Hiring/Selection Assessment

What is the true cost of turnover?
What is assessment testing?
Why is QFS's assessment testing effective?
How does our assessment testing work?
How can a company request a free demo?
How can a company purchase PSST?
FAQs

What is the true cost of turnover?

One of the biggest challenges managers face is hiring the right sales people. No other managerial task has a bigger impact on a company's profitability. According to our research, the cost of hiring one wrong person for a sales position is approximately $200,000.

Our estimate includes a number of factors such as direct cash outlays for advertising, background checks and processing; soft costs including the dollar cost of time spent managing a new originator; and the most significant cost, lost sales opportunities (the dollar loss of missing targets by an underachieving originator and dollar loss of future sales not made). Calculate your actual costs of hiring the wrong person here.

Considering that the accuracy of relying on "gut" instincts when hiring a sales professional is only 25%, it's easy to see how turnover costs can escalate quickly. Fortunately, sales assessment testing can improve a manager's hiring success rates.

What is assessment testing?

Personality or behavioral testing has been around for almost half a century. The most well-known personality test is the Myers-Briggs (DISC) indicator which was developed during World War II to help identify significant personal preferences or patterns of behavior. This type of testing has been used for a variety of applications including group dynamics, leadership training, employee training and personal development. Myers-Briggs or DISC tests are tools that are useful for learning how to communicate more effectively, but are not appropriate for predicting whether a candidate can succeed in sales.

Long established stable personality characteristics that do not change easily over time are what correlate with predicting sales success. The identification of the personality characteristics and a structured interview process is what enables hiring managers to increase their probability of hiring success.

Why is QFS's assessment testing effective?

There are a lot of companies out there offering sales assessment testing but no other firm delivers results like we can. Here are a few of the reasons our Professional Sales Selection Test (PSST) beats out the competition:

A scientific approach. The information that represents the predictive score is based on a scientific approach. We perform analytical modeling similar to the analysis used in risk management reviews. We use large sample sizes which help eliminate potential bias problems. We also look at the top, middle and low performers, review their performance numbers and how their managers rate them in relationship to other producers.
Customized for the financial services industry. This is not a generic sales test but a validated assessment for originators. A validated assessment means that scientific standards have been met and a study report is available for review.
Track record of improved sales results. Here what others say about our assessment testing:

"We had a growing sales force and wanted to structure our hiring process more effectively and improve the quality of our sales staff. We got great results with Pat Sherlock's hiring and coaching tools." — E.H. "Gene" Gaulin, Senior Vice President, BB&T Bank, Wilson, NC

"Our sales results have improved greatly since we implemented Pat Sherlock's coaching tools. We are very pleased with the results." — Mike Frotten, SVP, Citi, St. Louis, MO

"Pat's hiring tools helped us lower turnover by eliminating some people right off the bat and enabling us to dig deeper through the questions that are provided in the report and to really investigate further into a candidate's sales background. It has been a great help. " — Andrew Taylor, EVP, Franklin American, Dallas, TX

"Pat's hiring tools really improved my interviewing process because now I focus only on those sales candidates that are qualified. It has really helped me to interview more effectively." — Rex Ann Strecker, Branch Manger, Bradford Company, Charleston, SC

How does our assessment testing work?

A company purchases a minimum of 10 tests that are put into a web-based account that is personalized for the company. The tests never expire and the test results are always available for review. The candidate is provided with a User ID and password to access the questionnaire, which takes about 60 minutes to complete. The assessment is then tabulated and an email is sent to the hiring company's administrator who then can pull the candidate's report. It's that easy. No paperwork and no hard-to-read reports.

How can a company request a free demo?

Call us today for a free demo of the assessment. Our toll free number is 1-800-875-0222. Or email me directly at psherlock@qfsconsulting.com.

How can a company purchase PSST?

To purchase our assessment tests, contact us directly at 1-800-875-0222 or email sales@qfsconsulting.com. Note: the assessment tests cannot be purchased directly via our website because company-based web accounts need to be established to pull down the reports.

FAQs

How does the PSST help hiring managers?

The PSST helps you in three significant ways.

It is objective: the candidate's answers are benchmarked against a current database and an objective analysis is applied to the individual. It takes the emotional bias out of the interview process.
Our test saves you time and money: it would take a hiring manager many hours to determine the internal personality characteristics of a candidate. The test gives the analysis in seconds which saves time.
It improves performance: by eliminating those candidates who do not have the raw talent for commissioned sales, your team's sales numbers will improve.

I have used testing before but it did not work. What's so different about this one?

The PSST has a number of distinct advantages over our competitors. The PSST employs a research-based scientific approach; is customized for the financial services industry and has a proven track record of success.

I only hire people that have a book of business. Why do I need to test them?

By focusing on a candidate's current book of business and not thoroughly interviewing them, the new company has not determined if the candidate can actually sell. The candidate's book of business could be the result of external factors such as declining interest rates and not an accurate reflection of the candidate's sales abilities. Assessment testing should be used for all candidates applying for a sales position to enable the hiring manager to objectively review the prospective employee's talents.

How does assessment testing help improve sales results?

When companies use assessment testing as part of their hiring protocols, the better candidates are moved further along in the interview process. Hiring better sales professionals — matching the right person for the job — translates into better sales results.

I feel awkward asking someone to take an assessment?

Actually, candidates are more impressed with a company that has a structured interview process including assessment testing because it says to them that the company has standards and not everyone can join the firm.