Executives at a global brokerage knew that errors crept into new account setup and paid a costly staff to correct them. Sound familiar?
Everyone at the brokerage thought the sales force was the cause of this “insignificant, unavoidable” cost of doing business.
Although less than 20% of applications included errors, 60% of the staff’s time was devoted to correcting them. And since staff members found their tasks satisfyingly challenging, and executives perceived them as unavoidable, this “virtuous waste” remained hidden in plain sight…Read More