the necessary skills to work in the KPO industry. In case of legal outsourcing, one should be a trained lawyer.
Similarly, candidates proficient in English can work for a university in foreign country. Financial process outsourcing is another hot job. Creating reports, balance sheets and other such documents requires expertise in finance. So, one has to be master of a particular subject. Graphic designing is another field which needs training from a good school.
Remuneration
The career avenues provided by the industry are one of the best suited and growing options which even freshers can opt for. Wide range of opportunities, well paid jobs, and facilities make it a good option.
In KPO sector, performance is measured on the basis of projects handled and efficiency in performing the work given. A young graduate can expect to join the industry with a package of Rs3 to 5 lakh per annum, with an average annual increase ranging from 12 to 20%. However, along with many benefits associated with the industry, there are some negative points that make people rethink about the job. After doing the job for some time, many people find it difficult to continue as it becomes tedious and monotonous. Some leave the job when they need to spend sleepless nights. So evaluate well before taking a plunge.
There are numerous well established KPO companies in the country. Some of the best KPO companies in India are Genpact, Evalueserve, Ugam Solutions, WNS, 24/7 Custmoer, ICICI OneSource, EXL Service, Copal Partners, Pangea3 and TechBooks. Most of them are based in metro cities.
Source: Team DNA/ DNA-Daily News & Analysis