Elevating the Employee Experience During an Economic Downturn
Global economists can’t seem to agree. The economic indicators we typically rely on are telling different stories. A strong labor market and corporate earnings growth suggest all is well, while skyrocketing inflation and an undulating Gross Domestic Product (GDP) hint at economic doom.
Here’s what really matters: An overwhelming majority of CEOs—93%—say they are preparing for a U.S. recession.1 Economic realities aside, an attitude of recessionary safeguarding reigns supreme.
Yet these safeguarding measures, including layoffs and hiring freezes, carry their own costs. And while asking existing employees to do more with less may cut costs in the short term, the downstream tax on employee and customer experiences could be crippling. Already, contact centers are grappling with record rates of turnover and “quiet quitting,” where employees show up at work but do nothing but the bare minimum.
And it’s not hard to understand why: agents’ jobs are more complex, their workplaces are more isolated, and their customers are less patient than ever before. In fact, our research found that 41% of customers will abandon a brand after just two poor digital interactions.
