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Casual Articles - Training and ROI (Return On Investment)
Following is a brief definition of core competencies and competitive advantage and their fit with creativity and innovation management.Core Competence:A core competence is one which critically underpins the organisation's competitive advantage. Companies can differentiate themselves from their competitors with specific core competencies, but often not for long. The differentiation is difficult to sustain and can often be imitated by competitors.The integration (and attainment) of constituent skills that is the distinguishing mark of a core competence, is achieved and sustained through developing strong dynamic capabilities,
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle
Businesses nowadays are now aware of the power of the internet. Who would think decades ago that Yahoo, Google, Ebay or Amazon will became large corporations today? Twenty years ago no one would imagine that this would happen. Now even here in the Philippines there are some online entrepreneur from rags to riches made his way to success. So what is the most important thing to start a business? Is setting up a brick and mortar (this is a physical business like a grocery store for example ) comparable to an online business? It has similarities in some ways like both sell products or services. But the big difference for both to succeed is:B
Research has been making a case for how spending in human performance areas such as training, translates into bottom line growth. Accenture's study on the impact of training on ROI has some interesting results. (Smith, David. Y. and Waddington, Ted. Running Training Like a Business: Determining the Return on Investment of Your Learning Programs, Outlook Point of View, March 2003.)
First, in the area of recruitment, training opportunities were among the top three criteria people considered when deciding where they want to work (the others are the opportunity for advancement and a good benefits package). In the area of productivity, as a result of training, employees were:
17% more productive
20% higher performance levels relative to their peer group
Stayed with the company 14% longer
In the area of retention, employees who had access to the training were:
More than 2 times more likely to expect to be with the company in 2 years
More than 6 times more likely to think the company is a 'great place to work'
More likely to think they are fairly compensated
Dollar figures associated with their statistics for a fiscal year report the annual per person net benefit or $25,324. They multiplied this number by their 50,000 employees yielding a companywide benefit of training of $1.26 million. By dividing the benefit by the cost of one year of training ($358 million), researchers concluded that the ROI (at Accenture) is 353%.
Negative Customer Service Experiences?
How many of you know (and track) what percentage of your calls are bad experiences? Hopefully, you do know the number, and they’re in the low single digits.
In a recent study, in answer to (1) did the agent satisfy your needs in the call, and (2) based on any negative experience, would you stop using this company and go to the competition? the results were:
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle a
I am not going to try and sell you on some Hokie-Pokie way of starting a business. Nor am I going to get you to check out some fabulous business opportunity.What I am going to tell you is not being done. In fact, what you want to know about internet marketing and what professionals want you to know are two different things.If you are think about buying into some membership site that promises to teach you how to cut the corners and quickly get you to untold millions; think again. What works best in this field are three things; willingness to learn, hard work, and diligence.Here are three basic facts that you need to wrap
First, in the area of recruitment, training opportunities were among the top three criteria people considered when deciding where they want to work (the others are the opportunity for advancement and a good benefits package). In the area of productivity, as a result of training, employees were:
17% more productive
20% higher performance levels relative to their peer group
Stayed with the company 14% longer
In the area of retention, employees who had access to the training were:
More than 2 times more likely to expect to be with the company in 2 years
More than 6 times more likely to think the company is a 'great place to work'
More likely to think they are fairly compensated
Dollar figures associated with their statistics for a fiscal year report the annual per person net benefit or $25,324. They multiplied this number by their 50,000 employees yielding a companywide benefit of training of $1.26 million. By dividing the benefit by the cost of one year of training ($358 million), researchers concluded that the ROI (at Accenture) is 353%.
Negative Customer Service Experiences?
How many of you know (and track) what percentage of your calls are bad experiences? Hopefully, you do know the number, and they’re in the low single digits.
In a recent study, in answer to (1) did the agent satisfy your needs in the call, and (2) based on any negative experience, would you stop using this company and go to the competition? the results were:
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle
Every month it seems like there is more month and less money left at the end of each month. Sound familiar? A part time job may be the answer.No, you should not just think about a second job at your local hardware store or pizza palace. You should try to use your spare time to do some freelance work.Using freelance work, you can add to your income while acquiring customers and providing services in your spare time. There is no need to go find a low-paying second job at night or on the weekends. Now there is a much nicer alternative with much better hours and pay. You can even do work from your own home.With freelance
Stayed with the company 14% longer
In the area of retention, employees who had access to the training were:
More than 2 times more likely to expect to be with the company in 2 years
More than 6 times more likely to think the company is a 'great place to work'
More likely to think they are fairly compensated
Dollar figures associated with their statistics for a fiscal year report the annual per person net benefit or $25,324. They multiplied this number by their 50,000 employees yielding a companywide benefit of training of $1.26 million. By dividing the benefit by the cost of one year of training ($358 million), researchers concluded that the ROI (at Accenture) is 353%.
Negative Customer Service Experiences?
How many of you know (and track) what percentage of your calls are bad experiences? Hopefully, you do know the number, and they’re in the low single digits.
In a recent study, in answer to (1) did the agent satisfy your needs in the call, and (2) based on any negative experience, would you stop using this company and go to the competition? the results were:
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle
Here was an interesting survey I read recently that, I think came from Korn-Ferry, the international search firm. The survey said that the primary reason why people are rejected on interviews is NOT for lack of skills competency, the primary reason people are rejected is that they talk too much—almost 40%. Approximately 20% are rejected because they behave arrogantly on the interview.So, what does this say to you in how you should behave on an interview?Keep your answers to the point of the questionWhere possible, keep your answers to 30 – 45 seconds in length. For in-depth questions, you can speak for a minute.One o
Negative Customer Service Experiences?
How many of you know (and track) what percentage of your calls are bad experiences? Hopefully, you do know the number, and they’re in the low single digits.
In a recent study, in answer to (1) did the agent satisfy your needs in the call, and (2) based on any negative experience, would you stop using this company and go to the competition? the results were:
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle
Last year a 15 member commission was created by the US Chamber of Commerce to evaluate the effects of litigation & regulation on the US capital market. Tom Donohue, the CEO of the Chamber, is a powerful business lobbyist that has become critical of the implementation of Sarbanes Oxley (SarBox) especially section 404 which covers the assessment of internal controls. The question remains: Is the litigious US business environment driving away foreign investment in US public companies? Has the SarBox section 404 caused these declines and how could it be changed to build confidence but retain assurance of the efficiency of i
Ages Would Stop Using the Company in the Future
18 - 25 100%
26 - 35 97
36 - 45 53
46-55 50
56-65 33
Over 65 63
Source: 2003 Purdue University/BenchmarkPortal.com
As you can see, there is a strong correlation between participant's age and his/her tendency to stop using the company after a bad experience. Notice that younger participants were less tolerant, more likely to go to the competition, and those over 65 are more demanding that those in middle age.
Therefore, it's very important to take great care of your younger callers so as to maintain their loyalty. Callers above 36 have more of an 'emotional bank account' with the company they're dealing with-probably had some good experiences and are more willing to 'forgive' a bad one.
If you know your percentage of bad experiences, put a dollar amount on that call and then total it out for the year. I think you'll be very surprised at the amount of lost revenue. Now if you have a 1% improvement, as a result of a training initiative for example, the amount of recovered revenue (and customers) is very encouraging.
This is just another means to tie soft skills to ROI, and to include your front lines as part and parcel of the revenue-producing operation of your company.
Customer Satisfaction Driver #1
We all know first call resolution (one and done) is the #1 driver for customer satisfaction with best practices reported at 86%. However, if your center is at 86%, this means that 14% of your customers are contacting you more than once to resolve their issues! This not only frustrates your CSRs and yourselves, but your customers as well. Repeat calls are costly not only to operations and the bottom line, but they negatively impact customer satisfaction, and ultimately, customer loyalty.
How do you define first call resolution? And how do you—if you do—calculate it? Research shows that there is no common measuring method. However, what gets measured gets managed, and what gets managed gets better.
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution reported improvement in their performance. Another study (callcentres.com) reported a dramatic fall in call volume—identifying that a minimum of 20% of all calls were repeat calls from customers needing an answer or help they didn’t get. Further, that the absence of first call resolution was found to account for a minimum of 30% of a call center’s operational costs!
The bottom line: Invest in your people—give them the training, the tools, and the authority to get their job done right the first time. After all, CSRs are the interface who handle customer issues. O
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