Coping with Rate Cuts in your Business

The Economy is feeling the effects of the Coronavirus and the Reserve Bank of Australia recently announced it has slashed interest rates from 0.75 % to a fresh record low of 0.5. But what does this mean for our Customers and their deliverables? We take a look at the fall out for Customer and Employee Experience in this blogpost.

Is the finance sector ready for the impact that RBA Rate Cuts will have on their CX and EX?

 

Australian industries will be affected across the board after a record low rate cut was announced this week by the Reserve Bank of Australia this week, to just 0.5%.

We’re hearing about the impacts of this amongst our customers already.. Since the rate cut was introduced in an attempt to stimulate the economy and encourage customers to ‘shop around’ for the best rates on their mortgages, insurances and lending, this means that Contact Centres including those of our clients Allianz, Volkswagen and Mapfre  will in turn, experience increased customer enquiries. 

How will this impact Employee Experience?

Accelerated buying behaviour leads to increase call volumes within Contact Centres, exponentially. Contact Centre managers perhaps are on the back foot given the lack of ability to predict this record low rate cut.

Not being able to predict and plan workforce capacity in preparation for market changes, will impact the morale of  permanent Contact Centre teams, who will simply not be able to manage the huge fluctuation in customer enquiries. If the company does not right-size their team fast enough, and with quality temp staff, permanent employees will burn out and attrition rates will increase.

What does this mean for Customer Experience? 

When buyers are highly motivated and hold the power to start researching and investigating alternative vendors, patience is non-existent. If customer are left waiting, it is highly likely they will hang up or close chat, and go elsewhere seeking a company that is effectively managing enquiry volumes. If customers are not responded to in a timely manner, they will simply go elsewhere and companies are at risk therefore, of losing revenue.  

How do Contact Centres combat the negative impacts of RBA rate cuts?

Our customers seek our service to rapidly scale up their teams when unexpected enquiry volumes hit. For clients like Employsure, Australia’s leading Workplace Relations and WHS Specialists, speed to hire is critical:

Michael Morris-1

“Previous to using Weploy, our recruitment team took six hours to fill one temporary position, which had a significant impact on the amount of resource we could then put into filling permanent roles. With Weploy, temporary staff positions now take seconds to fill. The team tells me it’s just like ordering pizza - simple, satisfying and a little addictive!” 

Michael Morris

Head of Talent, Employsure

 

We know that the main priority for Contact Centre managers is to reduce the CWT, and leveraging Weploy’s talent pool is the simplest solution to help them scale their teams quickly, with quality temps to rely upon.


At Weploy our passion is to help our customers deliver best in class CX, and contribute to optimal EX. We do this by helping Contact Centre leaders right-size their teams in order to better manage increased call volumes. If you are experiencing higher than normal call volumes since the RBA rate cut, and are open to exploring a new approach to hiring temps, we would love to chat.

Reach us below to schedule a demo of the platform today!

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Sara

Written by Sara

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Coping with Rate Cuts in your Business

Is the finance sector ready for the impact that RBA Rate Cuts will have on their CX and EX?