Commonly referred to as a ‘churn rate,’ a company’s attrition rate is the rate at which people leave. If you break it down, it is the number of people who have left the company, divided by the average number of employees over a period of time. Usually, it is expressed as a percentage (%).
In today’s competing business environment, the influence of attrition on a business can be detrimental to both the bottom line and morale. The question is, what exactly does this look like in a contact center? Well, first, agent turnover can have a negative impact on your company’s performance. That is why it’s important to know the status of your attrition rate. The first impact can be felt in hiring and training costs.
How can you transfer the knowledge of an agent that has worked there for several years? It’s impossible. Unless there is an extremely meticulous handover process, institutional knowledge will leave the call center.
Most importantly, losing the “team structure” can have long-term effects on the contact center. This usually looks like burn-out and low morale – causing strong impacts on overall business productivity. Not to mention, high turnover results in disarray, causing challenges in the recruitment process.
While reducing turnover can be difficult, preventing attrition can require more transparency.
Here are some steps employers can take:
- Encourage flexibility: By offering flexible hours, the ability to telecommute, or allowing employees to work part-time, you can give employees the ability to balance work and home life.
- Work management: You can’t do it all and neither can your team. Take the load off. Connecting with a third party isn’t a bad thing. It’s good. Outsourcing call center functions often allow companies to provide 24/7 customer support at a price point that won’t break the bank. Agents can work more efficiently, and managers can schedule staff more effectively, helping reduce costs-per-call.
This is where we come in. Companies that choose the right outsourcing partner will undoubtedly feel the impact. Partnering with a knowledgeable outsourced team with strong company culture and core values affects the employee experience and reduce turnover rates- that’s why it’s important to outsource the right way. Employee satisfaction and loyalty lead to better relationships with clients and customers.
Happy employees = excellent retention.
For instance, this is how outsourcing with an advisory firm like CXSS can leverage outsourcing services and impact a company’s growth:
- You’d skip the growth expenses and losses and the entire learning process that the outsourced service provider had to undergo to build and strengthen their team.
- Outsourcing means reaching new mastery, skills, and expertise; the outsourcing company has well-trained and established professionals on board who will make up for the lack of experience or knowledge in the in-house team.
- Outsourcing companies take charge of the internal investments and keep their staff up to date; they follow the market needs and remain informed; outsourcing companies train and educate their employees continuously.
- Picking an outsourcing partner that evolves and matures over time helps companies scale efficiently.
- Choosing the right BPO partner is critical. We prevent risk by doing the research for you and connecting you with the best possible match for your requirements.