It becomes even more pertinent and worrying when you consider that a monolithic institution such as Google, a company famed for its employee perks such as free food, five month paid maternity leave and workplace gyms, faces an employee turnover rate that makes it unwanted market leader. The average tenure for an employee there is little more than a year.
This doesn’t tell the whole story, however. Some 84% of Google’s employees are said to enjoy a high level of job satisfaction and comfortably above average salary levels. Businesses, then, seem to face something of a quandary. And it is even more acute when considering sales, an industry with traditionally one of the highest rates of staff turnover. What can sales firms do to retain staff if even giants like Google find it difficult?
Bryn Thompson is a Director of Sales at Pareto, a firm that specialises in recruiting and training sales people. He gave us his views on how businesses can win staff loyalty: “From the outset businesses have to get their recruitment structure right. By getting the right people in from the get-go, chances are that they will flourish in their role and add value to the business in terms of performance and loyalty.”
“We feel that businesses also need to focus on offering career development and training opportunities to staff. By talking to staff and developing plans that respect their goals as well as overall business objectives, a level of engagement builds that shows how much a business values an employee’s efforts and how much they want to move forward and grow together.”
“In addition, formal recognition of employee’s skills and developments through accreditation programmes or professional qualifications can increase that feeling of being valued and, in turn, lead to greater loyalty and higher levels of staff retention. By offering a structured development plan that encompasses accreditation, rewards sales excellence and celebrates achievements, businesses will reap the benefits of a contented and focused sales team that will show greater loyalty to their employer.”
Pareto Law is the UK’s biggest and most successful sales enhancement company: the authority on sales, no less, since 1995. Pareto brings companies the 20% of the sales team that makes 80% of the difference.
The Pareto Effect can be experienced in many ways and it can have a remarkable, measurable effect on your business. Pareto delivers this effect through four key elements – Sales Recruitment, Sales Training, Executive Recruitment and Sales Development, bringing your business sales assessment and accreditation solutions to deliver sales excellence.
Retain to Gain
Retention is rated as one of the key concerns amongst for UK business managers today: and also one of the greatest challenges, particularly within the sales arena. The cost of high staff turnover and low retention within a sales team is considerable, but the impact upon business can far extend recruitment costs when seeking out a replacement. Consider the cost to your business in terms of lost opportunity, low staff morale and missed targets. Can you afford to repeatedly replace your sales staff? How can you establish a high performance sales culture that not only attracts and develops the very best sales talent, but also helps your business hold onto your star performers for the long-term?
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