In the world of sales, employee turnover is far higher than in other industries. According to Monster, it’s around 15 per cent, and can be a huge expense for businesses who have to keep going through the recruitment process to replace staff who have left.
It’s not just the cost of recruitment that you have to worry about either, but also the loss of knowledge within the business. Which has the potential to negatively impact your overall performance, leaving behind less experienced workers who are unable to bridge the gap in the short-term.
A high turnover can also reflect badly on your company’s image. Many businesses now publish their retention rates as a way of promoting their good working environment, and having a high staff turnover can impact whether someone applies for a job with you or not. This can mean that you’re less likely to attract the better experienced, more senior sales people into your company, making it hard to make improvements to your team.
Why Do Good Sales Employees Leave a Business?
The reasons behind the decreased retention rate in this field are varied. One of the most obvious is a lack of compensation. The sales industry is very competitive, and can be known for being quite fickle in terms of company loyalty. If your business isn’t willing to offer a good base salary and commission for their team, inevitably there will be another company that is. It’s worth remembering that it’s not always about money either, people are also looking for good company benefits and career progression.
People also suffer from job boredom if they’ve been in a role for a certain amount of time and find there is little to no variance in their day-to-day activities. This can mean they put less effort in, leading to a decrease in sales and commission.
Some employers also find that their staff may disagree with how the business is being run. This could be something minor, such as how a product or service is being sold, or something more ingrained, such as a lack of diversity within the senior management team. Whatever the reason is, when there is a misalignment between morals, it can be difficult to get that person back on side.
Tactics for Attracting and Managing Sales Teams
When it comes to building a strong and successful team, one of the most important things is to grow and maintain talent, which means you need a high retention rate. Here are some ideas on how you can attract and keep your best workers:
1. Create a Winning Onboarding Process That Sets Them Up to Succeed
Your recruitment and onboarding process is vitally important as this is the first impression that anyone will have of your business. If they don’t feel their needs are being met, they’re more likely to leave. If you don’t train them up properly to begin with, they’re also most likely to fail.
2. Provide Good Company Benefits
Your benefits scheme will be one of the top factors that attracts people to work in your business. Whether you offer a great salary, commission, bonus scheme, company car or any other benefit, it should be something that you can be proud of.
3. Be Clear on Their Progression/ Career Goals from the Start
One of the top complaints from many employees, not just in the sales industry, is that they don’t have a clear vision of what their progression within a company is. By setting this out from the very beginning, you’re not only giving your employee something to work towards, but also helping them see where they fit into the business and that they are a vital piece of the jigsaw.
4. Keep the Job Interesting
You absolutely do not want your staff to suffer from job boredom. By keeping the role fresh with new opportunities and challenges, you allow them to grow into their position, learning what areas of the job they enjoy the most and allowing them to work towards new goals. Consider creative thinking as part of a sales role to help employees come up with new solutions to a problem.
5. Provide the Right Tools for the Job
In the modern age, it’s really important that you supply your employees with the best technology available to complete their jobs. Keep an ear to the ground in your industry – is there new software which will make their lives easier? It’s also important to follow this up with plenty of training so that they can use these tools to the best of their advantage. Communication is key, talk about sales tactics. As an example, Datam’s merchant onboarding platform, when integrated within an ISO’s process, automates a lot of the onboarding process which means that there are less data errors and therefore more applications get accepted first time. This helps sales teams meet their targets quicker, giving them a better all-round experience.
6. Regular Check-ins With Management
You should always give your staff the opportunity to provide you with feedback on the role, and really listen to the answers you’re given. Whether this is done face-to-face or anonymously, it’s so important to make your staff feel heard.
7. Celebrate Wins Together as a Team
Whilst many teams believe in friendly competition, it can be damaging to rely on old-school ‘sell, sell, sell’ behaviours. It’s always worth remembering that different people are good at different parts of the sale process, some are good at getting leads, some are better at pitching, some thrive on closing the deal. Make sure you understand your team’s strengths on how to increase sales and help them win together.
At Datam, we are strong believers in winning together and have designed our products with sales teams in mind. Our platform provides, on average, a 22 per cent increase in sales conversions and 90 per cent less data input than traditional approaches, helping your team to succeed. As well as providing fast and reliable solutions when it comes to merchant onboarding for your clients.
If you’d like to find out more about what we do or how our process works, please get in touch with us today.