In 2016, Process Solutions Romania embarked on a fast-track growth journey, with the objective to double the size of the business in 5 years. This demands an annual growth rate of minimum 15%. Last year we achieved 19% increase in revenue, so we are pleased with our actual performance.
Behind this result is our increased agility and better use of existing capacity. Thus, we were able to support internal finance & accounting departments of various large international companies in dealing with tight situations: peak periods, unexpected shortage of staff, organizational changes or implementation of systems. As far as our standard services are concerned, new clients came mostly from industries that are the fastest growing in Romanian: IT, SSCs, R&D centers, automotive.
Currently Process Solutions Group is working on overhauling its operational model, developing automated tools and enhancing its operational processes. While we are looking forward to benefit from these investments, in the Romanian office the focus has been mostly on people development.
We have been pursuing a Build recruitment strategy: recruiting career starters as interns, then develop and promote them up through the ranks. But this is not free of challenges. Retention of personnel is getting harder and harder. New entrants need skilled people at all levels and tend to attract talent mainly by offering significantly higher salaries. If this trend continues and performance coupled with productivity do not keep up with the rise of salary levels, we as an industry will sooner or later suffer. In the context of this fierce war for talent, besides making improvements in our compensation & benefits system, we decided to focus on improving everyday work life by adding more ingredients of motivation and engagement: sense of purpose, recognition, attention, autonomy and challenge. There are positive signs that the sense of fulfilment and growth and ultimately the level the engagement have been increasing.
Looking ahead in 2019 and beyond at our industry’s main trends, I see a decisive focus and push on AI and RPA. All players must advance in this respect so that they remain in the game. However, in the medium and long run there will be a different differentiator, which goes beyond technology, efficiency and productivity.
While eliminating or reducing manual inefficient work, the successful BPO or SSC / GBS will have to get closer to the business and understand and solve business problems. Its service must extend beyond delivery of accurate and timely information according to SLAs. Business support services must adapt to the heartbeat of the company and operate as a seamless, integral part of the business. This requires a different skill set including understanding overall business priorities, client centricity in a true sense, initiatives and intrapreneurship, mastering communication and influencing skills. All these are strongly connected to the scarcest resource of today’s business scene: leadership. I am convinced that this is going to be the game changer on the longer run.
Process Solutions Romania