What did it cost you the last time you hired a salesperson who didn’t work out?
No matter the size of your company, the investment for an unproductive sales hire is through the roof. The lost opportunities coupled with the amount of time spent on that “sure hire” (you know the kind – years of experience, industry connections and very professional appearance!) almost makes you want to cry.
In small to medium-sized companies, the impact is felt even more as quotas and expected revenue fail to materialize. I’ve always wondered why its not on the Top 5 list for senior management to hire and retain effective, impactful salespeople and sales managers. Many seem to have accepted the “That’s the Cost of Doing Business” mentality. And in some of the larger companies, they ask HR to find “productive salespeople” while demanding HR to also fill every position in the company. No wonder management doesn’t talk to the right candidates. What’s the real cost of a mis-hire?
One of our partners in our “STAR” hiring program is Dr. Brad Smart. He developed the formula I have used below. So what are the costs to any business considering hiring a rookie or a seasoned professional:
As you look at the numbers – note the cost of hiring is only 3% to 4% of what you are budgeting. As for compensation, I am figuring it at one year – yet the reality is, with a strong on-boarding program, you will be able to determine if they are a fit within 90 days or less.
Items that can’t fit into the budget – the amount of time spent interviewing with staff, a poorly constructed hiring process that doesn’t sync up with the needs of the sales department, the lack of a solid marketing program – items that are hard to put a number on.
As with any issue, it all comes back to the beginning. What’s your strategy? What’s the process? Does it work? I would invite you to call me for a cup of coffee and a chat about improving your success rate in hiring sales people/managers – just click here. Or you may want to join me at next week’s Naperville Chamber of Commerce “Lunch and Learn” on Thursday, Feb 26th beginning at 11:30 till 1 pm. where we will talk about finding and retaining a superstar salesperson. To register – click here.
Oh, lunch is on me.
On Feb. 26, the Naperville Chamber of Commerce will sponsor a repeat of one their most successful “lunch and learn” series – “The Care and Feeding of a Sales Superstar” presented by Closer Consulting. To register, click here.
Very few companies succeed at consistently identifying, hiring, and on-boarding great salespeople – winners. This isn’t a pipe dream. While many executives rationalize their previous hiring mistakes and continue to repeat them, others have made changes, developed best-practices, and now enjoy consistent sales hiring success.
If you would like to have greater success hiring salespeople that will succeed at your company, then join us for this fast paced, insightful, working lunch where you will learn from Hunter Byington, principal at Closer Consulting. Hunter will provide modern sales recruiting best practices including the use of candidate assessments. This best practices for sales recruiting success is Thursday, February 26th from 11:30am – 1:00 pm at the Chamber offices. Lunch is included.
Take a page from the new Sales Hiring Playbook that will have an impact on your 2015!
Closer Consulting will show you how to identify the right sales people who will be productive the first year – our agenda includes:
– The top 5 competencies that every salesperson must have – how to identify salespeople who not only CAN sell – but WILL sell for you
– Developing an “Always be Recruiting” mindset – what you can learn from Alabama’s Coach Nick Sabin in building a No.1 Team every year
– A repeatable process that identifies winners and insures you don’t interview losers
Naperville-based Closer Consulting was founded June 1986 in response to the need for a proven, easy-to-implement method to recruit, screen and develop high-performing sales and sales management professionals.
We provide unique and effective Assessment, Recruiting and Developmental solutions that deliver Sales and Marketing results that flow to your bottom line.
If you would like to attend, please register here and get ready to learn best practices to hire better, stronger, more effective salespeople for your company and watch them outsell your veterans!