What Is BPO Shrinkage?

Whose responsibility is it to control shrink?

Answer and Explanation: It is every employee’s responsibility to control shrink in a business..

What is shrinkage and attrition in BPO?

Shrinkage is a term that is broadly defined as the percentage of time that scheduled agents are not available to handle customer interactions. … Attrition is a component of contact center shrinkage.

How is SLA calculated in BPO?

In most organizations Service Level will be defined as: X percent of calls answered in Y seconds. (For example: 80 percent of the calls should be answered within 20 seconds.) The calculation simply is (number of calls answered in Y seconds / total calls offered) * 100.

What is KPI in BPO?

Introduction to Key Performance Indicators (KPIs) Key performance indicators is the term for a type of performance metric used to evaluate how a company is progressing towards their business goals. It is one of the efforts businesses use to measure productivity using trackable numbers.

How do you calculate shrinkage?

Divide the amount of shrinkage by the original size to find the shrinkage rate. In the example, divide 2 by 8 to get 0.25. Multiply the shrinkage rate by 100 to find the shrinkage as a percentage. In the example, multiply 0.25 by 100 to get 25 percent.

What is employee shrinkage?

What Is Shrinkage? Shrinkage is the loss of inventory that can be attributed to factors such as employee theft, shoplifting, administrative error, vendor fraud, damage, and cashier error.

How do you control shrinkage?

Understanding how shrinkage happens in retail stores is the first step in reducing and preventing it.Shoplifting. … Employee Theft. … Administrative Errors. … Fraud. … Operational Loss. … Implement Checks and Balances. … Install Obvious Surveillance and Anti-Theft Signage. … Use Anti-Shoplifting Devices: Security Tags.More items…•

What is the acceptable attrition rate?

Organizations should aim for 10% for an employee turnover rate, but most fall into the range of 12% to 20%. Certain industries report higher employee turnover rates due to the nature of the job.

What are the 3 main causes of shrink?

Let’s take a look at the four main causes of inventory shrinkage:Shoplifting,Return fraud,Employee theft, and.Administrative error.

What is SL in BPO?

Service Level is a metric used in customer service to assess its efficiency. It is essentially the rate of service the call center provides to the customer. … Usually, a service level is the percentage of incoming calls that are answered (live) by an agent within a stipulated frame of time.

Why is AHT high?

Reasons For a High AHT Inexperienced customer service representatives. Lack of automation or no interactive voice response (IVR) system. Not taking time to review calls and processes. Ineffective call routing.

How do you calculate monthly shrinkage?

Shrinkage calculation for hoursShrinkage% = (1- (Total staffed hours/Total scheduled hours))Total Staffed hours = (Total answered calls*AHT) + Avail time + productive aux.Total scheduled hours = Total agent hours rostered for the day/week/month.

How can we control shrinkage in BPO?

The strategy must focus on implementing some of the commonly used best practices for reducing call center shrinkage.Measure Shrinkage Rate Continuously. … Track and Improve Schedule Adherence. … Keep in Mind Unproductive Time. … Monitor and Address Absenteeism. … Keep Agents Competitive. … Make Shrinkage Management an Ongoing Process.

What is AHT formula?

Calculating AHT (Total talk time + total hold time + after call work time) / total number of calls. AHT can be assessed per agent, per department, or across the organization.

What does 80% attrition mean?

Attrition rate refers to the percentage of rooms that must be filled in order to avoid paying a penalty. For example, let’s say you make a block of 20 rooms for your wedding. However, only 13 rooms are booked by your guests, and your contract states that your attrition rate is 75%.

How do I stop casting shrinking?

Prevent shrinkage cavities by improving casting structureDesign a running (gate) system with risers that ensure a continuous flow of molten metal.Increase local heat dissipation by inserting internal chills, cooling ribs or cooling coils.Reduce casting temperature to limit the total volume deficit.

What is a good AHT?

The resulting 28 minutes is the average handle time — way over the industry standard! According to Call Centre Magazine, the industry standard AHT is 6 minutes and 10 seconds. A similar formula can be used to calculate similar metrics from other channels, like messaging and chat or email.

What is shrinkage rate?

Inventory Shrinkage Rate is a measure of inventory control. It measures the percentage of inventory that is lost between the initial production and the point it is sold. Reasons for shrinkage can include breakages, spillages, misplacements, perished goods, as well as internal and external theft.

What is the difference between loss and shrinkage?

As nouns the difference between loss and shrinkage is that loss is an instance of losing, such as a defeat while shrinkage is the act of shrinking, or the proportion by which something shrinks.