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Outsourcing with Purpose Can Help Communities – And Boost Your Business

4 minute read, posted on 06/14/2024, by Mark Wilson

Banner - Outsourcing with Purpose Can Help Communities – And Boost Your Business - minority-owned business

Every company sits within a web of relationships. They all have clients and suppliers. VXI is no different. We have many clients from various countries around the world and we have suppliers predominantly serving our 40,000+ service experts located in seven different countries.

As an NMSDC-certified and minority-owned business process outsourcer (BPO), we believe we have a responsibility to affect change while helping our clients build meaningful customer relationships through high-value services and a socially-driven mission.

We call our approach purpose-driven outsourcing. This is based on our belief that companies can do well by doing good. With our global presence, VXI is in a unique position to help our clients deliver a greater impact at scale.

All companies need to carefully consider their approach to Environmental, Social, and corporate Governance (ESG) today. Every business is deeply connected to issues relating to the environment or the way that people are managed, but many have not connected these issues to the potential value that can be created for the business.

McKinsey published a good summary of this issue where they analyzed thousands of companies and found that companies with a strong focus on ESG deliver far greater equity returns, they experience stronger business growth, they create better productivity, and they enhance investment returns.

Investors are demanding greater clarity on the ESG strategy of a business they plan to invest in. Customers are demanding greater sustainability in the products they buy and the brands that create these products. Job seekers want to work for companies with ethical values that reflect their own.

This is where we believe that our purpose-driven outsourcing approach can directly boost the ESG credentials of our clients. We work directly with underserved communities in several different countries to create training and job opportunities – building close bonds with the communities where we operate.

By working with VXI, a minority-owned business, our clients are facilitating this capacity building activity – the more clients we engage with, the more we can achieve. We know that purpose-driven outsourcing creates a circular economy of impact, benefiting both upstream customers and downstream communities. By increasing access to talent and bridging the opportunity gap, everyone wins – as employees gain valuable experience and companies gain a diverse and agile workforce to meet customer needs and stay ahead of the curve.

Communities thrive as economic activity picks up in underserved areas, growing one job into three more and sparking a chain reaction of indirect and induced spending through local partnerships with other businesses. This is a great example from the Philippines where investment in a local BPO created a need for local restaurants, salons, bars, and other service businesses.

In our experience, a typical $5-7M outsourced engagement in the U.S., employing 100 customer service agents, results in 200 new jobs for the community and an annual total economic impact of $13M.

This type of engagement is often described as impact sourcing, but the classic image of impact sourcing assumes that the BPO will only ever create opportunities in developing nations. At VXI we know that there are underserved communities who value employment and training opportunities all over the world – including the United States.

Purpose-driven outsourcing is not just about corporate social responsibility or doing the right thing. This is a genuine opportunity to help underserved communities through partnership with a minority-owned business process outsourcer (BPO) that is already engaged in this activity. It can rapidly improve your ESG credentials and therefore be an important asset when answering questions from investors, customers, or the smartest job-seekers deciding which company deserves access to their skills.

For more information on purpose-driven outsourcing at VXI please click here.

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