Benefits of doing business in Bulgaria.
It’s no secret that outsourcing has been one of the major contributors to businesses expanding around the world. For years now, several brands, including international companies and multinational conglomerates, are looking at the viability of Eastern Europe as a top choice to expand their businesses.
What makes Bulgaria a great outsourcing destination for your business is the steady development of the IT and business process services in the country. With such a boom in the local outsourcing scene, everything else follows suit. Today, there are more than 600 Bulgarian companies engaged in business process outsourcing (BPO) and information technology outsourcing (ITO), with several indicators citing unprecedented economic growth in the future.
What’s in it for you?
As you’re reading this, you might already be looking at Bulgaria as your outsourcing option. With its robust BPO sector, excellent language skills, competitive labor force, and an already strong presence of multinational companies in the region, you know that you’re headed towards the right direction.
But maybe you need a little push – or a slightly more compelling reason for you to start expanding with a BPO operation in Eastern Europe.
In this blog, we list down a few more reasons why you should look at Bulgaria for your business’ growth.
1. Bulgaria is a mature European outsourcing destination – over 20 years of expertise + first ever master’s Program for Outsourcing
Sofia University, the oldest higher education institution in Bulgaria, will be launching a mutual Master program titled “Outsourcing Projects and Companies”, aimed at developing skills for outsourcing and offshoring. This is a strong manifestation of the commitment of the region towards the BPO industry. This is the chance for young graduates who want to seriously commit their careers to outsourcing and even become more competitive. Of course, businesses will only benefit from this, providing their prospective employees to enhance their work force and improve their employees’ capabilities. It’s a win-win situation that makes Bulgaria a top choice for outsourcing your business.
2. Bulgaria has an outstanding grasp on multilingual talent pool
“Excellent” is an understatement in Bulgaria when it comes to linguistics and language proficiency.
During the recently held International Linguistics Olympiad, teams from Bulgaria have brought home 62 medals (17 gold, 18 silver, and 27 bronze), 7 trophies (2 gold, 3 silver, and 2 bronze), 3 first-place team cups, 12 best-solution prizes, 21 honorable mentions, and 1 team contest honorable mention.
Additionally, the country has sent 14 Repeat Medalists and 5 Dream Teams to the Hall of Fame.
Not only are Bulgarians excellent in both local and foreign languages, they’re also great with analytic and deductive thinking, which are considered major factors for winning the Olympiad. In a show of support, the Bulgarian Outsourcing Association backs the team, as they continue to recognize talented individuals may have a knack for the booming outsourcing business. Who knows, an Olympiad champion in linguistics may soon be part of YOUR company. Look out for that on any resume that may show up on your desk!
3. Cost / value proposition: Talents involved in the industry are predominately with University degrees and great skillset
People living in Bulgaria have a positive outlook towards the outsourcing industry in their country. With more than 75,000 people employed in BPOs and ITOs, the outsourcing and offshoring industry has provided several socioeconomic and livelihood benefits for them – including their families. Companies in the industry have a very strong people-oriented policies and spend much time and efforts in engaging their teams.
That’s why if you decide to expand your business and outsource in Bulgaria, you can rest assured that employees have a generally positive outlook towards work due to their high levels of satisfaction. This allows for more productivity and efficiency in their respective workplaces — and more work gets done for you by the end of the day.
4. Expertise in IT and Engineering
Some of the most technical jobs require the highest of salaries. However, your business can easily overcome this financial obstacle through outsourcing in Bulgaria.
The country’s expertise in IT and Engineering allows for foreign investors and multinational companies to set up massive offshore system infrastructures and the like to support their mainline business and onshore home facilities. With more IT experts and engineering professionals by your side (plus a team of highly competent administrative employees to boot), you’ll be able to focus your energies more on what you are passionate about and leave all the technical work to experts who know what they’re doing – without breaking the bank.
5. Cultural and geographical proximity to Western European countries.
With a closer proximity to Central and Western Europe, as well as several EU member states, the business attitude and work ethics of Bulgarians are close (if not entirely similar) to the Western business world, ensuring that nothing gets lost in translation abroad. This is more important than you realize, as different cultural workplace norms can sometimes lead to challenging and even frustrating outcomes. That’s why if you’re looking to expand to a country in the Eastern Europe such as Bulgaria, you’re minimizing these risks.
One of these cultural traits is punctuality. Commuting to the workplace has also improved tremendously over the last couple of years thanks to recent improvements in public transportation and infrastructure, such as the extension of metro lines in Sofia, the country’s capital city.
6. An emphasis on proper education
Education is also a key part of the culture of Bulgarians, as the majority of the population is well educated. Approximately 80% of the working age have acquired secondary or even higher education. The quality of education is also quite high, as most educational institutions and facilities are equipped with ample computer facilities to cater to the modern information era, not to mention the proliferation of BPOs and ITOs in the region.
While Bulgarian remains to be the official language, more and more courses are being taught in English, thus increasing the overall efficiency of the student body, employees, and the population in general. This makes transitioning the business quite easy for you.
7. Is BULGARIA the next step for YOUR business?
Needless to say, Bulgaria’s reputation as a preferred outsourcing partner for all kinds of businesses continues to rise. The country’s penchant for professional and efficient work ethic allows businesses to react quicker to the times, become more responsive to customers, reduce costs, drive revenue, and give business owners the opportunity to focus on the more important aspects of their businesses.
Whether you’re interested in expanding your start-up, or are representing a major multinational conglomerate, outsourcing is truly the way to go in this increasingly connected world.