Time is Money! The ROI of Playvox Workforce Management

WFM ROI: Why You Need Workforce Management Software Now

“Time is money” is a phrase attributed to Benjamin Franklin, first appearing in The American Instructor, a book published in 1748. For contact center managers, this phrase rings in their heads each time they create a forecast, build a schedule, or track schedule adherence

Working efficiently becomes even more important when costs are rising, agents are hard to hire, and customer service expectations are higher than ever before. On top of that, most customer support centers now offer service channels beyond voice —  such as e-mail, chat, and messaging — that require different ways of forecasting, scheduling, and reporting on interactions with customers.

In this environment, investing in a workforce management (WFM) solution becomes key, particularly if your support center has been using spreadsheets or trying to get by with subpar solutions.

Research by Nucleus found that workforce management solutions pay back an average of $12.24 for every dollar spent, with an average payback period of just under five months. With WFM ROI like that, it pays to find the right workforce management software to improve workflow and deliver efficiency gains across all of your channels.

WFM ROI: Why You Need Workforce Management Software Now WFM ROI

Coach And Develop Your Customer Service And Support Team

In any support center, team leaders and supervisors have an essential role to play: coaching and developing agents so that they can become even more efficient and effective. Agents who aren’t properly trained will become disengaged and ultimately look for an alternative role.

Globally, a 2022 Gallup report shows that only 21% of employees are engaged in their work, with about 35% of the U.S. workforce feeling engaged and just 9% of the UK employees engaged at work.

WFM ROI: Why You Need Workforce Management Software Now WFM ROI

Employee burnout and dissatisfaction come at a high cost. Not only will dissatisfied employees ultimately choose another working environment, but an agent who isn’t engaged will cost your company the equivalent of 18% of their annual salary. At a time when getting the most out of every employee is even more important, can you afford this? 

To keep engagement high, contact centers need team leaders who are dedicated to the important task of training, coaching, and mentoring their agents. But many team leaders spend their time managing annual leave and schedule change requests, approving shift swaps, sending out emails, or updating HR systems. This type of work takes people who are supposed to be coaches and mentors away from their key role of developing teams. It also reduces their ability to efficiently do their roles if they are spending time on administrative tasks. 

Engaging and empowering customer support center agents is as important as ever, so allow them to handle things themselves when they need to request annual leave or shift swaps. This employee self-service not only has a positive impact on engagement, but it takes the manual effort away from team leaders — letting them be more productive and efficient with their time. 

The ROI on workforce management software solutions that create time savings for your leaders — and eliminate long hours of cumbersome and time-consuming administration — is easy to measure. 

In a medium-sized customer service center operating Monday through Friday with 20 team leaders, just an hour a day spent on these tasks adds up to 5,020 hours per year — the equivalent of 2.5 FTE. Imagine if your team leaders and supervisors could shrink the time spent on administrative costs and instead spend that time coaching and mentoring customer service agents for greater effectiveness.

Related Article: Five Coaching Tips For Contact Center Agents that Work

Automate Reports

Many help desk and customer service centers use spreadsheets to get a view of what is happening in their support centers. While spreadsheets have their place, they weren’t designed for the complexities of a contact center.

It takes time to find the information you need, cross-check for accuracy, and then put it into a format that works for everyone. You might find even yourself re-creating a report a second, third, or fourth time to meet individual users’ needs. The inherent inefficiencies in this process are a bit staggering when you begin to think of the impact of this manual process across your teams. 

Reports need to be generated daily, weekly, and monthly, adding to the time needed to produce this data and resulting in information being late and inaccurate. As we all know, if the underlying data isn’t correct, you can’t make the right business decisions. 

In contrast, a WFM solution can give you the necessary insights through real-time dashboards and out-of-the-box historical reporting. Easy access to the right data you need when you need it is critical to efficiency in your service center. 

It also lets the users of the data filter it to focus on what is most important to them, rather than forcing you to create many versions of the same report to satisfy users’ varying requirements.  As you think about WFM ROI in this example, ask yourself how much time various individuals spend on daily, weekly, or monthly WFM reports. If you multiply this by their wages per hour, the savings that come with powerful reporting become abundantly apparent. 

Related Article: What is WFM (and How Does it Apply to Our Daily Lives)? 

Work With Accurate Data

When you piece reports together from various systems, it’s easy to introduce inaccuracies. Integration through a WFM solution ensures data is correct, helping you feel confident in your schedules and forecasts. 

Out-of-the-box WFM integrations with telephony, CRM, HR, payroll, and calendar systems –  along with the ability to leverage open APIs – let customer support centers pull data quickly and accurately.

Receiving correct data in real-time is especially important when you want to compare and contrast a forecast and adherence. This fully integrated data also lets managers and analysts easily make adjustments as needed and do their jobs more effectively. 

Minimize Overtime By Staffing Appropriately

Overstaffing and understaffing are both workforce scheduling challenges in customer service centers. Overstaffing means excessive costs, loss of efficiency, and low productivity. Understaffing leads to paying more in overtime, poor adherence to SLAs, low CSAT and NPS scores, high levels of customer churn, and agent attrition.

All of these have a significant impact on an organization and the bottom line, but you can find savings through schedule optimization.

Getting your staffing levels right and creating a balanced workload across all of your customer service channels is crucial. Improvements in schedule adherence, occupancy rates, and efficiencies mean the WFM ROI is potentially enormous when you find an effective workforce management solution.

Related Article: Improve Contact Center Productivity with WFM Software

Manage Human Resources Costs

The cost of recruiting and training employees is a large investment. In the US, it costs an average of $4,683 to hire a non-executive employee, and that’s on top of the average contact center agent salary of $36,920. In the UK, the average cost of hiring an office employee is £6,544 in addition to an average agent salary of £23,575. And none of that includes the price tags for benefits, bonuses, training, and overhead costs.

The better move is to keep your existing agents engaged to hold attrition (and HR costs) down. Keeping agents engaged means:

  • Fostering a healthy company culture
  • Focusing on values and seeking feedback
  • Showing agents the role they have to play in the company’s overall success
  • Investing in technology that supports engagement
  • Providing visibility to the metrics that matter most to the business
  • Making things fun with gamification
  • Encouraging collaboration

Nurturing employee engagement is a big win for your business: Gallup reports that companies that do are 23% more profitable than companies with low engagement. 

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The Bottom Line About The ROI On Workforce Management Solutions

When you’re making a business case for a WFM solution, you need to take multiple variables into account. These include time spent on manual tasks and reporting, the costs for inaccurate data, and the price of agent attrition. 

Efficiency isn’t just a buzzword — it’s what keeps costs down in a tight economy. Want to see how much you can save? Request a demo of Playvox Workforce Management today. 

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