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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.
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 trai ...
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