New CMP Research Reveals That Customer Contact Organizations Stand To Lose More Than $600,000 Annually If Attrition Is Not Properly Addressed
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.