Why Grenada?
Grenada’s official language is English. The country offers an appealing mix of local culture and colonial roots. Also, Grenada is one of the highest visited countries for tourists with some of the world’s best attractions. For 2019 alone, the country recorded some 525, 452 tourists. In fact, Grenada offers the perfect nearshore solution since it is very accessible from anywhere in the world.
Further, the Government of Grenada is prioritizing the development of education, ICT, among others, to increase direct foreign investment.
Prior to the recent pandemic, the number of flights to Grenada had increased, as well as the destinations from where you can fly directly to Grenada. From New York and Atlanta, JetBlue and Delta Airlines offer daily flights. Also, airlines like Virgin Atlantic make it easier for visitors from the UK and other parts of Europe to come directly to the island of Grenada.
In addition to these, the country’s economy is one of the most stable in the region with a sustained 4.2 percent growth rate over the last decade, and the government remains committed to facilitating the growth and expansion of the BPO industry as it seeks to capture a larger market share.
Low Labor Costs
Investment decisions by offshore services companies are often highly influenced by the cost-saving impact, as BPO is a cost-sensitive business with increasing pressure on margins. Being a labor-intensive industry, the cost of labor is, therefore, crucial to any company in the assessment of new, potential investment opportunities. Grenada offers a significant wage differential compared to the United States of America and other countries.
Flexible Regulatory Framework
Flexible labor regulations are essential to BPO service providers, especially regarding shift work, 24 hours of operations, part-time and temporary work, among others. Regulations in Grenada are very flexible concerning hiring, redundancy, and working hours, compared to other emerging markets.
Low Operational Costs
The low costs for social security contributions and low office space costs, united with small telecoms costs, further strengthens the business status and compensates for the fact that the cost of electricity, at this point in time, is comparatively high in some countries. This is, however, changing due to the ongoing transition to renewable energy here in Grenada, thus reducing the energy costs significantly over time.
Now that we have provided you with some advantageous reasons why your company should invest in Grenada, what are you waiting for? Contact us so that we can help you to be number one and make your customers happy.