Employee Career Paths Lead to Better Retention in Call Centers

RESEARCH TRIANGLE PARK, NC - A lack of promotional opportunities is the leading cause of call center agent turnover, according to a study from Cutting Edge Information. 26.4% of agents in a CallCenterCareers.com survey left their jobs because their employers did not have a clearly defined career path for advancement.

To trim turnover — the leading driver of call center operating expenses — and boost retention of top-performing agents, a handful of financial services companies have established career paths marked by tiered positions within the call center and opportunities for promotion into management positions in customer service and other functions. Citibank, for example, promotes agents as their performance, training, or certification escalates.

"Managing Financial Services Call Centers," available at http://www.financialcallcenters.com/ contains more than 200 metrics and features practices from top companies including Merrill Lynch, Fidelity Investments, Citigroup, Capital One, Allstate, Wachovia and MetLife. The report includes career path development and other HR management practices to reduce turnover, increase customer satisfaction ratings, and minimize operating expenses.

"Too many call center managers mistakenly focus on IT as a way to improve performance," said Elio Evangelista, senior analyst at Cutting Edge Information. "HR systems — from hiring to training to performance management — are the leading drivers of turnover, which plagues call centers with high costs and inconsistent and often poor service."

"Managing Financial Services Call Centers" showcases quantitative metrics and qualitative practices in the following areas:

• Call center agents' incentive and compensation packages
• Turnover, blocked calls, cost per rep and many other key performance measurements
• Inbound and outbound call metrics for the financial services industry
• Up-selling and cross-selling strategies
• Offshore outsourcing
• Process efficiency and call center technology

To view the online summary of this 114-page report, visit http://www.financialcallcenters.com/. For more information on this report or to learn about other research being conducted by Cutting Edge Information, contact Oveda Slade at oveda_slade@cuttingedgeinfo.com or 919-403-6583.