After-Call Work (ACW) is a set of duties that must be accomplished after a customer interaction with an agent. These tasks involve updating the system, noting the cause for contact and the outcome, updating colleagues, and planning follow-up measures.
After-call work should be as short as possible. However, it should still allow outsourced call center operators to accurately fulfill all of their jobs, ensuring that no information is incorrect.
Calls that are abandoned or disconnected by the caller before connecting with the agent are referred to as abandoned calls. For example, the caller may have dropped the call due to an excessive wait time in the queue or a connection problem.
If the caller was able to speak with at least one representative, the call is not considered abandoned.
An account manager is a manager of client relationships who manages a client's account on a day-to-day basis.
Account managers' primary responsibilities include:
- Building client relationships.
- Collaborating with sales and marketing teams to produce presentations and sales pitches.
- Handling client communications and writing client reports.
- Communicating client agendas to other employees.
Making budgets and schedules to fulfill the needs of their accounts is part of an account manager's work. They also ensure that product development deadlines and customer projects are met.
Average Handle Time (AHT) refers to the average duration of a customer call transaction, from the time the customer dials the number to the time the call is ended, including all hold times and transfers, as well as after-call activity.
AHT is also a customer service metric used to assess the effectiveness of phone or live chat support. Customer satisfaction and agent performance are often linked to AHT. The faster you fix a customer's issue, the more pleased they will be.
B2B (business to business) is a business model in which a company sells its products and services to other companies. Interactions and exchanges of goods and services between businesses conducted are examples of business-to-business transactions.
For example, a B2B relationship exists when multinational software company SAP provides data processing to a national healthcare corporation.
B2C (business to consumer) is a business model in which products and services are sold between a company and a consumer or between two consumers. Michael Aldrich pioneered the concept of B2C in 1979, using television as the primary medium to reach out to his customers.
A B2C transaction would be someone purchasing a pair of shoes online or booking a pet hotel for their dog. In addition, online retailers who sell products and services to consumers via the internet are typically referred to as B2C.
Back-office support is a term used to describe services that are not directly related to customer care but improve the customer experience.
Back office support professionals are responsible for various administrative responsibilities, including record keeping, data management, and more. Employees in the back office can also provide knowledge in accounting, finance, information technology, and other professions, depending on the company or industry.
Backsourcing is the process of terminating or expiring an outsourcing contract, which begins the process of re-establishing operations in-house. The primary reasons for companies to backsource include:
- High outsourcing costs and poor service quality.
- Loss of control.
- Management changes.
- Changes in company strategies.
The backsourcing process must be incorporated in the agreement or contract with the outsourcing business and cover measurable service level objectives and service delivery commitments of both sides to minimize misunderstandings and lower risk factors.
A balanced scorecard is an evaluation tool designed to provide you with feedback on your call center agents' performance. It tells you how they are doing, how customers respond, and how those agents adhere to or deviate from your company's standard protocols and procedures.
One of the main advantages of implementing such a scorecard is that each agent's development can be aligned with the strategic road map defined by the senior management team.
Benchmarking is the process of comparing products, services, and procedures to those of organizations that are recognized as leaders in one or more areas of their operations.
Companies can use the benchmarking process to identify the optimal performance standard based on their competitors' success and to see whether a performance gap can be addressed by improving their performance.
Benchmarking's ultimate goal is constant improvement, which all businesses should strive for. For example, a business could buy a product from a more successful company, examine what makes it different from theirs, and develop strategies to outperform it.
Brand equity is a word used in marketing to describe the worth of a brand that is defined by how customers perceive it. Positive or negative brand equity can exist. Positive brand equity exists when consumers think positively of a brand.
Meanwhile, negative brand equity exists when a brand continuously fails to meet customer expectations and produces negative word of mouth. Simply put, brand equity represents the value of a brand.
The practice of contracting a third-party service provider to handle a vital company function or job is known as business process outsourcing (BPO). A BPO company, on the other hand, is a business that provides specialized services to organizations to help them with non-core duties.
For example, your company may conclude that outsourcing customer service is more cost-effective than hiring full-time employees. The BPO company you employ will serve as an extension of your business, delivering various services such as back-office and front-office support.
Calibration at a call center is gathering a team to analyze calls based on a defined set of expectations for what a good customer encounter looks like (or doesn't seem like).
Most of a call calibration session is spent listening to an agent's call and assessing the quality of the customer experience.
The goal of having a group of people perform these reviews is to identify and address inconsistencies in ratings and scores.
A contact center is a department within a company that handles consumer interactions. Unlike a call center, which solely accepts phone calls, a contact center facilitates client interactions through various channels, including phone calls, email, Web chat, Web collaboration, and social media channels.
Screening and monitoring user-generated content online are known as content moderation. It is your obligation to ensure that content submitted to your social media or website adheres to pre-established criteria for what is acceptable in the online community.
When you outsource content moderation, moderators will keep an eye on your feed for any inappropriate content that isn't acceptable for all age groups. Next, they will use automated tools to identify content that is not visually suitable for social media viewing.
A cost-benefit analysis (CBA) compares the expected or estimated costs and benefits (or opportunities) connected with a project decision to see if it makes sense from a business standpoint.
You could argue that the decision is sound if the anticipated advantages outweigh the costs. However, if the costs outweigh the benefits, the decision or project may need to be reconsidered.
Because a CBA is only as good as the data it is based on, organizations with more mature financial reporting have a better chance of succeeding.
Creative Process Outsourcing (CPO) is a type of outsourcing in which you outsource your creative tasks and processes to service providers specializing in marketing, advertising, and brand management. The goal is to reduce costs while increasing output and efficiency.
Examples of CPO services include creative design, video editing, content writing, social media management, and web development.
Customer Relationship Management (CRM) is a set of strategies, processes, and software that enables businesses to understand their customers' needs and behaviors better to build stronger relationships.
For example, Amazon has one of the most comprehensive CRM infrastructures in the world, which captures client data throughout transactions. When buying something on Amazon, you'll need to create a personal account. Amazon can then use your purchases and browsing history to personalize marketing and email campaigns based on your preferences.
Customer retention refers to a business's capacity to convert customers into repeat buyers and keep them from switching to a competitor. In addition, it tells whether your product and service quality satisfy your current clients. Most subscription-based businesses and service providers rely on customer retention strategies.
Coca-Cola has one of the strongest customer retention strategies, even though it was founded nearly 140 years ago. From music videos to placing their trademark red on everything, Coca-Cola has become a household name in the beverage industry.
The Customer Satisfaction Score (CSAT) is a customer loyalty indicator that businesses use to determine how satisfied a customer is with a specific encounter or overall experience. Customers answer questions like 'How satisfied were you with your experience?' ', to which they respond on a scale of 1 to 10.
CSAT scores are simple to calculate. It's the total number of positive responses divided by the total number of responses, then multiplied by 100. As a result, you'll know what percentage of your customers are satisfied overall.
A disaster recovery plan (DRP) is a documented, structured approach that explains how a company can quickly restart operations following disruptive events, including cyber attacks, natural disasters, and power outages.
The plan includes techniques for reducing the effects of a disaster and assisting an organization in fast resuming critical operations or operating as if nothing happened.
A disaster recovery plan is an essential component of successful business continuity planning. The plan might include everything from recovering a small data set to restoring a whole data center, depending on the type of disaster that occurs.
Downsizing is the process of reducing the number of people on the working payroll in an organization. It is a standard measure used by companies during times of market volatility or bad financial performance.
When a company downsizes, certain employees are frequently notified that they will be laid off. These are usually permanent layoffs, but the employees may be rehired following a reorganization phase. Regardless of the method used, downsizing a business negatively impacts employee morale and profitability.
Ecommerce outsourcing is the process of contracting a third-party service provider to manage various areas of an online store. Building and maintaining websites, content marketing, fulfillment, IT services, and customer support are some of the popular outsourced eCommerce operations.
There are numerous advantages to outsourcing eCommerce services. Businesses can save time and money by eliminating the requirement for specialized workers for each function. They will also save money by not investing in costly equipment and software.
The end-to-end process refers to the standard procedures of implementing a system or service from start to finish without the involvement of a third party.
"Order-to-Cash" is a perfect example of an end-to-end process in which a customer contacts a company with the goal of placing a product order. This starts a process that takes care of the order placement, processing, delivery (perhaps manufacturing), invoicing, and revenue collection.
Enterprise Resource Planning (ERP) is a business management system that integrates all aspects of a company's operations, including accounting, procurement, project management, risk management and compliance, and supply chain operations. An ERP software is typically used to centrally manage all of the processes required to run a company.
An ERP ensures business agility by assisting companies in anticipating and responding quickly to any operational disruption or market change. At the same time, it gives them access to information that helps them make better decisions and improve their operational performance.
Escalation management entails transferring calls to higher-level personnel with more experience than the agent who answers the phone first. It prioritizes issues by severity and ensures that the appropriate agents handle them to ensure a smooth customer experience.
The term "first contact resolution" (FCR) is used in call and contact centers to describe how many customer support issues are successfully resolved in the first interaction. It's a metric that's frequently used in conjunction with Average Handling Time (AHT) to assess contact center performance.
To calculate your FCR rate, divide the total number of cases handled by agents by the number of cases resolved the first time. To acquire a percentage, multiply the amount by 100. For example, if 200 of 400 calls were answered correctly the first time, your FCR percentage is 50%.
Fixed pricing is a pricing model that defines a set price for service regardless of the amount of time or resources spent on it. This model is ideal for small and medium-sized projects with well-defined requirements, specifications, and schedules before the start of project development.
Clients who opt for this model face no financial risk. They'll know exactly how much their project will cost from the start and won't be surprised by any unexpected charges.
Freelancing is the practice of working as an independent contractor rather than being employed by a company.
Without being tied to a single company, freelancers use their skills, education, and experience to work with various clients and take on several jobs. The quantity of projects or tasks they can accept is determined by their capacity to execute them in the specified timeframe.
Freelancers are those who work on a contract basis. They work far too often from the comfort of their own homes. However, they may sometimes be forced to work at their client's office.
Simply put, the front-office support encompasses all of a company's customer-facing activities. For example, employees in the front office are responsible for taking and processing orders while ensuring that customers are satisfied with the services provided.
Individuals who work in the front office immediately contribute to the company's revenue. Customer-facing tasks, such as marketing, sales, public relations, customer service, and call center, make up most of the front office.
A full-time associate is an employee with regularly scheduled and budgeted Working Hours of no less than forty (40) hours per week.
As company representatives, they drive value by creating positive customer experiences. They specialize in offshore staffing services, including but not limited to customer support, creative design services, and product information management.
A full-time equivalent (FTE) is a measurement of how many employees are needed for a project. For example, an FTE of 1.0 represents a full-time employee, while an FTE of 0.5 represents someone who works half as much.
Accountants use FTE to estimate labor expenditures, while project managers use it to determine their team's workload. To get the monthly FTE for a project, divide the monthly hours needed for the project by an employee's full-time work hours in a month.
Gainsharing is an incentive plan in which employees are given financial shares of the company's profits in exchange for better performance.
There are always advantages to both parties in every partnership. Employee gains increase in tandem with the company's profitability. As the incentives increase, so does the degree of productivity.
The General Data Privacy Regulation, or GDPR, is a European Union legislative instrument that ensures individual data protection and free movement. The GDPR applies to all businesses and organizations that handle the personal data of EU citizens.
GDPR promises to improve data privacy across the EU while providing individuals greater choice over how their personal data is used. BPOs, on the other hand, must comply with GDPR and bear responsibility for their client's data, ensuring that it is handled correctly or risk facing hefty fines.
The hybrid delivery model is the combination of onsite and offsite services to produce results at a lower cost. Project delivery work is allocated across offshore and onsite/offsite teams depending on the project type and business objectives. An onsite/offsite team typically handles 20-30% of the entire work, while the offshore development team handles the rest.
The hybrid delivery model eliminates the communication gap by allocating businesses with a relational specialist with years of experience working with people from different cultures. This specialist constantly switches between two mindsets, translating thought patterns and processes rather than languages.
An inbound contact center is a customer support function responsible for answering incoming customer calls. Customer service, technical support, and inbound sales are the three most prevalent types of inbound contact services.
The fundamental goal of an inbound contact center is to address and resolve customer problems and difficulties—this aids in promoting customer trust and retaining loyal customers.
Insourcing is a business model in which an onsite team now performs a project that was previously outsourced to a third party.
Companies often use insourcing to save money on foreign exchange fees and currency fluctuations. For example, if all employees and enterprises are located in the same tax region, there may be lower tax charges.
Information technology outsourcing (ITO) is the process of outsourcing information technology services to third-party providers, typically in developing countries with cheap labor costs.
Software development, programming, infrastructure, IT maintenance, and IT support are just a few services companies employ ITO for. In addition, many businesses use ITO to reduce costs significantly.
Moreover, companies often outsource data storage because hiring a third party is less expensive than purchasing and maintaining their own data storage equipment and facilities.
ISO certification is a third-party seal of approval indicating a company meets one of the international standards developed and published by the International Organization for Standardization (ISO).
When a management system, manufacturing process, service, or documentation procedure is ISO certified, it means it meets all of the requirements for standardization and quality assurance.
Obtaining ISO certification will aid in your marketing and sales efforts. Many large corporations need ISO certification from their vendors. Certification is especially vital if you wish to sell in international markets.
Key performance indicators, or KPIs, are used to assess an organization's success or the development of a critical operation. Industry-specific KPIs, company-specific KPIs, and even department-specific KPIs all differ.
Standard KPIs in contact centers such as first contact resolution, call frequency, and the number of escalations assist businesses in monitoring and evaluating the performance of their employees and the contact center as a whole.
A knowledge base is a repository of documentation that includes frequently asked questions, how-to guides, and troubleshooting information. As agents interact with customers, the knowledge base assists them in finding answers to common inquiries in real-time.
External or internal audiences can both benefit from knowledge bases. An appliance manufacturer, for example, might keep maintenance instructions in a customer-facing knowledge base and an internal knowledge base where employees can learn about company policies.
Knowledge Process Outsourcing (KPO) is a type of outsourcing in which third-party service providers handle knowledge and information functions. KPO intends to provide a more focused set of expert services in areas such as research, marketing, and data analytics.
A B2B tech software development firm that needs to streamline its manufacturing line is an example of a KPO. It will need help from people or vendors who know how to optimize business procedures and increase profitability without sacrificing quality.
Live chat is a type of instant messaging that allows a customer and a customer support agent to communicate in real-time, commonly through a pop-up conversation window on a company's website. It's a simple and cost-effective approach to adding social interaction and personalization to the customer experience.
Any digital or printed material used to communicate or promote a company's brand message, products, or services is known as marketing collateral. Print brochures, point-of-sale posters, videos, e-books, newsletters, social media banners, and more are examples of marketing collateral.
A monthly retainer fee refers to the advanced payment paid by a client for a professional service. In this payment agreement, a client pays a service provider a specified amount of money monthly in exchange for a set of services over that same time period.
A retainer agreement has various advantages: service providers guarantee that they will be available to clients for certain services for a set number of hours each month. Clients can also use the agreement to budget their monthly spending.
Multichannel support entails providing customers with various ways to contact customer service. Customers can select any channel that is most convenient for them at any time. Voice, text, live chat, email, social media, and other channels are among them.
Samsung, for example, offers several customer service options. They provide customer service through various channels, including phone, SMS, email, chat, and community support.
Multisourcing is known as the technique of outsourcing to several service providers rather than a single or small group of vendors or service providers.
This method of outsourcing is appropriate for businesses with a sudden surge in demand for their products or services. When current vendors cannot meet all of the demand, the company looks for other vendors who can perform their additional tasks.
Companies also outsource to multiple vendors to reduce the risks and hazards to data security and operational stability. Furthermore, multisourcing encourages competition and collaboration among service providers to give the highest service quality to their shared client.
Nearshoring refers to outsourcing to a nearby country, preferably a neighboring one or one on the same continent. This enables more frequent travel and face-to-face meetings at a lower cost.
Companies in the United States, for example, that outsource to Canada or Mexico practice nearshoring.
Offshoring is a method of outsourcing in which a company relocates its business operations unit (production or services) to a different country (usually in developing countries) where labor or resources are inexpensive.
Offshoring occurs when a company based in the United States decides to build its marketing team in the Philippines to reduce operational costs.
Customer service that is delivered across multiple channels and touchpoints is known as omnichannel customer service. The comprehensive omnichannel customer experience is one that today's customers anticipate and supports several channels within a single interaction.
Omnichannel aims to create a seamless experience across several channels. A consumer cannot just choose the most convenient route for contacting someone in this situation. They can also switch between channels in the middle of a conversation.
Onshoring is the practice of outsourcing to another city within your country. Companies that take this approach avoid the risks associated with offshoring, such as cultural differences and foreign taxation policies, while also investing in their home country's economy.
Unlike offshoring, this type of outsourcing allows businesses to relocate operations within the country to a lower-cost location. A US tech company, for example, could "onshore" its customer support by closing a call center in India and opening one in Tennessee.
An outbound contact center is a customer support function that makes outbound calls to customers and prospects. Outbound calls are typically used for sales, lead generation, telemarketing, and fundraising.
When you receive sales calls, you may be speaking with outbound call center agents. You can better understand the roles that sales agents play if you compare your own experiences with phone calls to businesses versus calls from marketing companies.
Overhead costs are the costs of running a firm that are not directly related to the creation or production of a product or service. They are the costs a company must pay to keep in business, such as rent, utilities, insurance, and employee costs.
Overhead costs exclude costs incurred directly in the production of goods or services. These are known as "operating costs" or "direct costs," and they typically include: raw materials, transportation, consumable supplies, and machinery.
Process mapping is a thorough business process technique that employs symbols and charts to depict a company activity from beginning to end. This method follows each stage of a process and determines what is being done and who is doing it, where and when it is being done, and even why.
Process mapping has become popular in the business world as a way to standardize procedures, increase efficiency, meet audit requirements, and gain a competitive advantage.
Accounting departments, for example, can use process mapping to identify and document how they process payments, while HR departments can use it to determine how they choose applicants.
Product information management (PIM) is the act of managing and improving product information and its related digital assets (product photos, videos, personalized representations, product catalog categorization, and more). Internal and external collaborators, systems, and partners use PIM software to secure and increase the quality of product information.
A PIM service can handle incoming, outgoing, and cross-department product content like core product data (Product name, title, description); product attributes (SKU, cost, pricing); and product specifications (e.g., dimensions, warranty and packaging info, etc.)
A professional employer organization (PEO) is an intermediary organization that provides full-service human resource outsourcing. In this arrangement, the PEO manages different employee administrative functions for a company, such as a payroll and benefits administration.
Clients and PEOs enter into a joint-employment partnership, allowing PEOs to share or lease their present talent pool to clients in need. To help them fulfill their clients' demands, PEOs need that their clients provide them with a detailed job description. PEOs search for ideal applicants and assist in the onboarding process of selected candidates.
After all expenses have been removed, the profit margin is the percentage of sales retained by a company. The profit margin of a company might reveal how successfully it manages its entire finances. When the profit margin is very low, it indicates that the company has to reduce its expenses by implementing a more stringent budget.
Profit margin is one of the most crucial indications of a company's financial health. Creditors want to know these numbers so they can make sure a company is successful enough to pay back its loans, while investors want to know if the company is profitable enough to pay dividends.
The profit margin is calculated by subtracting sales from total expenses, then dividing by sales. The formula for the computation is as follows: (Sales - Total expenses) ÷ Sales
A project brief is a document that outlines all of the project's major components. The project brief is a technique of presenting this information concisely that outlines the project's goals, scope, primary deliverables, milestones, and timetable.
The project manager creates the project brief. However, a project manager does not provide the material in the project brief. Instead, clients and project stakeholders are the ones responsible for outlining the what, who, when, and why of a project.
Any systematic process of verifying whether a product or service fulfills defined requirements is known as quality assurance (QA). QA creates and maintains standards for delivering dependable services.
QA is critical for obtaining consumer trust in the product and preventing problems from occurring throughout the delivery of solutions or services. Various companies have their own quality assurance unit, allowing minor adjustments to be made.
Return on investment, or ROI, is a common business term that refers to past and future financial returns. The return on investment (ROI) of a project or venture is important to managers and executives since it reflects how successful a venture will be.
ROI is different from profit. The ROI refers to the amount of money you put into a company and the amount of money you get back, depending on the company's net profit. On the other hand, profit is a metric used to assess a company's performance.
There are several ways to calculate ROI. The most common is net income divided by the total cost of the investment or ROI = Net income / Cost of investment x 100.
Staff augmentation is a form of outsourcing approach in which a corporation hires temporary personnel to fill short-term job openings. It enables organizations to select only those who meet their needs and eliminate or expand their augmented staff as needed.
In many cases, a company's staffing needs to be augmented. For instance, a company is working on a tech product with a group of programmers and needs to hire new engineers. They are looking to expand their search to other countries because the professionals they want to hire are scarce in their country.
Seat leasing is a service provided to small and medium-sized businesses that do not have the financial means to open their own office space. Seat leasing services give companies the space they need to host a group of employees overseas or create a personal area for themselves without having to worry about the associated technical costs (e.g., rent and office equipment.)
Seat leasing is different from staff leasing. In-seat leasing, clients prefer to handle their employees' recruitment, training, and management. Meanwhile, in staff leasing, all aspects undergo with their service providers. This includes communications and control over employees.
Search engine optimization (SEO) refers to practices, strategies, and processes for improving a website's online visibility on search engines such as Google, Bing, and Yahoo.
There are two types of SEO: on-page and off-page SEO. On-page SEO focuses on optimizing parts of your website that are within your control. This includes optimizing your title tags and meta descriptions and writing in-depth, quality content.
Meanwhile, off-page SEO focuses on increasing the authority of your domain. This is done by earning backlinks from external websites or sharing links across social media channels.
A service level agreement (SLA) is a written contract between a service provider and a client that specifies the services requested and the degree of service expected. Vendors, services, and industries all have different agreements.
SLAs are meant to keep both parties accountable. If there is a problem with the service, the SLA serves as necessary documentation, describing all of the measurements, obligations, and expectations that were agreed upon from the start. Because both parties have access to the SLA, neither can later claim that they were unaware of the expectations or agreed-upon standards.
Shared services is a collaborative method of centralizing a company's existing administrative functions, which were previously divided into separate departments.
Finance, purchasing, inventories, payroll, recruitment, and information technology are all services that can be shared among a company's multiple business units.
With shared services, companies can save on costs and eliminate redundancy because they centralize back-office operations used by multiple divisions of the same company.
Small and medium-sized companies (SMEs) are non-subsidiary, independent businesses with annual sales of less than $100 million and fewer than 200 employees.
SMEs make up the bulk of enterprises worldwide and are critical contributors to job creation and global economic growth. They account for around 90% of enterprises and more than half of all jobs worldwide.
A subscription-based pricing model is a business model in which customers pay a weekly, monthly, or annual fee in exchange for products or services. After a specific period of time, customers can renew their subscriptions. This concept enables businesses to generate a consistent source of revenue by leveraging their customer relationships.
Here at ManilaPros, clients are charged for a product or service every month. They can also choose how many full-time associates they can hire, and their monthly plan allows them to cancel or renew anytime.
Support Channels are communication channels businesses, or organizations use to interact with their customers or end-users. Customer service can be provided not only through one channel but also through multiple channels.
At ManilaPros, we offer Support Channel customer experiences through chat, email, phone, social media, and SMS.
A Statement of Work (SOW) is a formal document used by an employer to describe the service provider's expectations. The scope of work, deliverables, dates, work activities, intended outcomes, projects, and payment for the job will all be included in the SOW.
In project management, a statement of work establishes a baseline degree of commitment for all parties. If a project's scope expands beyond the original statement of work, everyone might return to the negotiating table to either recommit to the core SOW or agree on amendments.
A stock-keeping unit (SKU) is a unique code that a retailer assigns to a product to manage inventory, flow, and sales. Businesses often use it in the form of an 8-digit alphanumeric number to identify products internally.
For their goods and services, businesses develop several SKUs. For example, a store that sells shoes creates internal SKUs and indicates product data such as color, size, style, price, manufacturer, and brand to ensure it is accurately tracked.
An SKU is different from barcodes. While barcodes should be assigned to all like products regardless of where they are sold, SKUs are unique to a business or seller and assigned to a product to identify the price and other products related information.
Turnaround time is the time it takes to complete a procedure or fulfill a request, from accepting a project until it gets completed. For example, the time it takes to print your order and have it ready to ship is known as the printing turnaround time.
Some crucial activities, such as healthcare patient turnover, new product development, and consumer credit approvals, require quick turnaround times.
The percentage of employees who leave a company over a given time period is referred to as the turnover rate. There are two different types of turnover. The first is voluntary turnover, which occurs when employees decide to depart. The second type is involuntary turnover, which occurs when a company fires an employee.
We divide the number of terminated employees within a given time by the number of employees at the start of that period to get the turnover rate. So, for example, if we start the year with 100 employees and 30 of them leave during the year, the turnover rate is 30/100 = 0.3, or 30%.
Turnover is not the same as attrition. Force reductions and terminations are not taken into account when assessing attrition.
A value-added service (VAS) is a non-core service or feature that businesses add to a core product or service before offering it to customers. The purpose of value-added service is to improve the customer experience and promote brand loyalty, which can increase income if done successfully.
The addition of value might thereby raise the price at which buyers are ready to pay for a product. Free delivery from some restaurants and free shipment from electronic companies are excellent examples of value-added services.