What Is Agent Real-Time Financial Recognition?
Real-time financial recognition operates on a simple yet powerful principle—acknowledging and rewarding positive behaviors exhibited by call center agents. Award points earned are converted to dollars and redeemed at most retailers using an SQM debit card. Our recognition program is one of the best practices for motivating agents to improve FCR and provide great customer service.
For example, a post-call survey is completed on an agent at eleven in the morning, and at 11:05 AM of the same day, $20 shows up in the agent’s SQM debit card as a reward for providing outstanding customer service. This is the purest way of showing acknowledgment and recognition in real time. Agents earn these rewards based on their performance not only in post-call surveys, but also in quality assurance evaluations, and internal data metrics.
So, let's say an agent efficiently resolves a customer's call in a quick and friendly manner, resulting in a very pleased customer. After the customer completes a post-call survey, this agent will instantly earn a few points as a reward for delivering high-quality CX. These points would appear on the top right corner of the mySQM™ Customer Service QA Software Recognition dashboard for the agent to see and keep track of.
These earned points are then converted into tangible rewards, creating a direct correlation between excellent performance and recognition. For example, by creating this correlation, agents associate their efforts to provide efficient and high-quality customer service with earning financial rewards. This is a great way to motivate agents to improve and provide great CX continuously.
For example, an agent can browse the available rewards and save up their earned points to eventually purchase something. This would create an association between delivering great CX and achieving FCR with earning financial rewards for agents.
The recognition program addresses the intrinsic need for acknowledgment and reward, fostering a positive working environment. By tying recognition to specific behaviors, such as achieving high Csat scores or resolving customer issues effectively, agents are incentivized to perform at their best consistently.
What Are the Benefits of Agent Real-Time Financial Recognition?
One of the key advantages of real-time financial recognition is its immediacy. Agents can see the direct results of their efforts almost instantaneously as earned points are converted into dollars and can be redeemed using an SQM debit card. This instant gratification is a powerful motivator, reinforcing positive behaviors and creating a continuous improvement cycle.
When an agent's performance on a call is evaluated through post-call surveys, quality assurance, or internal data agent performance captured in mySQM™ Customer Service QA software, they are immediately rewarded with points for outstanding performance. They can see these points accumulate in real-time on their dashboard.
Agent engagement is a critical factor in the success of any call center. Real-time financial recognition contributes significantly to enhancing engagement levels. Agents who feel appreciated and rewarded for their contributions are likelier to be engaged, committed, and motivated to go the extra mile for customers. This, in turn, positively influences key performance indicators like FCR and Csat.
The Impact of Recognition
1. Increases Agent Engagement: When agents' work is recognized, they become emotionally invested in their work and the organization's success. They go beyond mere compliance and actively seek ways to improve processes and provide exceptional customer service.
2. Boosts Morale and Motivation: Recognizing agents' hard work and contributions conveys that their efforts are noticed and valued. This, in turn, fuels their motivation, leading to increased productivity and a greater commitment to going above and beyond.
3. Enhances Job Satisfaction and Retention: Agents who receive recognition for their work develop a more profound sense of fulfillment in their roles, creating a sense of personal and professional achievement. As a result, employees are more likely to stay committed to their organization, reducing turnover rates and retaining top talent.
4. Fosters a Positive Work Culture: Recognition and appreciation cultivate trust, respect, and open communication among team members, leading to a more positive work culture.
5. Improves Mental Health and Well-being: Recognizing and appreciating agents' efforts creates a sense of validation and self-worth. This reduces stress, boosts self-confidence, and enhances job satisfaction. Recognition acts as a buffer against burnout and creates a positive work-life balance.
Real-time financial recognition operates as a feedback loop that continually reinforces positive behaviors. Agents who receive credit for providing exceptional customer service are encouraged to replicate those behaviors in future interactions. This cyclical process of recognition and positive reinforcement contributes to an overall improvement in customer service quality.
If an agent earns points for going the extra mile to make sure that the customer's call is resolved, they will also feel motivated to go the extra mile in the future. Even though it might be more work for the agent, the reward makes it worthwhile.
SQM's research shows that over 40% of unresolved calls result from an agent having a will issue. In addition, agents recognized for delivering high CX are motivated to go the extra mile to resolve calls. These statistics alone strongly indicate that investing in a recognition program significantly improves FCR and increases customer satisfaction in the call center.
How Does Real-Time Financial Recognition Work?
SQM's employee real-time financial recognition program awards points based on post-call surveys, quality assurance, and internal data agent performance captured in mySQM™ Customer Service QA software.
In other words, an agent could be awarded points in the following ways:
- They receive a high Csat score from a post-call survey.
- They comply with the quality standards determined by quality assurance metrics.
- mySQM™ Customer Service QA software captures internal data indicating high agent performance.
Once an agent is awarded points, they are instantly displayed on the Recognition Dashboard on their mySQM™ account. These points can then be converted to dollars and redeemed at most retailers using an SQM debit card.
Agent recognition is frequent, impactful, and descriptive making it an effective software tool for motivating agents to improve first contact resolution and lowering operating costs. However, recognition also plays a crucial role in increasing employee and customer satisfaction, thereby reducing turnover rates in the call center.
Features of Real-Time Financial Recognition include:
1. Employee Recognition Points
Agents can earn award points based on positive behaviors, high Csat and FCR achievements. Based on the VoC survey feedback for agent performance, mySQM™ Customer Service QA software automatically awards points. These points show up on the Recognition Dashboard, which agents can access, allowing them to keep track of their points easily.
An agent can also earn points for positive behavior and contributions from their peers and supervisors. For example, if a supervisor notices that an agent is assisting a less experienced agent with a complicated call, they could reward that agent with points for their helpful behavior.
Frequently recognizing positive behaviors and great CX helps motivate agents and promotes repeated positive actions. As much as it is rewarding for customers to express their gratitude after an excellent customer service interaction, this doesn't always happen, so having rewards agents can count on is crucial.
2. Call Center Gamification
Games are a fantastic way to boost motivation in the workplace. There's nothing more effective than a bit of competition to spark the drive to get to the top. Gamification provides a sense of belonging and purpose by creating a fun and engaging work environment. It also encourages agents to continuously strive for improvement, which can result in increased productivity and better customer service.
SQM's Recognition program creates a gamified system that rewards agents for achieving specific targets or milestones, such as efficiently handling a certain number of calls or resolving customer issues. These rewards are in the form of points, which can be converted to tangible financial rewards.
The use of gamification elevates agents' motivation to enhance their FCR and CX, fostering a more enjoyable working atmosphere. Consequently, positive FCR and CX behaviors become integrated into the call center's culture and overall experience. Introducing contests and recognition motivates agents, driving improvements in FCR and the delivery of outstanding CX.
3. Redeem Points for Rewards
Points earned by agents are converted to dollars and can be redeemed using an SQM debit card and used at most retailers. Agents redeeming points for things they want reinforce their motivation to repeat the positive CX behaviors in customer interactions.
Moreover, improving FCR and Csat performance allows agents to earn more rewards that can be redeemed and used in day-to-day life (e.g., coffee, lunch, merchandise, movies, etc.). Using their SQM debit card gives an agent instant gratification, knowing the great CX they provided allowed them to pay for something they wanted.
Why Is Real-Time Financial Recognition More Effective than Other Recognition Programs?
SQM's real-time financial recognition program is more effective than other recognition initiatives because of its emphasis on instant gratification. This crucial element has a much more significant impact on motivation than delayed gratification.
The real-time financial recognition program ensures that agents receive points immediately after positive customer interactions, and these points can then be swiftly converted into tangible financial rewards such as SQM dollars. This immediacy not only provides agents with a sense of immediate accomplishment but also creates a positive feedback loop, encouraging them to deliver outstanding customer service consistently.
What sets SQM's program apart is the direct link between earned points and individual performance metrics. Agents are rewarded for specific achievements, such as high Csat scores or successful FCR, fostering transparency and aligning recognition with the call center's objectives.
Additionally, the flexibility of converting earned points into SQM dollars, redeemable at various retailers, adds a personalized touch to the recognition experience. This adaptability contrasts with programs offering limited or predetermined rewards, catering to a diverse range of agent preferences. Agents can spend their SQM dollars on something they want rather than choosing a prize from a limited set of options.
This will give advocates the opportunity to self-coach and learn better ways to improve before their coach or supervisor gets to them.
"User-friendly interface, strong service team!"
I've worked with several CX research supplies and would say that the mySQM tool is the best I've worked with so far. Dashboards are easy to setup and customize and it is also quite easy to setup data exports. The team at SQM has been flexible and great to work with.
"Valuable information everyday!"
The widgets are great for quick results and knowing how to start your day with your team. We can see the feedback and hear the input of our customers. The reporting can break down by different levels and metrics. Great way to benchmark your performance and see trends and opportunities.