New CMP Research Reveals That Customer Contact Organizations Stand To Lose More Than $600,000 Annually If Attrition Is Not Properly Addressed
NEW YORK and LAS VEGAS, June 19, 2023 /PRNewswire/ -- CMP Research, a division of Customer Management Practice (CMP), a leading market intelligence firm for the customer management industry, announced a breakthrough Predictive Employee Attrition Model at Customer Contact Week taking place at the Caesars Forum in Las Vegas from June 19-22, 2023. Customer Contact Week is produced by CMP and is the leading conference dedicated to providing expert insight into exceptional customer service.
To help customer contact organizations recognize agent attrition before becoming a costly expense, CMP Research's Predictive Employee Attrition Model will estimate attrition rates approximately 6-12 months in advance, aiming to identify which individuals and segments are least and most likely to leave the customer contact function. This tool will provide customer contact organizations with the data needed to mitigate agent attrition before it happens.
According to CMP Research, agent and employee attrition is an urgent challenge facing customer contact leaders, citing minimizing talent attrition as one of their most difficult and vital challenges in 2023-2024.
Additionally, the data also uncovered engaged customer agents are less likely to leave, and those satisfied with their current roles are 2.7x more likely to stay at the organization. This is particularly important as research indicates the risk of employee attrition in the customer contact workforce today is high, given that nearly 42% of the front-line customer contact workforce is unsatisfied in their current role.
According to CMP Research, the dynamic between managers and customer contact agents is the primary driver of agent engagement, while satisfaction and flexibility are the second and third biggest drivers, respectively. CMP Research's Predictive Employee Attrition Model enables customer service organizations the power to actively manage the costs associated with managing agent attrition rates and identifying key sectors that need improvement.
"With the average customer contact organization losing a staggering amount of revenue annually due to agent attrition, it's crucial to have a firm grasp on an organization's attrition rate, the number of at-risk agents, and the underlying causes of this risk." Nicole Kyle, Managing Director and co-founder of CMP Research, emphasizes. "We are thrilled to unveil our innovative diagnostic tool at our flagship event, CCW Las Vegas, empowering attendees with the essential knowledge to proactively tackle agent attrition before it spirals into a costly burden."
The Predictive Employee Attrition Model provides employers with qualitative and quantitative research that pinpoints priority areas of improvement by gathering key data points around each agent. These points include markers such as how long they have been at the organization and if they work hybrid or remotely, to name a few. Additionally, the model gauges customer agent satisfaction by asking agents to rate their level of satisfaction in six critical areas: culture, work flexibility, tools and technology, manager dynamic, career development, and compensation. Once results are collected and analyzed, the Predictive Employee Attrition Model will estimate attrition rates 6-12 months in advance, the percentage of increased attrition, and the agents at risk of leaving.
For more information about CMP Research's Predictive Employee Attrition Model tool, watch this video to learn more: https://www.youtube.com/watch?v=MxHM8IBiSb0.
About CMP Research, a division of Customer Management Practice
CMP Research helps customer contact executives make better decisions faster amid transformation using independent quantitative and qualitative research, data-driven analysis, advisory services, and community insights from Customer Contact week, CMP's Research Board, and client community. CMP Research sits at the intersection of customer contact and the future of work. For more information, visit https://www.cmpresearch.com.
About Customer Management Practice
The Customer Management Practice (CMP) is a leading market intelligence firm for the customer management industry, offering a comprehensive suite of events, research, marketing, and business development services. As a trusted partner to customer contact executives, CMP addresses the pressing challenges through various channels, including live events such as its industry-leading series, Customer Contact Week, online event communities, and cutting-edge industry research. With research-backed insights and data-driven advisory services, CMP provides its clients with a holistic view of their customer management issues. It delivers new perspectives for executives craving a clear understanding of their strengths and weaknesses relative to their peers and the industry. CMP's solutions empower executives to develop customer management skills, transforming customers into raving fans. CMP is dedicated to making its client's customer management rockstars. CMP's team of experts draws upon years of experience in the industry to provide tailored solutions that meet each client's unique needs to improve their customer experience, streamline operations, and boost their bottom line. For more information, visit, www.customermanagementpractice.com.
Methodology: CMP Research's Predictive Employee Attrition Model is the result of a driver analysis conducted on a representative sample of the customer contact workforce in summer 2022. The research initiative proved the respective impact of six drivers on employee satisfaction and retention to a statistical significance. This analysis is the basis for this predictive tool.
SOURCE Customer Management Practice