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. It’s also easy to recognize that top 40% will subsidize the bottom 60% of earners. You have more opportunity to be on top than in any other profession that doesn’t require a four- year degree. That is some impressive insight and has many likely impacts in the socioeconomic realm. That’s a different blog.
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:
• 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?
Here is a link to a fantastic White Paper on The Science of Sales Hiring.
What are your most significant sales hiring challenges?