Earlier this year, we tested out the effects of some friendly competition across two of our departments. We utilized scorecards for one client who has been ordering multiple services from us. This client is one of SingleSource’s largest customers, a top 10 lender, who we have been working with for over 10 years.
SingleSource is provided with a scorecard of our performance each month for this client. Our Valuation Department challenged our Title Department to a contest of which team would have the highest overall average for the first quarter of 2023 – the Title Scorecard or the Valuations Scorecard.
The prize was bragging rights and a classic pizza lunch victory party. We didn’t expect the competition to get to the point it did, with roasts in email chains and photoshops of boxing matches, but we certainly had fun and our client loved the contest too. Not only was it fun, but each department also saw record-breaking service levels for this client.
How Our Title Department Rose to the Challenge
The title team implemented a few tactics to increase their performance during Q1. This included things like raising awareness internally of each of the graded categories on the scorecard and keeping the entire team informed of the progress of each and every order.
They also relayed the importance to our vendor partners out in the field, of returning orders before service level standards were exceeded. Overall, the title department increased scorecard performance by 4.4% from the previous quarter and scored 100% within SLA in almost every category during the months of January and February.
How Our Valuation Department Rose to the Challenge
The valuation team also informed everyone internally of each of the graded categories on the scorecards and how we were scored. This team took that one step further and built scorecards for each individual associate modeled off of the overall scorecard.
They then introduced stricter time frames to hold everyone on the team to a higher standard and the individual scorecards were reviewed weekly. By implementing these individual scorecards and passing down the accountability to each associate, the team saw a 10.6% increase in scorecard performance from the previous quarter.
In the end, the Valuation department won the contest for the quarter, but both teams deserve recognition for their effort, and ultimately our client was the true winner.
This competition was so successful that the valuation department has continued to use the individual scorecards leading to a significant increase in performance levels post-competition (year-over-year percentage increases shown below for Valuations Q2).
We absolutely have a competitive spirit at SingleSource. All you have to do is look at our annual horse race fundraiser to see the creative ways everyone works together to beat our fundraising goal from the previous year. This year we raised $12,500 in just 5 days, beating 2022’s record of $10,000. However, we often forget the power of a little healthy competition in our day-to-day jobs.
There are countless studies on the psychology of competition, whether it is in a sports team or a business setting. One thing is certain, competition can motivate people to work harder than they would if they were alone, and we can resoundingly say this was a successful test of the positive effects of competition. Healthy competition can do wonders in a workplace, and we can’t wait to see the results of round two of the battle of SingleSource Title vs. Valuations.