For many years’ companies have been torn between the low level of services provided in offshore destinations and the high costs of onshore locations.
This is rapidly changing, Eastern Europe is now a viable location for outsourcing.
Bulgaria is ranked in the top 20 countries worldwide for outsourcing, according to AT Kearney’s Global Services Location Index, and is a top 3 choice in Europe.
Bulgaria offers highly educated and motivated workforce, multilingual skills and competitive pricing. According to the report from AT Kearney, Bulgaria is a home of advanced IT centers servicing both international and local companies and offers everything that a company would look for in an outsourcing destination, especially for the IT sector – a strong educational system that excels in engineering, a large talent pool of professionals, and a strong presence of multinational companies in the region.
The outsourcing sector in Bulgaria is developing rapidly and has undergone significant change and growth in recent years, making a transition from customer service solutions, where processes and technologies are relatively uniform and standardized, to services with high added value, where more complex processes, including analyses, developing, maintaining and ensuring growth of core business operations such as marketing, sales, accounting, human resources management, fintech, are provided. By 2020 the outsourcing industry is expected to generate 2.5 billion euros and make up to 4.3% of the country’s GDP, according to a report published by the Bulgarian Outsourcing Association. With regards to the workforce, by 2020 it is expected that there will be 20,000 new jobs in the Bulgarian outsourcing sector.
Over 67 000 people are employed in the outsourcing sector in Bulgaria, forming 2.4% of the labor market. About 60% of the working population speaks at least one foreign language, and more than 66% of the students in Bulgaria study English and German. More than half of the working population in Sofia has university degree and there is a cultural proximity to the western business world in terms of business attitude and ethics.
Bulgaria maintains its high ranking in Europe with regards to outsourcing also because of the alignment between the government, associations and businesses. Its geographical location, developed infrastructure, real estate equipped to accommodate industry needs, an educated work force, taxation, well developed second tier cities and cost savings are just some of the reasons you might want to consider outsourcing your business in Bulgaria!