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Digg It - Training and ROI (Return On Investment)
Statistics consistently reinforce that the biggest challenge in today’s contact center environment is agent training. Turnover continues to be high; new hire costs are on the rise--$6500 per agent! At the same time, losing customers because of bad call
According to USFDA, a combination product is one composed of any combination of a drug and device; biological product and device; drug and biological product
experiences negatively impacts your bottom line. What can you do? How do you justify the training expenditure?
Research has been making a case for how spending in human performance areas such as training, translates into bottom line growth. Accentur
Research has been making a case for how spending in human performance areas such as training, translates into bottom line growth. Accentur
; or drug, device, and biological product and fixed dose combination would include two or more combinations of drug.
Examples of combination products may in
Examples of combination products may in
'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,
First,
lude drug-coated devices, drugs packaged with delivery devices in medical kits, and drugs and devices packaged separately but intended to be used together.
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
here is enormous increase in the number of combination products entering the market in the recent years. Combination products have proven advantages but fixe
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 l
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 l
d dose combinations are still in the process of convincing regulatory authority on their advantages over the single ingredient formulations.
Combination pro
Combination pro
ikely 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
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
ucts have become life saving products for the pharmaceutical companies who doesn’t have many innovative molecules in their product pipeline and have been inc
he 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 concl
easingly used in the product life cycle management. Even the companies having product patents are trying to extend their product life cycle through the combi
uded 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
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
nation products and maximize the revenues. But the companies involved in this practice are overlooking that they are burdening the patients both economically
tudy, 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%
Ages Would Stop Using the Company in the Future
18 - 25 100%
and physically. They need to rightly judge the benefits of the combination products and they have to even look at the risks involved when combining the produ
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. N
ts. Some of the combination products were well accepted by physicians while others suffered. Companies involved in development of combination products are fi
tice 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 lo
Therefore, it's very important to take great care of your younger callers so as to maintain their lo
ding difficulty in defining their combination products and facing various challenges from selecting a combination to marketing it.
Following aspects would a
Following aspects would a
alty. 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
If you know your percentage of bad experiences, put a dollar amount on
dd to the challenges in developing combination products:
Which markets to tap where the combination products can do fairly well?
Which combination prod
Which markets to tap where the combination products can do fairly well?
Which combination prod
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 en
cts are meaningful and rational?
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
Which therapeutic categories to select?
Which Combinations can address unmet needs of the patients?
Do combin
ouraging.
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
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
tions increase the patient compliance?
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
What would be the developing cost?
How to tackle the risks encountered during combination product developmen
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 you
t?
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
As combination products don't fit into the traditional categories of drugs, medical devices, or biological products, the USFDA is in the process of devel
selves, 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
How do you define first call resolution? And how do you—if you
ping new procedures for reviewing their safety, efficacy and quality.
Professional from academic institutions, pharmaceutical industries, health care indust
Professional from academic institutions, pharmaceutical industries, health care indust
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 report
In a recent study (Ascent Group) more than 90% of companies measuring first call resolution report
y and representatives from various regulatory agencies are working out to design the regulatory requirements for manufacture and sale of combination products
d 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 ab
.
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
As there is an increasing trend of the combination products companies manufacturing such products should be able to tackle the problems involved in the de
sence 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. Aft
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. Aft
elopment. They need to be wiser in analyzing the market trends and the regulatory requirements.
Companies that provide selfless information through particip
Companies that provide selfless information through particip
r all, CSRs are the interface who handle customer issues. One of the foremost methods to boost customer satisfaction—and improve first call resolution—is to consistently and ongoingly train, train, train your CSRs in world class customer service skills
tion in industry events and feedback to regulatory authorities would be able to face the challenges and will be successful in developing combination products
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