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Trust, Millennials, and CX Spending Plans
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April 2015
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Before we dive into the content for this month's journal, I would just like to say a big thank you! On April 28th, Temkin Group will be celebrating our 5th anniversary. It's been a wonderful five years and we are incredibly grateful to all of you who are clients, who read our content, and who participate in our research.
Congratulations to the most trusted companies: HEB, credit unions, USAA (for banking, insurance, and credit cards), Publix, Chick-fil-A, Trader Joe's, and Costco. See the top and bottom companies below.
- Confirmit
- Clarabridge
- NICE Systems
- Qualtrics
- Rant & Rave
- ResponseTek
- Walker
This journal also includes highlights from three other recently published research reports:
Don't forget to register for our upcoming workshops:
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In Case You Missed It...
Here are some other reports we discussed in recent journals:
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2015 Temkin Trust Ratings
2015 marks the fifth year of the Temkin Trust Ratings. To calculate these ratings, we asked 10,000 U.S. consumers how much they trust 293 companies across 20 industries.
As you cans see in the chart below, H-E-B, credit unions, USAA, Publix, Chick-fil-A, Trader Joe's, and Costco are the most trusted companies. At the other end of the spectrum, Comcast earned the two lowest trust scores, followed by Charter Communications, Coventry Health Care, Time Warner, Consolidated Edison of NY, and Cox Communications.
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Engaging Millennials in the Workforce
Most estimates predict that the Millennial generation-those born between 1980 and 2000-will make up 60% of the workforce by 2020, and thus engaging them should be a priority for every company. However, Temkin Group found that only 52% of Millennials are either moderately or highly engaged, lower than any other generation.
- Expand job description: Clearly define performance expectations and create a variety of opportunities for Millennials to expand their knowledge and skills.
- Create connections: Foster network-building within and across generational lines, organizational levels, and functional roles.
- Make work matter: Help Millennials connect to the company's brand values, its culture, and the causes they care about.
- Allow for flexibility: Demonstrate adaptability in when, where, and how the company communicates, trains, and expects work to be done.
- Develop Millennial leaders: Help non-Millennials understand and effectively engage this generation.
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CX Expectations and Plans for 2015
In our annual Customer Experience Expectations and Plans analysis , we surveyed 207 respondents from companies with $500 million or more in annual revenues about their CX efforts over the past year and their plans for 2015 and beyond.
Here are some highlights from the research:
- Forty-two percent of respondents think their CX efforts had a moderately or significantly positive impact on the business in 2014 and 78% expect it to have a positive impact in 2015.
- Eighty-two percent of respondents think that CX will be more important to their organization this year than it was last year.
- Thirty-one percent of respondents expect to spend more on voice of the customer software vendors in 2015 than they did in 2014, while only 2% expect to spend less.
- Eighty-eight percent of respondents expect to put more focus on Web experiences in 2015, a jump from the 79% who expected to increase focus on this channel last year. Social media and phone self-service interactions were the only areas that did not gain momentum.
- Eighty-one percent of respondents expect to put more focus on customer insights and analytics. The percentage of respondents who think that employee communications and engagement will get more attention in the upcoming year experienced in the biggest increase since 2014.
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State of the CX Profession, 2015
In our 5th annual State of the CX Profession, we surveyed 270 CX professionals and then compared their responses to similar studies we conducted over the previous four years.
As we find every year, just about every CX professional believes that CX is a great profession to work in. However, the percentage of respondents who agree with the statement, "My company appreciates CX professionals like me," on the other hand, has dropped from 83% in last year's study to 78% this year, the lowest level in five years.
Many respondents participated in our compensation study, which analyzed five CX job levels in large organizations. Their compensation ranges from an average of about $92,000 for a mid-level individual contributor to about $340,000 for an executive. Direct CX experience ranges from 4.4 years for mid-level individual contributors to more than 10 years for leaders of large groups.
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Customer Experience Matters Blog
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Temkin Group Research Plans and Updates
We have quite a few exciting new reports underway, including CX Metrics Best Practices, 2015 Temkin Forgiveness Ratings, The State of CX Management, Extracting Customer Insights from the Contact Center, and Mobilizing Middle Managers.
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Research & Advisory subscriptions. Get access to leading-edge best practices, assessments, and benchmark data, in addition to ongoing advice from our CX Transformists to help keep your efforts on track.
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CX training. We deliver leading-edge CX practices through in-house workshops, open-enrollment workshops, or customized training programs.
- CX assessments. We identify gaps and opportunities in your CX plans and competencies.
- Speeches and webinars. We will inform and inspire your internal or client audiences.
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Sincerely,
Bruce Temkin, CCXP
Customer Experience Transformist
& Managing Partner
Temkin Group
Chair, Customer Experience Professionals Association
Customer Experience Matters is a registered trademark of Temkin Group.
NPS is a trademark of Satmetrix Systems, Inc., Bain & Company, Inc., and Fred Reichheld
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