{"id":59547,"date":"2023-11-28T09:56:50","date_gmt":"2023-11-28T14:56:50","guid":{"rendered":"https:\/\/www.sogolytics.com\/blog\/?p=59547"},"modified":"2024-02-23T02:18:44","modified_gmt":"2024-02-23T07:18:44","slug":"ex-metrics-to-transform-cx","status":"publish","type":"post","link":"https:\/\/www.sogolytics.com\/blog\/ex-metrics-to-transform-cx\/","title":{"rendered":"5 EX Metrics to Transform Your CX"},"content":{"rendered":"

Two vital business success drivers are employee retention and customer loyalty, thus consolidating team cohesion and sustainable sales revenue over the long term. We have already covered the overlap between CX and EX<\/a>, showing how ambitious CX objectives can never emerge without establishing a corporate culture that favors exceptional employee engagement and a sense of belonging to a corporate community. Now we’ll dive into the employee engagement metrics you need to leverage in order to create an exceptional CX.<\/p>\n

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Employee engagement scores<\/a> energize or detract from customer experiences based on their undeniable integration. Look to classify your results based on excellent, good, neutral, or troublesome scores to better understand the steps you need to take to improve your EX and your CX.<\/p>\n

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All the scores highlighted link to customer satisfaction and help with reducing both employee and customer churn. But first, to appreciate why customer and employee retention<\/a> is critical to profitability, let’s dive into the consequences of employee and customer churn.<\/p>\n

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Why is excessive employee churn unacceptable?<\/h2>\n

Voluntary termination, firing, or sudden exits for any reason severely disrupt work harmony and project processes. A turnstile of employees in and out of the business signifies a faulty corporate culture, resulting in a defective resource pool. Constantly retraining recruits goes hand in hand with inevitable quality control and customer service deterioration.<\/p>\n

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Further, it demoralizes existing staff as they experience slowdowns and frenetic HR onboarding<\/a> to replace lost peer contributions. Moreover, churn deflates a company\u2019s reputation as a stable hirer – let alone the stunning cost escalation connected to rehiring, retraining, and integrating recruits with functional teams.<\/p>\n

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Probably the most challenging channel is creating employee cultural belonging that resonates with customers. Until that\u2019s in place, human interactions with the marketplace are, at best, \u201ciffy\u201d and put a brake on customer engagement initiatives.<\/p>\n

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Customer churn is similarly ROI destructive. It costs an arm and a leg to replace a lost loyal customer. Did you know that for every $1 it costs you to retain a loyal customer, acquiring a new one can cost up to $25? The impact on profitability of such a metric is eye-popping.<\/p>\n

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The 2021\/22 Great Resignation<\/a> sent a resounding message that any company ignoring employee churn (with resulting customer base erosion) will face an uphill battle in meeting stakeholders’ balance sheet and P&L objectives.<\/p>\n

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Launching a win-win employee engagement program<\/h2>\n

So, the logistics behind the metrics are simple: Achieve employee engagement KPIs<\/a>, and you automatically boost customer retention. In other words, invest in employee morale and satisfaction to make more money through the marketplace. I\u2019ve identified 5 EX metrics that go straight to the jugular of your workforce to see if it\u2019s working in the company’s favor (especially from a customer retention standpoint). Benchmarks, measured by KPIs, are like a pilot\u2019s instrument panel, providing critical readings to move smoothly between two time points.<\/p>\n

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5 employee engagement benchmarks you need to look out for<\/h2>\n

1. Employee NPS (eNPS)<\/strong><\/p>\n

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According to Fred Reichheld in his book, The Ultimate Question<\/em>, one question opens the gates to an employee’s degree of satisfaction and engagement – better known as an eNPS survey. So what\u2019s the question? “Would you recommend a friend or family member apply for a position in your company?” – on a scale of 1 (Under no circumstances) to 10 (Definitely). From there:<\/p>\n

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