As CEO of an India-based global business process outsourcing company, which has created over 2500 jobs in the UK, I understand the value of the UK as an investment location. Language, culture, quality of life, flexible labour markets and a reputation for innovation are all reasons why the UK is attractive as a business location. Combined with government support and encouragement of inward investment, these factors make the UK one of the primary locations for Indian companies to expand their operational reach.
Britain is at the centre of a global trading tradition and has never been afraid to embrace change, hence so many entrepreneurs as well as multinationals continue to fix their gaze on the UK. They invest in everything from auto and aerospace manufacturing to pharmaceuticals and creative industries. The Department for Business, Innovation and Skills (BIS), UK Trade & Investment (UKTI) and other non-government bodies such as the CBI and Chambers of Commerce enthusiastically promote investment, ensuring it not only takes root but prospers. This support is enhanced by the great reputation around the world that British businesses and products enjoy.
Indian companies, in particular, have been investing heavily in the UK- no doubt partly linked to the large Indian diaspora established here. Over half of the Indian firms in the European Union operate from within the UK and the UK receives over 10 per cent of India's outward investment flow. The UK is now home to more Indian banks than any country in the world. I’m sure both countries can build on this platform to expand bilateral trade much further.
My own company, Firstsource provides outsourcing solutions to organisations in the Healthcare, Telecommunications & Media and Financial Services sectors. Many of our clients are headquartered in the UK, making it an excellent strategic location. We work with the some of the UK’s leading companies in these sectors such as the largest retail bank and mortgage lender, a leading UK credit card company and the largest cable and satellite TV operator in the U.K.
We have created in the region of 2,500 jobs in the UK, investing in Middlesbrough, Belfast, Londonderry and most recently in Cardiff. This is in line with our global rightshoring model, which has around 70% of our staff in the territory where our clients and their customers are based, and around 30% offshore, to take advantage of the ability to operate effectively in different time zones to deliver true 24/7 service and to take advantage of prevailing economic conditions, exchange rates etc.
I’m particularly proud of the role we have played in helping long term unemployed people back to work, especially given the tough economic climate. Last summer we were awarded the Business in the Community’s (BITC) coveted National Big Tick in the Work Inclusion category. In Northern Ireland, Firstsource has worked with the Department for Employment and various local organisations, as well as local colleges to give specialist training to unemployed people in preparation for a job in customer services. The initiative has resulted in many of the trainees from these programmes being employed in our contact centres.
Whenever we have opened a new contact centre or taken over an existing contact centre in the UK, I have always been impressed by the ability of all the stakeholders involved to have an open, frank and professional dialogue, whether it be our client, regeneration bodies, local Government, employees and their trade unions. Everyone pulls together to ensure the right decisions are taken on the ground.
A huge draw for all foreign investors including Firstsource is the fact that the UK has the most flexible labour market in Europe. Firstsource has benefited from people looking for part time work, such as students or parents, embracing the opportunity to join a rapidly expanding company. We have also pioneered home working in the UK to complement our existing infrastructure. This employment model particularly suits people who need greater flexibility in their working life and enables us to meet our clients’ requirements to provide customer service out of standard office hours.
- UKTI India Business Awards in 2009 where Firstsource won the Award for Investor of the Year.