More than 30,000 TaskUs employees, 70% of whom are based in the Philippines, will receive either cash bonuses or equity as a result of the business process outsourcing (BPO) company’s June 11 IPO (initial public offering) in American stock exchange NASDAQ.
Per the latest financial statement of TaskUs, the total IPO bonus amounts to $4.361 million. Hundreds of the company’s leaders have been awarded equity while employees spread across the eight countries will receive a one-time cash bonus based on their tenure at the company.
Valued at around $2.8 billion, TaskUs provides outsourced customer support services to companies like Uber and Netflix.
“This company only exists because of the tireless work of our frontline teammates and incredible efforts of our support organizations from HR to IT to Finance. Without them, there would be no IPO. We wanted to ensure every TaskUs employee got a chance to participate with a bonus, and to continue our investments to support their career growth,” TaskUs Chief Executive Officer Bryce Maddock said in a press statement.
To be launched as well is a global tuition reimbursement and professional development program for employees seeking professional and academic development. Employees can select courses as long as it is related to the skills or knowledge required for their current role or any potential career advancement within TaskUs.
Despite the pandemic, outsourcing revenue rose 1.4% to $26.7 billion last year from the 2019 figure, the Information Technology and Business Process Association of the Philippines said.
Globally, the BPO market is expected to register a compound annual growth rate (CAGR) of 8.5% from 2021 to 2028, according to market research firm Grand View Research. — Patricia B. Mirasol
