Instructions on how applying best practice Talent Management tools and processes helped a client reduce their turnover.Keywords: Talent Management, sales scorecard, sales rep competencies, sales benchmarking, world class sales talent
Grabbers - 3 What If Questions:What if you could eliminate wasted effort on the things that don’t matter?What if you could share with the field how they compare to the best sales forces in the world?What if you could get the entire executive team to agree to a single definition of sales success?
The SBP is a great place to start when it comes to gathering data to support additional account development. Don’t make the mistake of not getting all the information you need upfront, it’s very difficult to get data after the fact. This project is the single most important part of AD
Benchmark is relative to peer group, A player is at the benchmark or above, B player is within 20% of the benchmark and C players are considered those below the 20% margin. We do competencies before accountabilities to avoid any biasOur position is, you want all A players, why settle for less, its just more work for youB players have 12-18 months with coaching and development to get to A players statusC players should be shit canned, keep Keep in mind when assessing talent, competencies are the book smart or someone that can tell you how to do something, the accountabilities determine whether they can walk the talk, if someone does not as expected with both, the question should be asked, whether the territory potential was right, Example: I had a guy crush the talent side but when I included the accountabilities he dropped, found out he had crushed it for years but the territory wasn’t expanded
Note to Presenters: For all the slides relevant to each phase of the Delivery Methodology, you should snapshot delivery artifacts from that engagement to “teach” your driver. Use bubble callouts to help point to significant aspects of each delivery artifact snapshot. For Phase 1 – show each of the artifacts used in the kickoff phase. If a Job Aid was not completed or they were only partially or poorly completed, show what should have been done as well…(use callout bubbles super-imposed over the snapshot image to indicate your commentary on the artifact)
Total cost of hiring someone, including ramp/investmentCompensationLost opportunities impactCost of replacement, hiring, ramp cost/investmentCostly mistakesSeverance packageDisruption impact
Instructor Notes: Say, “The goal of the onboarding program is to reduce the amount of time for a new hire to “get it” ”
Contact us if you would like to understand how you can leverage benchmarking best practices for talent management.Email - email@example.comPhone - 1-888-556-7338Web: http://www.salesbenchmarkindex.com
Transcript of "Talent Management- A case study from a sales consulting firm."
Website Email Phonewww.salesbenchmarkindex.com firstname.lastname@example.org 1-888-556-7338 Talent Management A Case Study The names have been blinded to protect the previously underperforming
Overview What is Talent Management? • Identifying, hiring, onboarding and developing A player sales reps & managers What does a Talent Management program do? • Provides the ability to evaluate current talent, new candidates and gaps in sales rep & manager onboarding What does it mean to implement Talent Management? • Hire only A player candidates and support the shortest ramp to full sales productivity2
Objectives Three key client business objectives of Talent Management: 1. Hire- “A” players 2. Get the reps productive quickly 3. Identify potential and develop current performers3
ACME Corp. Business Challenge• Initial Sales Performance Benchmark reveals Talent Management related issues• No Divisions examined were hitting their number Division Division Division Division Division A B C D E 4
Acme Talent Management Results • Overall talent shift in the sales force moved from 63% to 91% for “A” and “B” Players • Topgrading approach identified and hired top- performing talent • New OnBoarding program brought new reps to full productivity much sooner than previously • ACME Corp. is approaching World-Class status for quota attainment5
Business Impact of improving rep performance Improving the performance of: 1 “B” Player to “A” or 1 “C” Player to “B” = Increased sales 1.5M to 3M widgets/year @ $3 / widget = $4.5M to $9M/year per representative8
Identify Current Talent Pool C+ B+ A+ Underperformer Diamond in the Rough Star Power Use PIP to capture Problem Emerging Leader Invest heavily in developmentHigh Redeploy or Dismiss Development Plan & Coach Reward & Recognize C B A Red Flag Competent Superior Performer If <90 days, PIP Solid Performer Very strong in current rolePotential If >90 days, Dismiss 12-18 months to move up/down Give stretch assignments C- B- A- Career Liability (Yours) Fading Performer Valuable Contributor Not worth further investment Strong fundamental but not Dismiss ImmediatelyLow willing/able to advance Move to ‘C’ status and issue PIP Ensure adequate reward Low High Performance 9 9
Talent Assessment Results • 37% “C” players & 53% “B” players on total score – Several transfers – Little to no onboarding program • 19% “C” players for competencies & 35% on accountabilities • Significant gap in core selling skills (41% “C” players) • Opportunity to raise “B” players & some “C” players – Providing sales tools, onboarding, coaching and structured approach10
Assess Individual Competencies and Identify Skills Gaps Rating Benchmark Area Individual Competency Definition Gap (1 - 6) (1 - 6) Handling different sales scenarios; setting agenda; following complex sales process guidance; presenting 1. Sales Approach 4 4.5 (0.5) company value propositions Demonstrating grasp of those methodologies relevant to the business; applying different pricing 2. Pricing Methods techniques to proposed solutions; ensuring sales reps are following corporate pricing guidance; frequency 3 3.9 (0.9) of requesting pricing exceptions 3. Opportunity Managing pipeline; inspecting Opportunities; accelerating campaigns; demonstrating deal ingenuity; 3 4.4 (1.4) Management providing deal-based ideas Handling competitive, price, resource, and risk challenges to proposed solutions; presenting responses to 4. Objection Handling 4 4.8 (0.8) objections; gaining prospect/client acceptance to proposed solutionsSelling Skills Uses give-get frameworks; representing company interests; leaving clients, partners, and prospects with 5. Negotiating 4 4.6 (0.6) feelings about how a deal was obtained; Convincing others of the merits of a position; achieving win-win Develops uniquely strong customer loyalty; low-to-no customer attrition; key account executive contacts 6. Customer Focus will go to bat for him/her; generates repeat business more than peers; his patch has high customer 3 4.2 (1.2) satisfaction/NPS scores relative to peers 7. Convert Strategy to Developing tactics to implement internal corporate sales strategy; linking customer strategic goals into 4 4.2 (0.2) Tactics solution; embeding customer strategic goals into customized sales collateral Adopting company policies; utilizing CRM system; adhering to sales process; understanding sales 8. Managing Processes methodologies; defining handoffs; measuring process output; providing specific governance and guidance 4 4.3 (0.3) around process adherence 3.6 4.4 (0.7) Gap to “A” Player status Competency Scoring compared to World-Class Benchmark11
Competency group results Analysis reveals significant gaps across group12
Recommendations • Coach & develop Sales Managers utilizing the IDPs • Formalize training; avoid the ad hoc training – Reinforcement is the key to improvement – Address areas of weakness • Implement a sale manager training & onboarding program (certification) – Develop a Sales Manager developmental program as part of the ACME succession planning (certification) – Incorporate specific ramp to full productivity metrics (fail fast) – Raising B players to A’s • Upgrade or turn over B and C players • Develop of virtual bench of candidates13 13
Implement Topgrading Talent Review process Provide an Individual Development Plan (IDP) with development recommendations #3: Compare #4: Identify #7: Insert the Response which #6: Select the CAP item into against A/B/C Competency #5: Enter in the Career Action #1: Review #2: Ask the IDP and Player items have IDP the specific Planning (CAP) #8: Review IDPCompetency Scenario-based add Characteristics largest gaps “Evidence” of item that best with employee Definitions Questions Measurement and rate it for and select the deficiency matches the and Timeframe each them for the Sales Manager requirements Competency IDP14
Movement among ranks • Percentage of ‘A’ Players increased from 10% to 28% • Percentage of ‘B’ Players increased from 53% to 63% • Percentage of ‘C’ Players dropped from 37% to 9%..... And many of those people turned over…15
SBI implemented Topgrading methodology to hire the right people Cost of a mis-hire is between 5-9X total annual compensation Click here for our Cost of Mis- hire calculator16
…and developed a solid onboarding Plan… • Ramp time to full productivity = the time it takes for a new employee to retire quota at a rate that exceeds 100% of their goal (usually measured in months) Improvement equals hitting quota sooner17
Learn MoreContact us to hear the rest of the story... Email - email@example.com Phone - 1-888-556-7338 Web: http://www.salesbenchmarkindex.com Click here to access our Talent Management blog posts. 18
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