attrition, centers
U.K. firms’ witness attrition in Indian BPO centers
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Britain’s Financial Services Authority (FSA) has expressed concern over the high level of attrition in offshore centers set up by U.K.-based financial conglomerates in India. FSA has cautioned that it could affect the service provision in outsourcing centers in India.
The regulator has particularly warned insurers with offshore hubs about spiraling staff attrition levels, with turnover rates now comparable to the U.K.As per a report ‘Offshore Operations: Industry Feedback,’ the regulator commented that overseas call centers create a risk to the FSA’s objectives of reducing financial crime, increasing consumer protection and sustaining market confidence.
The FSA, of which officials visited India recently to examine the operations of BPOs and banks in the country, noted that while cost advantages was the initial impetus for offshoring, many companies said that they would continue to move operations abroad due to other benefits. These mainly include the high quality of work from staff given many are graduates.
Of attrition levels, it said: “The industry in India is experiencing a high level of staff attrition, largely because it is quite a young industry. “We are concerned that the high attrition could adversely impact service provision but found that firms had factored it into their recruitment and training capabilities.”
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