Last week, iQor invited BPO Bullhorn to attend its first-ever Analyst Day in Trinidad and Tobago, giving us a chance to hear the company’s story and experience operating in T&T.
Here’s what we learned during the event:
🏢 Trinidad is home to only 11 BPO companies, 9 international and 2 domestic. These include iQor, Callserv, Teleperformance, Direc One, Ascensos, Bill Gosling Outsourcing, Call Center Pros, Equisoft, Nearshore Teleservices, Hrizons, and Carenet Health. Five more BPOs are in the pipeline, according to Minister of Trade and Industry Paula Gopee-Scoon.
🧑💼 As of Q2 2024, the available labor force was 592,300 out of a 1.4 million population. Citizens have a 99% literacy rate, with native English fluency. The BPO industry currently employs between 2,500 and 3,000, but iQor has ambitions to grow to 5,000 alone.
💰 The minimum wage is TT$3,280 or US$483.29 per month, based on a 40-hour work week. Customer service agents generally start from US$600 per month.
🌀 In terms of business continuity, Trinidad and Tobago lie on the southern fringes of the Atlantic Hurricane Belt, meaning it avoids the operational disruptions often faced by neighboring islands during hurricane season.
🏆 BPOs can start with 100 to 1,000 seats when entering T&T. By setting up the Special Economic Zone (SEZ), launched in July 2024, BPOs can capitalize on a 15% corporation tax, zero VAT, and stamp duty and property tax exemption.
⚡ T&T has one of the lowest energy costs in the world at US$0.053 KW/h. Fixed broadband is US$0.240 per Mbps and reaches almost 100% of the island’s populated areas.
👦 Young people in T&T have a tangible spirit and energy, with a passion for Carnival celebrations (almost everyone we met mentioned Carnival). Approximately 350,000 people are aged between 15 and 29.
⚠️ T&T’s economy and culture are built around thriving oil and gas and manufacturing industries and not so much tourism or customer service. As such, the workforce lacks experience in delivering empathetic, attentive customer care. Even so, iQor is finding it straightforward to develop these soft skills.
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Look out for an exclusive interview with iQor CEO Chirs Crowley in BPO Bullhorn on October 31st, 2024.