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Sykes Enterprises - Case Study Example

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Sykes Enterprises' current performance, in spite of the economic problems, has been satisfactory. However, its financial performance has fallen short of the expectations of the industry speculations and thus there is a strong reason to re-consider the options available to Sykes to improve profitability and maintain relationships with the different states that have provided Sykes Enterprises with favorable taxation and land deals.
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Sykes Enterprises

Download file to see previous pages... The mission of Sykes is to provide its customers with competitive rates so that it can provide its customers with the lowest rates. Sykes' strategy is to compete with the industry leaders on cost. It has to thus ensure that its operations stay profitable for it to continue its operations. Its mission and objectives are aligned with the amount of competition in the market and allows Sykes to target the same companies its competitors are targeting however, offering the lowest rates in town. There is no need to review the mission and objectives, but the strategy needs re-working.
It is obvious that Sykes can take more than one action to improve its revenues and build a profitable business. The closure of its operations in India have resulted in consolidation of its costs in the United States. The competitors of Sykes have resorted to opening up call centers in South East Asian nations such as the Philippines to counter the high turnover costs and possible wage rises in Indian cities due to growing economies.
One of the strategic alternatives for Sykes could be to introduce a culture of hiring fresh graduates and providing them training and binding them with contracts to serve Sykes for a period of two years. This would result in a significant drop in turnover for a temporary period. Reduction in the hiring and firing costs will result in lower running costs that will allow Sykes to offer lower rates to its customers.

It would be wise for Sykes to continue its contracts with various towns and cities and gather benefits in taxation and other utilities offering employment in return. The reduction in taxes would result in a lower deductions in the revenues. The reduction would improve the profitability, though not necessarily the revenues. The current scenario asks for more involvement in the US rather than other countries. Significant cost reduction in Asian economies is no longer an onus and in countries that still offer lower operation rates, there is always the chance of high turnover costs and bad customer experiences - due to accents of offshore employees.

Recommended Strategy
Keeping into view the tough conditions of the economy, it would be wise for Sykes to combine the two strategies and work towards reducing its costs. Since Sykes mission and objective is reduction in costs to offer competitive rates in the industry, the two strategies could both be used to reduce the costs in order to provide highly competitive rates to corporate customers. This strategy would result in attraction of more corporate clients. However, Sykes should not close down any further call centers nor should it pursue an aggressive strategy within the US - current operations should be maintained until there is a significant rise in the profits.

It would be wise for Sykes Enterprises to consider more large firms in the market other than SBC ...Download file to see next pagesRead More
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