“A” players generate 5x more revenue than “B” players and 10x more than “C” players. Take action on four steps to improve your hiring process. It’s difficult to grow revenue faster than your industry’s growth rate and faster than your competitors. The Revenue Growth Diagnostic interactive tool will help you determine if you are likely or unlikely to make your number.
Why this topic? Relying on the heroic efforts of a few eventually catches up with you. When 20% of the sales team produces 80% of the revenue, something is wrong. The labor expense associated with the sales team incurred by the company has to be justified, or a head count reduction is warranted. Tolerating under-performers, hiring mistakes, and very long new hire productivity cycles all lead to missed revenue targets — and job loss for the head of sales.
SBI’s 10th Annual Research study identified a minimum of four steps to apply to get started. This is at least a start to take action on low hanging fruit. Following these will help you achieve clarity – and thereby success – in your hiring process.
A clearly defined “hole”
This is a basic concept, so we’re not going to spend a lot of time on it.
You are not hiring someone to replace Jim, who retired. You are hiring someone to perform specific roles within your organization. Spell those roles out in as minute detail as possible.
This level of specification will weed out unqualified candidates to pave the way to A-Players.
Articulated corporate, product, marketing and sales strategies.
Well-written and concise strategy statements are an invaluable tool for your corporation. Hiring managers can use them to screen potential hires for the right “fit”. Your strategy statements should answer the following questions.
- Corporate – Why does your corporation exist, and where are you going?
- Product – What you offer?
- Marketing – Who you are reaching out to?
- Sales – How many people are buying?
Are your strategies strong enough to screen your potential hires?
A meaningful hire selection process
It happens all the time. Someone comes through the traditional hiring process looking like a perfect match. Their resume and your want ad fit like puzzle pieces, so you sign him up.
You overlook the initial mistakes and lack of production, writing it off as part of the ramp-up process. But four or six months later, you can’t excuse it any more. Your golden child is a bad hire. He is perfectly great person, but a poor fit for the job.
But what if you added a test phase to the hire selection process? Hiring managers can test candidates in ways that mimic the daily job experiences. Then you’ll know you have a solid hire, rather than hoping for the best.
An efficient ramp-up process
The lack of an optimized on-boarding process is expensive. Training a new hire racks up salary, hard costs, training and travel expenses. This is in addition to the soft cost of lost revenue as the new employee under-performs a fully ramped-up employee.
Allowing new hires to “feel their way” into their positions costs the organization money. Here are some sample questions our expert will ask to help improve your bottom line.
- How do we reduce the time it takes to get a new hire on his or her feet?
- Who is responsible for ramping-up a new hire?
- How do we evaluate the ramping-up process?
- How long is the ramping-up process for a new hire?
Your hires needs to know what is expected of them and when. It is then on you to give them the tools and guidance they needs to make that goal.
Hiring A-Players is about having clarity on these four items:
- The job description needs to be crystallized and fully formed.
- Corporations need to clearly present who they are, what they produce, and how they sell.
- The interview process needs to be three-dimensional to filter out those who are only fit on paper.
- And, the on-boarding process needs clear milestones and goals.
Have expectations gone up and you might be wondering if you can make your number? Here is an interactive tool that will help you understand if you have a chance at success. Take the Revenue Growth Diagnostic test and rate yourself against SBI’s sales and marketing strategy to find out if:
- Your revenue goal is realistic
- You will earn your bonus
- You will keep your job