10 Stats to Shape Your EVP

10 Stats to Shape Your EVP

Few things are as critical in today’s business as a company’s Employee Value Proposition (EVP). Let’s take a look at some findings that drive that concept home:

  1. Highly-engaged teams show 21% greater profitability. (Gallup)
  2. Companies with engaged workers grow revenue 2.5x over others. (Bain & Company)

These figures prove, in quantifiable terms, that engaged employees mean better business. Companies must optimize their EVP because the future of work is people-centric.

  1. 62% of 603 full-time workers name well-being benefits—mainly financial and mental/emotional health—as key in evaluating a job. (Paychex & Future Workplace)
  2. 75% expect employers to be a force for good. Only 1 in 4 will work with a company whose values don’t match theirs. (Future Workplace & Blue Beyond Consulting)

These numbers reflect that employees consider far more than mere compensation in job satisfaction and that EVPs should deliver a more human deal.

  1. 83% of workers favor hybrid work models. (Accenture)
  2. 63% of high-growth businesses are already enacting ‘productivity anywhere’ models. (Accenture)

These stats tell us that employees are putting a premium on work flexibility—not just where and when, but how they get to do their jobs—and that hybrid work is here to stay.

  1. 59% of learning leaders count up-skilling employees as their #1 area of emphasis. (LinkedIn)
  2. A survey of 549 global business leaders prioritized lifelong learning, upskilling team members, and driving innovation into the learning function. (Future Workplace)

These figures show the crucial importance of not just retaining but developing and empowering skilled workers – companies need to invest in a digital-ready workforce.

  1. Up to 21 new jobs are expected to arise in the Human Resources (HR) field. (Forbes)
  1. Over 80% of workers want financial guidance from their employers, and almost 30% want improved mental health support. (BrightPlan and Paychex & Future Workplace)

These numbers demonstrate just how much more businesses have come to need and will still need from their HR departments – irrevocably, the role of HR has evolved.

These findings establish that it’s in every company’s best interest to help our people lead full, fulfilling lives. It may take considerable effort and energy, but the rewards will be rich.

Pull Your SOCX Up: Mid-2022 State of Customer Experience Findings – and What Companies Are Doing About Them

In its 2022 State of Customer Care Survey—which queried over 160 customer experience (CX) experts and executives—global management authority McKinsey & Co. revealed that:

  • More customers are calling more frequently, with 61% of respondents reporting significant growth in customer contact and 58% expecting a further increase in volume.
  • Digital CX isn’t quite there yet, with only 20% of digital contacts presently considered unassisted and only 10% of digital platforms fully scaled and adopted by customers.
  • CX workers are leaving faster and getting harder to replace, with 49% of respondents experiencing increased attrition and 41% saying it takes months to train new hires.

Given these realities, what’s a company to do? According to the survey, industry leaders have resolved to spend the next one to two years prioritizing three critical areas for improvement:

Attract, nurture, and keep the best talent.

With the number, frequency, and complexity of calls constantly increasing, highly-trained, skilled, and experienced agents are becoming more crucial than ever to attain CX success. More and more businesses realize that supplying an excellent customer experience can hinge on sustaining a great employee experience (EX). 

Simplify CX, reducing call volume and costs.

Organizations intend to ramp digital interaction up 150% by 2024, empowering customers to turn to AI and automated facilities like chatbots for simple transactions and humans for more involved solutions. Shifting some of the burden from agents to automation is expected to improve service speed, efficiency, and customer and employee fulfillment.

Deploy not just digital platforms but full digital CX ecosystems.

The survey discovered that only 12% of digital platforms are highly-integrated, meaning a vast majority of businesses have yet to use the immense potential of analytics and other technological advantages. Harnessing customer and performance information throughout the customer journey can revolutionize a company’s personalization, EX, and CX.

These are the priorities industry experts focus on as they navigate the wake of the pandemic – and most likely the areas you should be covering with your CX team today.

Get Your SOCX On! State Of Customer Experience, mid-2022

Global management authority McKinsey and Co. recently surveyed over 160 customer experience (CX) experts and executives, examining how the industry continues to evolve in the aftermath of the pandemic. Let’s look at the challenges these findings present.

More customers are calling more frequently

  • 61% of respondents have experienced significant growth in customer contact due to both growing customer bases and increased incidences of contact per customer.
  • 58% expect contact volume to increase in the next year and a half.

A growing customer base is great, but it does put a bit of a strain on the current CX capacity. More contact per customer causes a lot of strain, implying more complex issues and taking up more of both the company’s and customer’s time, potentially leading to dissatisfaction.

Digital CX isn’t quite there yet

  • 77% of respondents’ organizations have built digital platforms, but:
  • Only 10% of platforms are fully-scaled and adopted by customers.
  • Only 12% are considered to be highly integrated platforms.
  • Only 20% of digital contacts are completely unassisted.

Companies are providing facilities for digital CX, but migration, omnichannel integration, and other issues still need to be resolved before businesses can enjoy a satisfying return on their digital investments, which will only become more crucial in our increasingly digital-first world.

CX workers are leaving companies faster and getting harder to replace.

  • 49%—virtually half—of all respondents saw a tangible increase in employee attrition over the past year. Reasons cited include:
  • 58% = competitor poaching
  • 39% = job dissatisfaction
  • 31% = inadequate advancement opportunities
  • 30% = deficient work-life balance 

Large-scale employee attrition presents a challenge for any business. Still, given the previous uptrend in contact volume and complexity, it’s of particular impact in today’s CX field, meaning new hires can’t just be put in seats and expected to perform. 

  • 41% of respondents say it takes 3 to 6 months to train a fresh agent properly.
  • 20% say it takes more than 6 months to achieve optimal performance.

So more customers are calling more often, and few are using unassisted digital channels. This puts more pressure on CX agents, who leave companies faster than they can be replaced. 

These are the primary issues all businesses need to consider in shaping their CX strategies.

Outside, Inside, and In-between: How CX Can Support Sustainability

People today are alert to how brands are performing in terms of sustainability. Only one in four job seekers will consider working for a company that doesn’t share their values—which include environmental responsibility—and the latest EY Future Consumers Index shows that:

  • 87% of surveyed consumers are striving to avoid wasting food
  • 85% are exploring ways to conserve energy
  • 36% intend to start purchasing more secondhand products
  • 24% buy less—or not at all—from brands that don’t seem to help the environment

That last number may be the smallest, but it’s arguably the most impactful, concretely demonstrating a top-of-mind impression’s profound effect on the bottom line. So that shows us how much sustainability can help—or hurt—customer experience (CX).

Can CX help with sustainability, creating a cycle of positive brand impact and impression? The answer is ‘yes.’ Here are three avenues organizations can explore to make that happen:

Outside

CX can be critical for businesses to make their sustainability efforts better known since companies can fall into the trap of thinking that, because they’re doing it, the public must be aware of it. CX experts know how to turn this fallacy into fact, guiding not just the companies themselves but customers to make smarter choices.

Inside

Like all organizations, CX businesses use many resources – particularly energy. For most contact center operators, for instance, the lights are always on, both figuratively and literally. So harnessing more eco-friendly practices, policies, and energy sources can make an enormous difference – directly to the environment and indirectly to their clients’ sustainability profiles.

In-between

67% of survey respondents say high prices keep them from buying sustainable products. With data analytics, CX can help change this, delivering insight into what items consumers seem to be seeking, as well as how much they are and aren’t willing to pay, thereby identifying where margins can be made toward improved results in both company profit and customer value.

Some may think CX doesn’t have a significant environmental impact, being a service industry, compared to shipping or manufacturing. But “everything counts in large amounts,” as the song says – and as customers tell us, through the choices, they make as they evolve.

Feelings, Not Just Features: a 5-point plan for elevating EX

With employee experience (EX) at the top of every business’s priority list lately, it’s important to recognize that today’s workers aren’t only concerned with what a company does for them and how they feel as part of the company. Let’s explore how to bring those together:

Reassess HR’s role in your organization so employees feel understood

Human resources (HR) departments used to focus on ‘resources’ more than ‘human,’ trying to get the most out of personnel. Now, HR should strive to help people get the most out of life, strengthening their bonds at work and as part of their families and communities.

Evolve your EVP to match employee needs and expectations so they feel invested

A company’s employee value proposition (EVP) has a lot to do with its values – modern workers care about what their business stands for. Organizational action on societal and cultural issues will give your people a sense of fulfillment and shared purpose, building company loyalty.

Embrace digital transformation and workplace flexibility so employees feel autonomous

People need a sense of being in charge of their careers – not just where and when, but how and even why they work. Companies should deploy technology not just to help customers and operations but achieve an ideal balance between what employers and employees prefer.

Invest in workforce upskilling, including your HR team, so everybody feels valued

Everyone wants opportunities to improve at their jobs, who they are, what they’re good at, and how they want to explore. Supporting their growth—in terms of career, physical, social, and other development—will help them be whole, healthy, happy humans.

Invest in employee engagement and well-being so they feel cared for

It’s not enough to provide options for personnel to manage their headspace. Companies must nurture cultures that recognize and respect mental and emotional health, sustaining a safe space where everyone is encouraged and empowered to get the help they need. 

This may seem like a lot – and honestly, it is. But with businesses across the globe realizing that great customer experience requires great employee experience, it’s an investment that will be more than worth it.

Leveraging Technology to Improve Customer Experience

The pandemic has drastically changed consumer behavior and how customers interact with brands. Lower customer loyalty, higher preference for online shopping, and the rise of social commerce are pushing many businesses to ensure their competitive edge by improving customer experience.  

NielsenIQ shows that since COVID-19, 67% of consumers have changed how they shop, with online shopping becoming more popular. Social commerce has also increased, making up 3.4% of all eCommerce sales when the pandemic started. Consumer loyalty has also decreased. More than 80% of consumers said they had chosen a different brand than usual for various reasons.

What do all these mean to businesses like you? If you can’t cope with these changes, you will miss out on many income-generating opportunities and lose customers by the day.

But in a world with varying health protocols, industries cautiously trying to re-open, and COVID-19 still looming over everyone, how can businesses adapt to the changing needs of their market and still provide exceptional service? 

The key is to incorporate customer experience technology into your consumer journey seamlessly.

Today, you’ll find out how technology significantly improves the customer experience in a post-pandemic world. You will also learn to incorporate technology into your existing business processes and which technologies you can use based on your needs, resources, and goals.

Why is Technology Important When Providing Customer Service?

Technology bridges the interaction gap between businesses and customers, especially when people can’t go out of their houses to visit stores and offices. Furthermore, it helps improve customer experience without adding undue strain to your resources. 

Since the pandemic, consumers have relied heavily on technology to meet their needs — from grocery shopping and online research to requesting service support and setting up virtual medical consultations. 

Because everyone has turned online for most of their needs, having the right technology lets you adapt quickly to your customers’ needs. As a result, you can continue offering positive experiences, even if you’re not interacting with your customers face to face, and keep them loyal to your brand.

How does Technology Improve Customer Experience?

Having a single point of contact is not enough to meet your customer’s demands. Otherwise, this channel could be bogged down, affecting your service quality. Technology allows you to offer multiple channel solutions and helps you integrate all of these channels into a seamless experience for your customers. 

For instance, a customer abandons their cart on your website. You send an automated email regarding their abandoned cart. They decide to go back to your website but need to chat with someone about your products. After the live chat, they check out and visit your social media page to see the latest about your brand. 

As they wait for their purchase to arrive, they send a DM (direct message) to your Facebook page to ask about their order. Your chatbot replies and lets them know a customer service agent will get back to them asap. When an agent returns their message, they provide the correct information, and your customer is satisfied. 

In your back office, your customer service team can conveniently pull up the correct information about the customer and their latest activities with your brand or on your website because you have a reliable customer management system. Your CS agents are well informed and equipped with the correct information to provide to your customer promptly — empowering your agents and satisfying your customers. 

Imagine if you don’t have the right technology. You would have lost your customer the moment they abandoned their cart. The morale of your CS team suffers when they can’t provide the support your customers need, and ultimately, your revenue decreases. 

Technology also helps build customer relationships and improve brand awareness. Gone are when customers could only interact with your brand in your office or store. Now, customers can engage with you long before or after they’ve purchased from you. You could control how they experience your brand at different points in their customer journey. 

When you are present in venues where your customers are, you have a higher chance of being seen and chosen over your competition. Just as you need to get to know your customers, they also need to learn more about your brand before doing business with you. Having an active social media presence and

Technology also allows you to personalize the service you provide to your customers. When you do this, the quality experience they have with you improves, which helps make them loyal to your brand. 

A great example would be customizing the messages you send to them. Let’s say a customer signs up for your newsletter or purchases from your website. You get their relevant information, including their birthday. You schedule an automated birthday message on your email marketing software that they will receive on their special day. In addition, you track what they’ve purchased from you and send newsletter content relevant to their likes and shopping habits.

Now that you understand the importance of technology in customer experience, it’s time to find out which technologies you could use for your business.

Top 6 Technologies That Can Help Enhance Customer Experience

1. Analytics Tools and Software 

Need to learn more about your customers? You could analyze big data and assess customer behavior with the right tools. Then, turn them into actionable information. Furthermore, you’d be able to create a complete picture of your ideal customer, allowing you to provide the perfect experience for them.  

2. Chatbots and Other Automated Messaging Applications

Automated messaging and chatbots let your brand offer 24/7 support. Furthermore, it saves your customers time as they can automatically receive answers to frequently asked questions. You could also create an automatic callback feature on your hotline so your customers won’t have to wait for a long time when there’s a surge in call volume in your hotline.   

3. Omnichannel CS and Cloud Services

One of the best ways to improve customer service is to offer an omnichannel experience. This customer experience technology provides different options for your customers to engage with you, such as offering online support, phone support, and in-store support. The key to omnichannel technology is to provide customers with a seamless experience from in-store to online and vice versa.   

4. Augmented and Virtual Reality

AR and VR are popular among the younger market because it is fun to use. With the right approach, however, you could use this for many purposes. For instance, if you’re selling fashion items, you could use VR or AR to allow customers to “wear” your products to see how they look. 

Selling appliances and furniture pieces? Use AR or VR to let your customers see what your products would look like in their homes or personal spaces.  

5. Voice Capabilities

Give your hotline a tech makeover by adding voice capabilities. This would be especially beneficial for customers trying to reach you on the road or doing something else. 

6. Blockchain Technology

Blockchain technology has become very popular that in 2024, the market could reach $20 billion. Contrary to popular perception, blockchain isn’t just for cryptocurrency. Other industries, including healthcare and real estate, have also started using it. 

Regarding customer experience, blockchain can help secure consumer data and facilitate intelligent contracts. These factors could help boost trust among your customers. Additionally, Blockchain helps improve customer loyalty as transactions can easily be verified. Research shows that 62% of customers prefer a transparent product.  

There are a lot of things you could do to improve the customer experience. But before getting started, it’s important to know what kind of experience you want to offer them. From there, you could choose which customer experience technology you should use to achieve your objectives.

How Can Inspiro Help?

Are you ready to do business in a post-pandemic world? Inspiro offers services that focus on helping companies to engage better with their customers while staying competitive in the market. Whether you need customer experience, technology, skills, or an additional workforce, Inspiro can help you craft unique experiences that align with your brand values and business goals.

Learn more about customer experience technology and how it can help your business. Contact us for more information.

Preparing for the Evolution of CX with Customer Intimacy Journeys

Customer experience (CX) is an exciting concept to work on since the perception of high-quality CX is constantly changing. Still, in my opinion, one aspect of CX will always remain the same: the importance of customer intimacy.

Customer intimacy is the ability to anticipate and fulfill customer needs to create short-term and long-term value. It’s about personalization, building trust, providing transparency, and practicing openness during all interactions with the customer.

Creating compelling customer intimacy journeys is essential for any brand in any industry. Just look at successful enterprises like Amazon and Google with their reliable and personal customer intimacy experiences — it all starts by putting the customer at the heart of everything you do.

For most organizations, the process of customer intimacy improvement is long and complex, so I wanted to highlight those challenges and try to provide a few possible solutions.

Common Challenges for Customer-Facing Sectors

It’s common for organizations to look at customer intimacy through a financial lens since the business landscape is so competitive. Unfortunately, businesses take shortcuts when this happens, and the customer ultimately bears the weight of any negative impacts.

While employee retention is critical to cost-effectiveness and maintaining high-quality service, attrition rates are creeping up in the global workforce, which speaks to the impacts of The Great Resignation. Customer intimacy and satisfaction directly correlate with employee engagement, so solving this crisis is a priority.

Plus, we’re seeing a sluggish rate of technological adoption across the board, as existing legacy systems hold companies back from improving their customer intimacy — quite frankly, without leveraging the power of data and analytics, it’s impossible to gain a higher understanding of customers.

Let’s take the retail and e-commerce sector as an example. During the COVID-19 pandemic, the retail industry showed tremendous resilience and adaptability. However, on the customer experience side, there are inherent complexities to providing high-quality customer intimacy, particularly during busy seasons when retailers often need to ramp up by 20X or more.

With the hiring, training, and governance required to operationalize such massive shifts in the workforce, it’s a daunting prospect to focus on transforming the customer journey simultaneously. As such, retailers must strive to innovate on many of their internal practices, focusing on ideas like digital recruitment or training simulators in virtual classrooms — two initiatives that have worked wonders for us at Inspiro.  

How to Develop a Customer Intimacy Journey

No matter the industry, customer intimacy needs to be ingrained in an organization’s culture and viewed from a business lens. CX executives must determine all customer touchpoints and figure out how to provide an overwhelmingly positive and seamless experience at every step.   

Here are five initial steps to implement a customer intimacy journey.

  1. Formulate a plan: Use this step to identify issues with the primary customer touchpoints, then prioritize.
  1. Gain stakeholder endorsement: Your senior leaders need to be on board with the plan, so communicate it to them, then push for buy-in to enable execution.
  1. Communicate it to the whole organization: Now that you have the go-ahead to implement your ideas, it’s time to tell everyone in the company about it. This step is vital to changing the organizational culture around customer journeys.
  1. Work with CX providers to implement the culture: It’s advisable to bring in your third-party CX partners to help with the cultural transformation required. Remember that your CX providers are part of the company, and there should be no distinction between them and your internal CX employees.
  1. Implement a mechanism for practicing customer intimacy: Whether the organization thrives off metrics, employee score cards, QA forms, or other reporting structures, it’s critical to have something in place to measure the impact of the cultural transformation. Not only does this show progress, but it also allows us to iterate on the fallbacks to improve things even further.

Partnering for Success

Organizations looking to improve customer intimacy should consider partnering with CX and BPO providers with the mechanisms and expertise to support that goal.

Companies like Inspiro have deep experience with being the first meaningful customer touchpoint and providing customers with that “wow” experience. We’re adept at providing meaningful recommendations to customers and adapting to real-time feedback to improve the CX.

Furthermore, CX providers can offer omnichannel platforms that give customers a choice of how they interact with a brand and allow agents to see the end-to-end customer journey seamlessly. Tools like speech-to-text enhance things further by making it easier to process customer QA/CSAT data. Plus, from an employee engagement standpoint, CX providers bring work-from-home tools and gamification platforms to boost motivation and overall job satisfaction.

By partnering with companies like us, organizations can tap into the right people, training, and technologies they need to immediately improve customer intimacy, which is the ultimate key to success in a continuously challenging market.


About the author

Alfredo “Aly” Antonio is the Senior Vice President, Strategic Alliances and Synergy at Inspiro. He is responsible for driving Inspiro’s global business development and sales efforts by overseeing our US, Australia, and Asia-Pacific teams.

With a 20-year tenure with the company, Aly was part of Inspiro’s pioneer batch of employees and has since held key leadership positions for several telco, media, healthcare, utility, BFSI, retail, and technology programs. In addition, Aly’s extensive business development, operations, and quality background has led to him becoming a leading CX advisor, certified COPC coordinator, and a Lean Six Sigma practitioner.

https://www.linkedin.com/in/alfredoantonio/

The Impact of Remote Work on Women

While working at home has been a significant change for everyone across the business landscape, it proved to be life-changing for many women. Recent surveys suggest that over 50% of female workers prefer remote work or a primarily-remote hybrid model. Nearly 60% would consider finding a new job if ordered to return to onsite work full-time.

Here are just some of the reasons why:

More equitable discussions

With most meetings via video nowadays, modern etiquette calls for individuals to stay on ‘mute’ whenever they’re not speaking. This slight delay allows women to express themselves and be heard more fully.

Fewer social-club advantages

Women are typically less free than men to socialize after work — whether due to home, cultural, or safety concerns — and this can lead to missing out on bonding and opportunities. With everyone working from home, this particular inequity is substantially diminished.

Less pressure to look perfect

Men are expected to be tidy in the workplace simply. In contrast, women without coiffed hair, makeup, or nail polish can be judged ‘unprofessional.’ At home, many women feel liberated from the silent demand to appear picture-perfect throughout the entire eight-hour workday.

More flexibility for home care

Women still bear far too much of the burden of housework, which has also come to include supervising children under remote schooling. Remote work, at least, means that they can schedule tasks more fluidly instead of coming home from work only to do more work then.

Less ‘mommy politics’

Women are still asked, at job interviews, “What happens if you get pregnant?” “What will you do if your child is sick?” Thankfully, working from home has essentially turned these ‘issues’ — which have been used to keep women out of the fast track — into non-issues.

Why does all this matter? On top of being valuable in and of themselves, women constitute a significant segment of the workforce, especially in the customer experience (CX) field – statistically, 73% of contact center operators are women. 

Any business that values CX delivery — to say, every business — needs to value their female employees and what they want and need in their working lives.

It’s What’s Inside That Counts: How Employee Treatment Influences Consumer Opinion

Lately — and thankfully — it’s become a given that a happy, cooperative work environment is instrumental to nurture satisfied, productive employees who can lead to a comfortable, healthy bottom line.

But did you know that what’s going on inside your company can also significantly impact consumers’ buying and retention decisions on the outside? 

In a 2022 survey by Qualtrics, around half the respondents expressed that their trust in a brand is stronger if they can trust that the brand takes care of its employees. This is seen as, at least partially, a direct result of COVID-19 since the pandemic brought concerns about safety and well-being to the forefront of everyone’s mind. 

Perhaps paradoxically, being isolated due to social distancing and lockdowns seems to have led people to care more about others – probably starting with worry over how the virus would spread but eventually evolving into genuine concern about everyone’s physical wellness, and financial stability, and even mental health. Many people depend on delivery and remote services to fulfill their wants and needs, so they started to think about how the workers performing those services are treated.

Before the pandemic, though, consumers were already becoming conscious of corporate sustainability. This endeavor extends beyond environmental responsibility to encompass a company’s accountability toward the long-term financial, social, and developmental prospects of the communities in which it operates, which most definitely includes its personnel.

In short, making it clear that the people doing the providing are just as cared-for as the people being provided to is a great way to demonstrate that your business has clearly-defined values and goals and that you are committed to them. If you already know that you’re steadfast about your company’s mission and vision, all you need are the right tools and team to help consumers see that they’re putting their trust in the best place with you.

Hybrid – Here to Stay? Evaluating Effective Work Models

While it was certainly necessary for a time, is the hybrid work model still a sustainable approach as the world churns back into motion? Are there circumstances in which it’s still the right setup for you and your business, and if so, what are they?

Employee attrition continues to be a leading concern when it comes to keeping businesses in tip-top shape. And while it’s easy enough to say that meeting employees’ needs is the way to maintain a complete and happy team, it can be tough to figure out what, exactly, that means. What are they looking for, and what can you provide? Balancing those concerns is the crux of the matter. 

Challenging as the surrounding circumstances may have been, numerous employees have seen the experience of working from home as an opportunity, exploring other ways to get the job done right while enjoying greater flexibility and space for work-life balance. Most employees who have tried the work-from-home experience hope to keep it up, to the point where many are likely to seek out other opportunities if their current position requires a return to onsite work.

Employees want to be met where they are (more literally now than ever before). This can mean figuring out what kind of setup would work best for each position, if not for each employee (the latter being desirable but not always achievable). One size does not fit all, and while some employees do their best work in a more-or-less remote capacity, others accomplish more if they touch base onsite, at least every now and then. 

It seems that employees are just as concerned as their employers about what makes the most sense: Is this kind of work best served onsite? Are there responsibilities involved that can be fulfilled just as well—if not better—from home?

Figuring out the ideal setup for you and your employees should be more than “What do you need?” Instead, both parties should be asking, “What works best for us?” Answering that question efficiently as well as equitably may well be the key to optimized operations