itel Continues Strong Growth Trajectory Despite Economic Headwinds and Looming U.S. Recession

KINGSTON, Jamaica, October 17, 2023 /PRNewswire/  itel has remained steadfast in its growth trajectory and continues to expand its nearshore footprint, even as many larger BPO competitors face deteriorating market valuations. Over the next 6-8 months, itel will add over 800 seats to its Jamaica and Saint Lucia destinations and generate another 1,800 CX jobs in the region. Its recent win of two large brands in the Travel & Hospitality and Banking and Financial sectors further strengthen its position as the Caribbean’s largest homegrown business process outsourcer (BPO).

The global BPO sector has faced a challenging year marked by unstable macroeconomic conditions caused by global economic uncertainty, rising geopolitical tensions, and inflationary pressures that have lowered consumer demand. Fears of a possible U.S. recession and economic downturn have led to widespread layoffs in many industries, such as those in the Tech sector, and stock devaluations for many publicly traded companies. BPOs have also been subject to much speculation about the effects of artificial intelligence (AI) with many who wonder how the technology will impact the outsourcing industry.

“There is no doubt that the last two years have been unsettling for many industries and there have been a lot of changes in the global BPO space, but brands have turned their attention to the LACA region because they see the value in a skilled multilingual workforce that is closer to home, where they can reap cost benefits while still offering secure infrastructure,” expressed Yoni Epstein, itel’s Founding Chairman and CEO. “We’ve just landed two major brands, one in Travel and Tourism and the other in Banking and Finance, and we’ve developed a robust pipeline that we are confident will bolster our strategic growth plan.”

Most recently, itel has attracted some key international recognitions for its continued success and performance in growing its client and employee talent bases. The company secured the only Star Performer designation within the Aspirant category on Everest’s 2023 PEAK Matrix Assessment, a comparative analysis of top technology and CX providers. In addition, itel has been named one of the Top 100 Global Outsourcers by the IAOP (International Association of Outsourcing Professionals). In early 2024, itel will launch its newest facility in Belize where it's been testing the market for the past year. Client interest in new and diverse, if somewhat untapped, markets, like Belize, are not waning and demonstrate their ongoing strategic interest, on which itel will continue to capitalize.

Click here to learn more about itel's new Belize location.