In the following article, Bridgewater explains why he is concerned about the economy. It’s a fascinating perspective, and it’s only a three-minute read. To better help understand and get value from the following article you may want to take that 3 minutes and read to understand the basis of the new 60/40 rule.
One of the companies I have partnered with since 1995 (Objective Management Group) has more data on Sales than any other organization in the world. I know that is a big claim but please understand the data is based on over 1MM evaluated sales professionals with280+ unique findings of Skills, Strengths, Challenges, Weaknesses and what I lovingly call “Hidden and Invisible Weaknesses that Neutralize the Strengths”. Here is a link to their Statistics Tool if you’d like to find some other insightful data on your SIC or Industry specific trends.
Based on Bridgewater’s 60/40 rule and the fact that the annual income of the top 40% of earners in the USA is growing at an increasingly rapid rate annually compared to two decades ago. And the bottom 60% of earners are decreasing at a much faster rate as well. It’s not hard to deduct the gap between top earners, and bottom earners are widening at a rapid pace. If this trend continues, it is easy to predict there will be no middle class in another 20 years or so. It’s also easy to recognize that top 40% will subsidize the bottom 60% of earners. With sales, you have more opportunity to be on top than in any other profession that doesn’t require a four- year degree. I know, I’m a little off track, and I’m not trying to prick your political senses. However, that is some impressive insight and has many likely impacts in the socioeconomic realm. That’s a different blog. Back to the purpose of this article.
OMG’s data show’s the gap between Super Star salespeople, sales managers, and sales leaders is much more substantial. Only 5% are elite, 11% are strong, and the rest shouldn’t even be in sales. This brings to mind a few questions about hiring for sales.
• How do you know if you are hiring the right person with the right skills for your company?
• What’s the difference between can sell vs WILL SELL?
• Will the new salesperson be able to sell to your clients in your markets with your price points against your competition under your management within your culture?
• How long will it take for the new sales professional to be able to give you a 5X ROI?
• What must you uncover in the interview process?
Take the mystery out of sales hiring. Register today for our upcoming webinar
Here is a link to a fantastic White Paper on The Science of Sales Hiring.
What are your most significant sales hiring challenges?