Study PurposeI decided to answer this question by convincing high performing retail leasing executives and brokers to participate in a behavioral study that would identify their common success traits and then statistically quantify those traits relative to three key leasing positions. I had originally included a fourth function to differentiate between enclosed and open mall leasing, however the result for enclosed mall leasing was interesting but inconclusive. I dropped it from the report but will reference to it later in the article as the findings were quite surprising.
Study ResultsAdmittedly, the observations in this study which I'll deliver over the course of this article's serialization are provocative and smack with a certain sense of disbelief. However the analysis is underpinned with thirty years of benchmarking functional high performance. The assessment tool used is clinical based, is unique for remote hiring, and has less than 50 people in the world certified to interpret its results. The granularity of the tool considers 80 plus traits which exceeds its closest equivalent by more than 25. The data set of high performers which was established by Rutherford International via industry referral was extensive enough for the actuarial science supporting the analysis to have 85% predictive accuracy. This is significantly higher than its closest psychometric alternative.
Job Specific Behavioral DNAIt's not unusual for hiring executives to test candidates against known benchmarks for sales skills. There are a multitude of tools that provide for this approach, mostly matching an individual's personality to a generalized sales score or color quadrant. Typically this approach yields poor results as the assessment is too generalized whereas our benchmark rates the individual to the specific function in question. We have access to over 300 benchmarks, including a variety of sales roles which we compared against this study. What we've observed is:
Four questions this article will address:
- Imagine if it were possible to quickly assess the individual members of your retail leasing team’s potential for near to high performance?
- Conceive the efficiencies achieved if you could balance your leasing team’s effectiveness, ensuring within 85% of predictive accuracy that the leasing manager best suited for green field or repositioning is attached to the development project, while the leasing manager best suited for infill leasing focuses on the stable portfolio?
- What is the impact on team morale of promoting your star leasing executive – who lacks the capacity to manage others – out of a desire to retain him or her? How might that promotion sabotage the very goals you set out to achieve when that leasing executive’s poor management skills begin to surface?
- What savings in acquisition and retention including compression in project timelines could you achieve if 85% of your new hires had the behavioral profile equal to or better than the top retail leasing executives in the country?