Customer Service Skills Training and ROI
Below is a MRR and PLR article in category Business -> subcategory Customer Service.
Customer Service Skills Training and ROI
Summary
Training contact center agents is a significant challenge in today’s environment, with high turnover and rising hiring costs?"ranging from $6,500 to $10,000 per agent. Poor customer service can also hurt your bottom line. So, how can you justify the expense of training?
The Case for Training
Research underscores that investing in employee training can lead to substantial growth. A study by Accenture highlights its impact on ROI, revealing critical insights:
- Recruitment: Training opportunities rank among the top three factors people consider when choosing an employer, alongside advancement opportunities and benefits.
- Productivity: Employees who receive training are:
- 17% more productive,
- 20% outperform peers,
- Stay 14% longer with the company.
- Retention: Trained employees are:
- Twice as likely to stay for two years,
- Six times more likely to view the company as a great workplace,
- More likely to feel fairly compensated.
Accenture's analysis showed an annual per person net benefit of $25,324, translating to a company-wide benefit of $1.26 million with a 353% ROI on training costs.
Understanding Customer Experience
Do you know how many of your calls result in negative experiences? Hopefully, these numbers are low. A Purdue University study revealed age-related tendencies in customer retention after negative experiences:
- Ages 18-25: 100% would stop using the company.
- Ages 26-35: 97%
- Ages 36-45: 53%
- Ages 46-55: 50%
- Ages 56-65: 33%
- Over 65: 63%
Younger customers are less forgiving, while those over 36 have more positive history with the company and are more forgiving of mistakes. Calculating the financial impact of poor customer experiences can highlight potential revenue recovery through effective training.
Customer Satisfaction and First Call Resolution
First call resolution (FCR) is the key driver of customer satisfaction, with best practices at 86%. Even at this level, 14% of customers might need multiple interactions to solve their issues, frustrating both agents and customers, and increasing operational costs.
Research shows no standard measurement for FCR, but what gets measured gets managed?"and improved. A recent study found that over 90% of companies tracking FCR reported performance improvements. Another study noted that lack of FCR accounted for at least 30% of call center costs.
Conclusion
Invest in your team with robust training, equipping them with the skills and authority to resolve issues efficiently. Customer service representatives are crucial in maintaining customer satisfaction and loyalty. Regular, high-quality training in world-class customer service skills is essential for improving FCR and enhancing your bottom line.
You can find the original non-AI version of this article here: Customer Service Skills Training and ROI.
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