Serco, a renowned outsourcing services provider recently announced a new business process contract with a financial conglomerate based in the US. According to the contract Serco will provide human resources outsourcing services from India.
The ecstatic statement
The company announced the new contract at a time when the whole idea of sending business processes to off shore locations is being questioned in the US. With the immigration law under microscopic scrutiny and rumors about US government clamping down on the whole model of outsourcing, it is surprising that it seems to be business as usual for Indian firms like Serco.
The statement issues by the company said, “Serco has been chosen as an exclusive partner and will act as a talent acquisition and transformation partner. Under the agreement, Serco will deploy over 350 personnel across 11 locations in India in the next four months.”
Interestingly the name of the client and the financial details regarding the contract were not revealed in the contract and thus far has only been speculated about.
Safeguarding the reputation
Mere hints were dropped now and again about the identity of the other party in the now famous contract. Global Services Chief Executive at Serco, Susir Kumar was quoted as saying, “This is a significant win for us and we are delighted to collaborate with a company that is a leading issuer of credit cards and financial products.”
Industry experts are still mulling over exactly why the name of the company was not revealed.
The booming HR industry
The global human resources market is doing extremely well according to HFS research. The study revealed that the HR market is worth approximately $ 42 billion as of the year 2013. The Asia – Pacific market specifically was valued at nearly $3 billion.
Owning a major stake in the global valuation is Serco with a substantial portfolio in the Human Resources Outsourcing (HRO) arena. The company extends their services to a wide range of clients in the public sector. The services that they provide include benefits and pension’s administration, HR and payroll administration and recruitment process outsourcing. With over 47,000 employees in India alone, the company is well on its way to becoming a global player.