Are your employees running away from your company?
Top performing sales reps who leave their organizations seem like a norm. Sales organizations’ turnover is 3x higher than any other industry. The average sales rep turnover is 35%, which is 13% higher than the average for all industries. This is alarming, considering that sales talent is one of the most valuable resources your business can invest in.
In a startup and B2B culture, the turnover rate is much higher than usual because of the competitive nature of sales. So, it’s easy to see why they want to jump ship to something with a more stable structure.
Does your business model and culture often create turnover in the top-performing salespeople (who deliver consistent growth and core competency)?
Here are four ways to keep your most productive sales talent from leaving the company.
Don’t be afraid to talk about what’s working and what isn’t—that’s how you can identify which jobs need extra attention and which need to be re-assessed entirely. This also lets your sales rep focus on things that need extra attention.
At the same time, transparency creates an environment where top performers feel empowered to succeed and lead. In addition, you can hold your team accountable for their results when you are open about expectations, goals, and challenges. So, it’s crucial to regularly provide your team with feedback so that growth can happen organically instead of being forced upon, leading to more positive outcomes.
Have a clear compensation plan for top performing sales reps
No one wants to stay in a company that changes its compensation plan every now and then. Your top performing sales talent should know what incentives, reward, and commission await them once they close a deal. Your rules must not change depending on circumstances that only your business will benefit. Remember, top performers leave when they feel underappreciated and mistreated. And if you don’t reward your top performers well, someone else will.
Empower your team with more growth opportunities
Do you know what makes top performers leave? If their opportunities for advancement are limited.
According to a study by McKinsey & Company, 41% of those who quit their job said they left their company because of a lack of career development. Inadequate compensation falls behind with only 36 percent.
Knowing this, managers should not stop giving their people an opportunity to grow—even if they are already their company’s top performers. They must be provided with leadership training and a chance to lead a sales team of their own. Meanwhile, others will prefer leading a project or taking workshops to learn different skills.
Stop micromanaging your top performing sales reps
Suffocating bosses push top performers to become unproductive. In a report by Harvard, it was revealed that when employees feel that someone’s trying to control them, they tend to have adverse reactions and unconscious thoughts of protecting their freedom, even if it means going against their managers or leaving their job.
On the other hand, a study by University of Pennsylvania professor Alexandra Michel found that top performers tend to work more, harder, and better when given freedom by their managers.
So, your organization should let your people do their job and be accountable for their responsibilities, like their KPIs, without bossing them around. However, we understand that you want to ensure that everyone’s doing their role responsibly, and you also want to help them if they fall short of their goals. This is where a Sales Relation Management platform comes into play.
An SRM business solution, like The Sales Machine, helps organizations improve retention among sales teams and drives performance all while massively improving employee morale!
With a solution like The Sales Machine platform, Leaders & Managers can track their team’s performance and goals without micromanaging them. Its primary goal is to empower your company and your people to stay aligned with your business goals and, in the long run, enjoy sustainable growth through the right sales and operations strategies.