Sri Lanka is a rising star in the global outsourcing industry. The country offers high-quality, affordable services, a good business environment, and an educated workforce, making it a promising outsourcing destination. Here are some of the reasons why you should outsource to Sri Lanka.
1. Affordability
Sri Lanka has lower compensation costs than developed countries and other leading outsourcing destinations. This is because Sri Lanka has a much lower cost of living than the United States, Canada, Australia, and most European countries. Consumer prices in Sri Lanka are 70% less than in the United States, and grocery prices in Sri Lanka are 63% cheaper than the United States. This means that Sri Lankan employees can live comfortably on a much lower salary than the United States. For example, the average monthly salary of a Sri Lankan employee is USD 285, compared to the average monthly salary of an American employee, which is USD 7900.
Additionally, Sri Lanka has lower infrastructure costs than developed countries and other leading outsourcing destinations. For example, the average cost of Class A real estate in Sri Lanka is USD 227 per square meter, while it’s USD 918 per square meter in India.
2. Quality Education and High Literacy Levels
Sri Lanka has a free primary and secondary education system that results in a 92% literacy rate, the highest in South Asia and above average for third world countries. Secondary enrollment rate of 90%, ranking 3rd just after UAE with 98% and UK with 96% reported by SLASSCOM in 2014. ICT and English language are incorporated within the education system, leading to the development of knowledge and skills from a very young age.
Sri Lanka also has an abundance of highly qualified professionals with sophisticated technical skills to handle all IT/ BPO outsourcing needs. Sri Lanka has the largest CIMA student community outside UK with over 14,000 students. Pool of over 120,000 accounting professionals specialized in high-end finance and accounting functions.
3. Strong Data and IP Security Policies
Sri Lanka has strong data and IP security policies that protect the interests of outsourcing clients. Over 800 ISO Certificates have been issued for ISO 9001 and 27,0001. Sri Lanka was ranked 2nd in South Asian Property Rights Index. First South Asian to ratify the United Nations on the use of Electronic Communications in international Contracts. Only South Asian country who has acceded to Budapest Convention on Cyber-crimes.
4. Favorable Business Environment
Sri Lanka has a peaceful domestic environment, favorable government policies and improved investor confidence contributing to high economic growth. Government initiatives to develop Sri Lanka as a knowledge hub, a commercial hub, a naval & maritime hub, an aviation hub and an energy hub. Score of 3.37 financial attractiveness on the A.T. Kearney Global Services Location Index 2016. Sri Lanka reported a GDP growth rate of 2.5% of and a GDP of US $ 78.82 billion in 2016.
5. Proven Track Record of Success
Sri Lanka has a proven track record of success in outsourcing, having been awarded the award for “Outsourcing Destination of the Year” in 2014 and 2013 by the National Outsourcing Association UK and recognition of Colombo as a “Global Center of Excellence for Finance and Accounting” by Global Services Magazine. Sri Lanka is also home to many multinational companies that operate in the outsourcing sector, such as HSBC, IFS, London Stock Exchange and Paycorp. These are just some of the reasons why you should outsource to Sri Lanka. If you are looking for a reliable, affordable and high-quality outsourcing partner, Sri Lanka is a great choice for you.
