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Topgrading For SalesHow to Hire Only the Best Sales Reps

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ANTITRUST REMINDER2013 Phillips 66 Marketing Conference & Trade Show

ARIA Resort & Casino, Las Vegas, NV -- May 21- 24, 2013

• It is the policy of Phillips 66 to comply strictly with antitrust laws and to avoid the appearance of conduct which might be misconstrued by others as violating those laws.

• Because competitors are represented, we must all be mindful of the Antitrust Laws. We must, of course, carefully comply with the Antitrust Laws and conduct our affairs so that there is not even an appearance of possible impropriety.

• The primary Antitrust Law of concern is the Sherman Act, a federal law that prohibits conduct that restrains trade. The Act has been interpreted by the courts to prohibit agreements between competitors to fix prices, allocate customers or territories, refusal to deal with third parties, to restrict output or any other type of action to threaten or extract concessions from another company, or any other similar anti-competitive joint action. In some instances, violations are deemed to be felonies and can result in substantial fines and imprisonment.

• Unfortunately, because conferences like this one in general bring competitors together, they have sometimes been misused to engage in restraints of trade in other industries. For that reason, it can be anticipated that antitrust enforcement personnel and others hoping to find support for the existence of improper conduct will be interested in what transpires at such meetings. It is therefore critical that these meetings be conducted in a manner that does not inadvertently create false inferences of possible impropriety.

• You can do your part to protect yourself and others by not engaging in any discussions that could possible be considered as anticompetitive. Such adherence is required while at our Conference, during any sidebar discussions that may occur before or after the Conference and during any breakout sessions and breaks.

• Should you have any questions during your discussions, please consult with your respective legal representative.

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PRINCIPALSALES BENCHMARK INDEX

4

JOHN STAPLES

The Importance of Effective Hiring

Mis-hire Cost Categories1) Hiring2) Compensation3) Maintenance/support4) Severance5) Their mistakes/failures6) Disruption7) Lost revenue

5xTop rep production vs. avg.

sales reps

7 out of 10

# of rep hires that are “mistakes”

Invest in a hiring process to avoid the mis-hire

Sample Cost of a Mis-hire

Cost Categories

Contributions

Topgrading Talent ManagementKey Process to Effective Hiring

Approach to Interviewing

• Use a detailed Interview Guide which has instructions on what to do:• Prior to the interview• During the interview• After the interview

What NOT to do When Interviewing

1. Skip rapport-building at the beginning

2. It’s about you, not them (leads to less rapport and information)

3. Miss a ‘stop sign’ on body language or a comment and fail to uncover key data (reason for early Tandem technique)

4. Decide not to push for specific data

5. Allow a candidate to avoid low points or weaknesses

6. Criticize the candidate so they will learn honesty is not “safe”

7. Allow the candidate to ramble

Defining ‘A’, ‘B’ and ‘C’ Players• ‘A’ Player:

• One who qualifies among the top 10%

• ‘B’ Player:• One who qualifies among the top 11-35%

• ‘C’ Player:• All those below the top 35%

Have a complete score card

Upfront Screening in Hiring Process• Complete Career History Form• Screen candidates via phone interview• Standard interview questions complete

(traditional culture questions)• Online personality test complete

(PeopleAnswers, Caliper Corp)

• Competency assessments, scenario based questioning, and job trials are reserved for the select few

• Appropriate hiring practices require substantial time commitment to avoid the mis-hire• Investing the time now will save you in the long run

Ability & Fit – Lenses to Spot ‘A’ Players

Has the attributes required for performance and accomplishment

Grade them on the Scorecard Competencies section

Grade them on the Scorecard Accountabilities section

Has the abilities or qualities (e.g. character, culture, chemistry, goals) enough to mesh with the business and into the role

“Can they get the job done?” “Are they a good fit?”

Accountabilities

Competencies

Accou

nta

bili

ties

Com

pete

nci

es

Defining Relevant Accountabilities

Part 1: Financial Unit Target BM 2013 2012 2011 Notes

Quota attainment (renewal and month to month) %

Quota attainment (new and add business) %

Average discount on sales %

Part 2: Customer

Retention Rate (Contract Renewal - multi-year) %

Controllable Total Lost Business as a percentage target of your total Book of Business.

%

New Customer Acquisition# of New

CustomersPart 3: Initiatives/Process

Large Customer deals (>$1 million in booked business by one customer in a 12 month period)

# deals

Forecast accuracy - quarterly %

Pipeline size12 month rolling avg/annualized

quota

Average Sales Cycle Length (across all offerings) months

Part 4: People

Median rep quota attainment %

Timely completion of individual development plans %

ACCOUNTABILITIES

Your Performance

Define each appropriate accountability

Define the unit of measurement

Define either an internal, external or both benchmarks

Defining Relevant Competencies

Determine which competencies are “nice to have” vs. “must have”

Define each appropriate competencies for your company

Compare candidate score to benchmark peer group

Leveraging Scenario Based Questions

• Use scenario based questions for relevant competencies

• Scenario questioning results in more substantive answers from the interviewee

Incorporating Micro Projects into the Hiring Process

• Real life projects provide understanding of candidates capabilities

• How will candidates react to the task?• How do they leverage resources?• How do they define the problem,

prioritize recommendations?• This also gives candidate opportunity to

determine whether line of work is appealing

• Conclude project with presentation to manager (via online and/or f2f)

Best Practice: Include a Job Trial

Develop job trials relevant to your company/industry

Job Trial Scorecard

Quality Reference Checking

“Threaten” a reference check to get candidates to tell the truth

Using Reference Interview Results

Input: former boss of a #1 candidate for a Sales Manager opening provided rich negative information

Goal: Confirm consistency

Career History Form

Topgrading Interview

Reference Interview

Triangulate the candidate

Bringing the Interview Process Together

Score candidates across each phase of the interview process

If top candidates do not accept offer, determine whether environment is suited for ‘A’ players

The Hiring Process Continues Through Onboarding

• Effective hiring requires a strong onboarding process

• Strong onboarding reduces time and cost of “ramping up” new hires

Individual Development PlansEmployee InformationName: Date: August 2011SAP #: XXXXX Location/Department: SalesJob Title: Sales Manager Name of Supervisor:

Career Action Plan Library

How Can You Get More Info About SBI?

25

Download the Sales and Marketing Effectiveness Kit Here:

offers.salesbenchmarkindex.com/grow-your-business

Download - Topgrading For Sales How to Hire Only the Best Sales Reps Topgrading For Sales How to Hire Only the Best Sales Reps Download the Sales and Marketing Effectiveness

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