Mumbai: Staffing solutions company TeamLease Services Monday said regulatory process outsourcing (RPO) is expected to grow to Rs 600 crore over the next five years from the current Rs 350 crore.
"The RPO industry is slated to grow to around Rs 600 crore from the current Rs 350 crore over the next five years. There are regular amendments to various laws and regulations, and authorities are getting increasingly vigilant. All this
has resulted in a significant growth in demand for RPO," TeamLease Services Senior Vice-president and Regulatory Head Amitava Ghosh said in a release issued here.
The RPO is growing, especially, under uncertain business environment.
"The outsourcing of labour compliance, while driven by the broader trend of companies to focus on core capabilities, is also gaining acceptance because of the huge risks for companies and senior management for non-compliance," Ghosh said.
There are huge reputation risks that can be managed by prudent and diligent plumbing and processes around labour law adherence, he said.
"With every passing day, there is news of some or the other scandal, factory lockout, strike, etc, making business heads apprehensive. We have grown significantly in a short span and this reflects the market scenario," he added.
First Published: Monday, September 05, 2011, 21:00