While “doing more with less” has always been important to anyone running a business, recently, I’m hearing this more and more from my clients, and am reading it in a variety of business articles and on social media. I’d bet it’s on your mind too. I thought I’d share a few findings from a client case study to show you how I recently helped a client find the resources they needed to “do more with less.”
The client – a successful bank with about 1,000 employees – had a large number of employees who had joined the team as part of an acquisition the year before. The two distinct cultures of these organizations needed to be integrated, and it was going to take some serious efforts. Leadership initiatives were needed. Yet, for executives to consider spending money on building culture after an expensive acquisition can be a tough pill to swallow. Where would it come from? Could there be a way to produce more revenue without it costing more? Maybe even by spending less than before?
We looked at a revenue-producing position to see what the data could tell us, including only those who had been in the role for a minimum of one year.
The 3-Step Process:
- We looked at PI data for one job — Business Development Manager — and ranked current employees by performance.
- We compared the corresponding Predictive Index Behavioral Assessment data, taking a close look at both the top and bottom performers’ profiles.
- We analyzed the data to see if patterns emerged. They did.
- 75% of Top Performers shared a specific factor combination in their PI profiles
- In contrast only 11% of Bottom Performers had this combination
- 75% of Bottom Performers shared a specific factor combination in their PI profiles
- In contrast only 12.5% of Top Performers had this combination
The financial impact:
- The client now has the ability to predict performance in the role based on the existence (or lack thereof) of the identified successful factor combination. If the combination is present, a person is:
- 64% more likely to be a Top Performer (earning 3X more revenue than a Bottom Performer)
- 91% more likely to be a Middle or Top Performer (earning 2X more revenue than a Bottom Performer)
The cost of the solution:
About ¼ the average salary of just one Business Development Manager.
At ADVISA, this is what we do. We are proud of our ability to come alongside a client and help them take a meaningful look at their data, provide insight, and together develop a plan for future actions. Sometimes, as in this case, it’s all right there in front of them! We simply help bring the data to life. If you or someone you know would like to take a close look at data about your people, let’s set up a time to discuss how, together, we can do more with less.