Call centers play an integral role in the credit union paradigm. They enhance member experience, provide essential information, and are frequently the “face” of the credit union. Despite the strategic importance of call centers, it is not unusual for a credit union to struggle to retain its best call agents. Fortunately, the cooperative nature of the industry is such that credit unions with successful programs or strategies are happy to share their experiences in addressing this dilemma
With a contact center turnover rate of nearly 40%, Wings Financial Credit Union ($2.3B, Apple Valley, MN) knew it needed to make several changes. Its Board suggested it look closely at efficiency, sales, and service, three components its anchor SEG — employees of air travel and related industries — knows all about. After implementing a Pay for Performance initiative, Wings reduced its turnover rate to less than 15% and offers these five best practices:
- Measurement Performance: Set agent standards based on calls per day basis, calls per hour, a mixture of both, or something else entirely. Then tell your agents what that standard is.
- Train: Determine how well-versed your agents are in various financial topics. Identify weaknesses and help your agents improve.
- Cross-Sell: Gauge how effective agents are at identifying member needs and engaging in sales opportunities.
- Benchmark: Have agents track performance items such as loan applications generated, new member packets sent, and new services generated per member. Set goals and help agents identify where they are successful and where they need development.
- Incentivize. Give your call center agents the tools they need to succeed. Provide training, direction, and perks to help agents that want to succeed. Retaining good agents is more cost efficient than finding good replacements.
Watch the clip above to learn more about Wings' strategy for retaining top call center employees. Access the full event: Call Centers: Balancing Quality, Productivity, and Cost and check out other Upcoming Live Events on CUtv!