This article shares insights on how to boost productivity during a market shift. Inman News published the article by our Founder and Managing Partner, Chris Pollinger.
It takes nimble leader to boost productivity during a market shift. When market forces continue to squeeze leaders need to be quick to pivot. As uncertainty looms on the horizon, the best leaders know when to anchor. In today’s environment, leaders need to make smart decisions. Ones which allow their organizations to overcome challenges and accomplish greater goals.
These start with improving team productivity using these tips:
It’s time to take a look at all your assumptions. One way to look at the current situation is that we are in the process of a rebirth. The gap between the causal agent and the professional will continue to widen. Service expectancies will increase to maintain your current value proposition. they affects your per person productivity. Your team will have to grow to maintain the same volume. What we are experiencing right now are growth pains. These are inevitable. The best way we can adapt to these situations is to adjust our aim and look for better targets.
Re-evaluate your structure.
Teams can be insanely profitable if structured right. Each person should have a specific purpose and niche. If done well, team retention will be 90%+ a year. However, there is is a red flag if the lead agent isn’t making more from your team than from your own production.
Feel free to reach out. We are more than happy to give you free ideas on how you can re-structure for better profitability.
Evaluate each person’s potential.
Having a set standard within the team is a practical challenge. Each person is different. They all have different goals and needs. Effective team management involves catering to these specific goals and needs. After all, the potential of each member is the untapped productivity you are leaving on the table. You need to help them achieve their own level of greatness. This, in turn, produces better collective outcomes.
Re-evaluate your team comp programs.
Market shifts are good time to revisit comp programs. Is each person making what the job is worth? Are you getting a good return on investment from each person on payroll?
Keep your admin staff well paid for the position through W-2 payroll. Avoid complicated comp plans, bonuses or per-transaction pay for these people. For your sales associates, it’s pay to play only. Make your commission program simple and effective. Each sales associate should make $100k-$250k a year if they are producing at their potential. The team’s splits should reflect that.
Market shifts have hurdles along the way. But success in this journey depends on how you lead your team and make improvements along the way. Uncertain times do not stifle your organization’s potential. They only create opportunities to boost productivity during a market shift.