Fit-4 brings an enhanced measure of certainty to sales resourcing
You already know that when you correctly predict the future in any part of your business, your Return On Investment increases. This is especially true in hiring your sales force.
Great things happen when you make the correct hiring decisions - the good effects of a wise choice cascade throughout your company.
When you increase the accuracy of your hiring decisions in sales - at the entry point for your sales force - those new hires generate far more revenue over time. With each correct hiring decision, you reduce your initial cost in time, money, and manpower and increase your company's sales revenue over the working life of your employee.
Unfortunately, the bad effects of an unwise choice can also cascade throughout your company.
Hiring the wrong people or selecting the wrong people to develop can literally make the difference between thriving and surviving . . . or business failure. That difference between surviving and thriving can be as little as 0.1 on the performance predictability scale. Hence, correct performance prediction in such a critical role as sales is vital to companies in today's ever more competitive and cut-throat marketplaces. In this chaotic business environment, ambiguity is your biggest enemy . . . clarity is your greatest friend.
Wouldn't it be great to have a crystal ball to provide that clarity? A crystal ball to help you choose wisely?
You have one.
In sales hiring, Predictive Performance Reports are the closest we can get to a crystal ball. Reliable Predictive Performance Reports increase the accuracy of your hiring decisions, and this increases sales revenue and reduces cost of sale, thus increasing ROI.
The greater the predictive accuracy, the greater the ROI.
The reward for spot-on assessments is huge . . . but so is the cost of getting them wrong.
What kind of costs?
IDC (www.idc.com) released a report in late 2007 that shows that even average sales performance exacts a tremendous cost: companies in IT & Telecoms in the US lose between $3 and $5 million in wasted costs and lost opportunities per sales head, per annum. Given an even conservative estimate of 10,000 sales people in this space and a conservative value of $3.25m per head per annum - this means that in the US alone, the IT & Telecoms industries squander a possible $32.5bn every year.
What kind of rewards?
Fit-4 can dramatically improve these numbers. In beta trials, Fit-4 has been shown to increase revenue from each new hire recruited using this approach by up to 19%* per year compared to a placebo group of people hired using existing test methods. Additionally, Fit-4 highlights the skills gaps in your current sales force so that you can launch a development program to provide further improvement in the numbers.
This predictability is shown graphically as below:
What’s an Assessment Center (AC) and why is it slightly more accurate than Fit-4? Assessment centers are full-blown, costly projects that entail substantial investments of time, manpower, and capital. The results obtained from an AC are marginally more accurate than any other assessment method because you pay for it . . . bigtime. In fact, you can invest 10 to 20 times the money, manpower, and time of a single Fit-4 test for one candidate by running a full-blown assessment center. Employees are brought in to a central location for up to two days for a battery of interviews, tests, and exercises. Expenses skyrocket with regard to travel, lodging, time, money, man-hours . . . and those resources represent mounting waste with every rejected candidate. Few firms have the capital or desire to waste scarce resources for only marginal improvement on the robust predictive capability that FIT-4 offers for only a fraction of the cost. If a firm is wedded to the AC process, then Fit-4 can work in tandem with the center to screen candidates, thus ensuring that only the most highly qualified candidates are put through the costly assessment center process.
Contrast this with a very low cost personality screen. You may pay less, but you certainly get less. How does a set of preferred behaviors help differentiate one candidate's future revenue performance from another when all you are comparing is likely comfort in performing the role. You have no idea of the candidate's intellectual ability - are they smart enough to beat the competitor's people? Nor do you get any indication of the candidate's motivators - will they have the desire to perform the role? Finally, you get no idea about their functional or sales skills - do they have the capability to perform the role? What you save upfront can so easily be lost after you hire them. But it's not just the assessment cost you lose with a bad hire… it's the management time, recruiter fees, lost business, lost customers, missed sales targets… and so the costs mount.
You can save all of this heartache by using Fit-4. Fit-4 is designed to be the most robust and reliable online assessment available on the market today. Why save a few dollars now and put at risk tens of thousands of dollars later?
You also get a skills development report for each person as part of Fit-4, so you can further improve these numbers through training.
Contact SalesAssessment.com today to find out what we can do for your sales team
* During beta trials the key predictive component of Fit-4 (Sales Report) showed revenue growth for new hires selected through the tool of up to 19% compared to an existing traditionally hired group.
