Want to Reduce Agent Attrition? Try Speech Analytics
We tend to think of speech analytics as a tool with a number of contact center performance benefits. Transforming voice data from customer interactions into business intelligence delivers the capability to improve:
- Agent performance
- Customer experience
- Regulatory compliance
- First call resolution
- Sales effectiveness
- Issue resolution
- Overall quality of service
You’ll notice that “reducing agent attrition” is not listed among its attributes. But when you take a closer look at the causes behind agent departures, it becomes clear that speech analytics can make a difference here as well. And not a moment too soon, as many contact centers suffer costly, time-consuming attrition rates of 50% or more every year.
Why do agents leave? Some are frustrated by ineffective training, or evaluations that do not reflect their actual performance. Some view the job as one that should lead to additional opportunities and incentives that never materialize.
But what happens when agent scoring is handled through speech analytics software? Supervisors don’t have to devote the same amount of time to agent evaluations, and coaching sessions can be more precisely tuned to address specific issues for each agent. Better training results in better performance, and more individualized attention results in agents feeling more valued by the company.
When agents are better trained and better motivated, customers receive better service. That makes it easier to offer incentive programs and income growth opportunities to outstanding performers.
The cost of replacing an agent who quits or is fired can be as high as $8,000 – half of that for hiring, the other half for training. At a 250-agent contact center with just a 15% attrition rate, that adds up to more than $300,000 every year. In addition to its many other virtues, speech analytics can help reduce this punishing annual expense.
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