September 2021 saw a record 4.4 million Americans quit their jobs as part of what has come to be known as the “Great Resignation”. This is the highest number since tracking began in 2000, topping the then-record set in August of 4.3 million.
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As a thought leader in the space, DALBAR wanted to explore how this economy-wide trend was impacting financial services contact centers. To that end, DALBAR conducted a survey of contact center managers from some of the nation’s leading financial services providers regarding staffing and recruitment. These results were also compared to an earlier survey.
82.3% of survey respondents reported higher attrition in 2021 compared to prior years, with a staggering 52.9% reporting a “dramatic” increase. Clearly the “Great Resignation” is impacting the contact center. It is not just tenured staff that are leaving either; a number of firms reported issues with candidates leaving before or right after completing training. Some firms even had candidates withdraw between accepting an offer and their starting day, leaving firms grappling with how to shorten the hiring cycle.
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To make matters worse, 2021 has also proved to be a very challenging year for recruitment. 64.7% of respondents reported that recruiting is “Much more difficult” this year compared to prior years, up from 40% in a June survey. Another 11.8% reported that recruiting has been “Somewhat more difficult”.
Financial services contact centers have responded to these pressures in a variety of ways. Nearly half have increased their base salary as a means to attract more talent, at least one firm increasing base salaries by $7,500. Of course, this creates a potential issue where new hires are earning more than tenured staff, which firms have handled in different ways. A significant number of firms have also used signing bonuses.
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