Case Study: Solving Call Center Employee Attrition

Attrition Dropped by 30% Yielding Multimillion Dollar Cost Savings

Business Challenge:

A global financial services firm was experiencing 60% voluntary attrition among Customer Service Representatives (CSRs).  They hired close to 30,000 CSRs annually, making this an unrecoverable multi-million dollar expense. To be placed in a full-time role these CSRs had to pass a Series 7 exam.  In preparation for this exam, new hires were paid for 12 weeks of training – culminating in a Series 7 exam.  If they did not pass the first time they were fired.

Enter Talent Analytics.

By selecting candidates that are more likely to pass training, we get more agents past that hump and onto the phone where they begin to provide value to their employer. Fewer candidates waste their own time in a career that they ultimately don’t want. The contact center spends less money acquiring, recruiting and training agents. Performance goes up. Engagement goes up. Attrition goes down. Customers feel it.

Everybody wins.

Results:

“This work had tremendous impact on the bottom line of our business, and the quality of service we gave our customers.  Within months of hiring people with characteristics that Talent Analytics correlated to high business performance, employee turnover dropped by over 30%, yielding a multi-million dollar annual savings.” – EVP, Financial Services Firm

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