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Why your customer health scores aren’t actionable for predicting retention

Why your customer health scores aren’t actionable for predicting retention

Key considerations for companies seeking a more predictive model to assess customer health

Key takeaways

  • Customer success functions, and the account health scores they create, are in the spotlight.
  • Health scores often focus on what is easy to measure, not what provides actionable insight into accounts.
  • Tech companies looking to use health scores to guide their decisions need to build that data on a more solid foundation.

Health scores should be derived from a balance of qualitative and quantitative data

In a subscription economy, the revenue focus of many technology companies has shifted from closing new deals to renewing subscription contracts and expanding sales among existing customers in order to continually grow accounts. Understanding how likely an account is to renew has become a core focus of company financials, making customer retention a hot topic. As a result, customer success functions, and the account health scores they create, are in the spotlight.

As these customer health scores become increasingly strategic, many companies are realizing their current approach to calculating them leaves a lot to be desired—that was the topic of a recent Technology & Services Industry Association webinar sponsored by RSM US LLP. Health scores often focus on what is easy to measure, not what provides actionable insight into accounts, according to the TSIA, which has developed benchmarks to help tech companies more accurately measure customer health.

Read More Here


Following a Flexible Work Model

Following a Flexible Work Model

At the height of the Great Reshuffle, we’ve talked a lot about remote work and hybrid schedules. But a trying out a flexible model can be just as beneficial to the productivity of your company and employees. On the value of flexible work, Microsoft says, “Companies should envision a kind of fluidity that lets everyone integrate work more holistically into their lives. The trick is figuring out how to do this in a way that balances business outcomes with people and their wellbeing.”

Types of flexible work

The main thing to remember about flexible work models is that no two are the same. What might work for one company, might not work for another. That’s the key to the flexibility. Some options include:

  • Compressed hours, where an employee might compress their 40 hour work week into four days, rather than five. Or simply working more hours in one day and less in the next, so long as the work gets done
  • Work from home opportunities and allowing employees to manage their own schedule throughout the week
  • Flextime: a new concept that allows employees to determine their start and end times of the work day. Autonomous says, “This flexible model is beneficial to individuals who have responsibilities prior to and after work begins. For example, the school run, or a long commute or any other types of engagements.” This model is specifically catered to those with kids or caretaker responsibilities.
  • Job sharing, which splits the full-time work of one job between two people and part-time schedules

Making it work

Establishing and maintaining a flexible work model can be difficult, especially for those who have worked the same way for a long time. The fact is, though, there is no longer one standard way to work. Professionals want to know they are trusted to get their work done. They want the opportunity to prove their productivity and skills, while also not being micromanaged.

Microsoft reiterates this, stating, “As technology evolves to help build flexibility into the flow of work, every organization will need to evolve its culture along with it, and getting there requires companies to rewire their thinking. That starts with listening and experimentation.”

In order to get there, managers need to remember to not only listen to their employees, but to set clear and realistic goal. Your employees should understand exactly what is expected from them in order for them to determine how they’ll get it done. Additionally, managers should continue open communication with their team, as well as check-in meetings to determine objective and allow room for questions and discussions.

The benefits

Though it comes with its challenges, a flexible work model has strong and noticeable benefits. In addition to increased productivity and better mental health for employees, it also reduces burnout, creates an environment of support, and broadens the pool for potential candidates. In the end, all flexible work models are working toward the same goal: to build a community on trust and fulfillment for both the employees and company.

How to Live a Cleaner, Greener Life!

How to Live a Cleaner, Greener Life!

WGL Energy’s Senior Director Larry DePompei along with Directors Kevin Anderson and Jon Colpitts discuss the impact of climate change and the pandemic on the energy industry and what we all can do to preserve the world for future generations.

Listen to podcast here

On Mental Health and Hope: We cannot lose this generation.

On Mental Health and Hope: We cannot lose this generation.

“We cannot lose this generation.” Dr. Kevin Churchwell, president and CEO of Boston Children’s Hospital recently spoke with McKinsey & Company on the pandemic’s impact on children’s health. At first glance, my stomach braced for the same uncomfortable lurch that occurs each time I see or hear “children” and “pandemic” in the same sentence.

In reading through Dr. Churchwell’s take on how we need a continuum of care built upon technology and improved communication for our children, “hope” comes to mind – something not mentioned but implied. I think we must keep “hope” as our guiding star for how we address the pandemic trauma we are presently experiencing-especially for our children. Trauma, like hope, is relevant only in the mind of the beholder. I am not an expert on either but have studied mental health and the brain’s dynamics for a couple of decades. I also have had the lived experience of both.

After 40 years in health care and health information technology (IT), my focus has turned to mental health or more specifically – “brain health” – a nod to the fact that our brain has “plasticity” or can be shaped by external factors. I dodge any reference to “comparable pain” but know I have experienced enough pain to change how my brain reacts to what it interprets to be “trauma”. This change in career focus is different somehow from past career pivots; it somehow feels like mental health– chose me.

In my mind, hope is not an emotion, a resource that can be stockpiled, nor a commodity that everyone has a specific amount of. I chose the best online definition from Miriam Webster:

“Hope is an optimistic state of mind that is based on an expectation of positive outcomes with respect to events and circumstances in one’s life or the world at large.”

After some thought, I realize that the dominance of “hope” in my life–flanked by calm and a certain amount of peace–arrived only after I had spent time examining and “working” on (via counseling, research, and specific therapy) my own perspectives, biases, pain, and expectations.

Psychology Today has a well-stated take on hope:

“Research indicates that hope can help us manage stress and anxiety and cope with adversity. It contributes to our well-being and happiness and motivates positive action.

…. hopeful people do the other things that will help them move toward what they are hoping for.

Then, other positive emotions such as courage and confidence (self-efficacy), and happiness emerge. They become our coping strategy; the emotions crucial in helping us survive. They allow us to take a wider view, become more creative in our approach and problem solving, and retain our optimism.

It doesn’t ignore the trouble, or make excuses, or deny danger. It is not pretending. It is acknowledging the truth of the situation and working to find the best way to cope. It’s showing up and working through the hard stuff, believing that something better is possible. It’s resilient.”

Indeed. We all need that guiding star to convey hope, courage, and confidence to our children. There are reasons to be hopeful.

January 11, 2022|Brain Health, Children and Mental Health, Courage, COVID-19, Digital Mental Health, Hope, Mental Health, Mental Illness, Pandemic, Resilience