In the fast-paced world of customer experience (CX), one issue consistently threatens the stability and efficiency of organizations—agent attrition. High turnover rates not only impact customer experience but also lead to substantial expenses for the business as a whole and could ultimately jeopardize the job security of CX leaders.
The Alarming Impact of Agent Attrition
Traditional call center turnover rates typically average between 30-45% annually and could be significantly more for outsourcers, a staggering statistic that underscores the instability prevalent in this sector. The causes for this high attrition include stressful work environments, repetitive tasks, low pay, limited career progression, and demanding performance targets. These factors culminate in a dissatisfied workforce—only 38% of call center employees reported job satisfaction even before the pandemic added extra layers of stress.
The Consequences
High turnover rates have a domino effect on various aspects of a business:
- Customer Experience: Understaffed call centers result in longer wait times and
unresolved customer issues, leading to declining customer satisfaction. - Operational Costs: Constant recruitment, training, and onboarding of new agents inflate operational costs. In the US, the estimated cost of recruiting and onboarding a new agent is between $5k and $7k per person!
- Employee Morale: High turnover breeds a negative work environment, further exacerbating attrition rates.
The Solution: GigCX
GigCX, or gig-based customer experience delivery, offers a highly-skilled, flexible, cost-effective, and resilient addition to traditional contact center staffing models.
What Is GigCX?
GigCX involves hiring customer service agents on a gig basis, allowing them to work from their personal devices. This model provides companies unparalleled flexibility, cost savings, and access to domain experts worldwide. Here’s how GigCX can revolutionize your CX operations:
- Flexibility and Scalability
GigCX allows businesses to scale their workforce up or down in real time based on customer demand. This agility ensures that companies can maintain high service levels during peak periods without the long-term commitment of full-time hires. - Cost Efficiency
By eliminating the need for physical infrastructure and reducing overhead costs associated with full-time staffing, GigCX significantly lowers operational expenses. Companies can save 35% or more compared to traditional staffing models and eliminate recruiting/onboarding costs. - Access to Expertise
GigCX can connect businesses with a diverse, GLOBAL workforce of brand advocates and domain experts. This global talent pool ensures companies can find the right skills for their specific needs, enhancing service quality. - Improved Employee Satisfaction
GigCX offers workers flexible working arrangements, which leads to higher job satisfaction, reduced turnover, and, ultimately, a better customer experience.
Agent attrition is a significant challenge that can disrupt customer experience operations and lead to unnecessary costs. However, by adopting a GigCX model like LiveXchange’s GigCX Marketplace, businesses can overcome these challenges and achieve greater flexibility, cost savings, and enhanced service quality.
Ready to revolutionize your customer experience? Book a call and start reducing agent attrition today!