3 Insights for Boosting Sales Employees Retention
It does not matter how good your products or services are; if there’s no one buying them, then your business is bound to fail. This shows how crucial the sales force of any organization is to its growth. If you’ve found some really good sales staff, you should do your best to retain them for a long period. By doing so, you not only benefit from increased sales but also save on hiring and training cost. Use the following insights to keep your sales employees working with you for longer.
- Promote employee work-life balance
According to a 2014 survey by Flexjobs, 74% of respondents cited work-life balance as the main reason they would opt for a flexible job. If this survey is anything to go by, most employees would choose a company that provides flexible work schedule against one that doesn’t. And this is no surprise because flexible work arrangements come with lots of freedom. They allow staff to attend to personal and family matters without sacrificing their jobs, and vice versa.
One way of promoting work-life balance in sales is by giving your reps the freedom to choose where and when to sell as long as they meet their targets. This way, your staff have control of their work schedule and are not fixed or under strict rules that can inhibit their performance. In any case, a micromanaging sales team has a way of killing employee morale thus hampering productivity and encouraging attrition.
- Support your sales force and recognize top performers
Just like any other employee, a sales rep needs to be supported by the top management. They require proper training and relevant tools to make their work easier. In addition, salespeople need guidance and a clear roadmap on how to grow their careers, according to Recruiterbox. This motivates new joiners and gives them hope for career growth within the organization. Such hope reduces their chances of always looking elsewhere for greener pastures.
Recognition also plays a big role in boosting the morale of top performers. This doesn’t need to be in the form of hard cash only. Recognition can range from a simple handwritten note to sponsored specialized training depending on availability of resources. The aim is to genuinely appreciate the effort the sales staff put in their work. The good thing about such gestures is that they not only encourage individual staff but also everyone else to perform better.
- Offer competitive compensation plans
One of the key reasons a sales rep leaves a company is lack of proper compensation plans. For instance, capping of sales commissions limits how much a salesperson can earn. Unfortunately, this is a major cause of sales force attrition. Now, we know that good sales reps love challenges. However, they unleash their full potential when there is a prize at hand. So, a competitive compensation plan will keep them striving to break that ceiling, so long as by so doing, they can earn more.
So, design a balanced compensation plan that encourages both top and low performers in your sales teams. A good example is having a base pay plus commission plan. This favors both experienced and new sales reps who need to be assured of a retainer in case they don’t make sales. Remember to keep the pay comparable to prevailing market standards to make your company attractive to good sales reps.
Retaining your top performing sale reps comes with immense benefits. Their good performance fuels your business growth. When you keep them long enough, you enjoy huge cost savings on recruiting and training. Fortunately, the secrets to retaining your sales staff aren’t implausible but as simple as appreciating their effort and offering fair compensation.