Turnover in the world of sales is a problem that is as extensive as it is expensive. Studies have found that within a couple of years, 50 percent of new salespeople will leave their positions, and replacing a sales rep can cost companies as much as two times their annual salary.
How do you reduce the turnover?
This means that any conscientious sales manager should be laser focused on reducing turnover rates and improving employee retention. Here are three proven strategies for doing so.
1Hire for the Long Term
All too often, sales departments only think about the problem of turnover in moments of crisis when personnel leave and positions need to be filled on short notice. But the most effective way to look at the problem of turnover is by viewing it holistically, as something that needs to be taken into account at every stage of the hiring and training process.
One of the best ways to reduce turnover is by hiring personnel who are committed to their work and want to build a long-term career in the industry. This is especially important in large centers like Toronto, where talented salespeople are in high demand and there is no shortage of opportunities.
When trying to fill sales jobs in Toronto it is essential to identify candidates who will be a good fit for the company and whose personal goals align with your own, so it may be worthwhile to work with Toronto sales recruiters who can help you fill the position.
2Invest in Onboarding
Time and time again, research shows that investing time upfront in training personnel and integrating them into the team has a real impact on turnover reduction. It isn’t hard to see why: when employees are simply thrown into a new work environment and left to sink or swim, no one should be surprised that they feel little loyalty to their employer.
The truth is that onboarding doesn’t need to take long, and in addition to helping new reps feel more comfortable in your department, a thorough onboarding process will also make them more effective as salespeople.
If you don’t have an extensive onboarding process already, here are a few tips that can help you get started:
- Start by teaching new employees about your company’s history, structure, products, distinctives, and mission
- Provide clear guidelines around what is expected
- Establish benchmarks that can help employees measure progress and create a sense of accountability
- Introduce new hires to their colleagues and direct them as to where they can find resources and support
- Put all onboarding resources in writing so they can be easily referred to
These five simple steps will help provide the clarity every employee needs to find their footing in a new organization.
3Give Your Team Members a Voice
Sales tends to attract people with a strong independent streak, and professional salespeople will often have strong opinions about their work. This can create tension in the workplace which, if left unaddressed, can contribute to turnover by making the office environment even more stressful than it already is.
But if you channel that energy into constructive criticism that strengthens operations, strong-willed employees can be an asset rather than a liability. Creating space for salespeople to feel that their voices are being heard and their opinions validated will help ensure that tensions don’t boil over.
When your team members feel respected, they will also be more likely to stay invested in the success of the company.
Building a dedicated team invested in the success of your brand is the dream of every business, and this is especially true in the high-pressure world of sales. By hiring intelligently, training thoroughly, and giving reps a forum for expressing their thoughts and feelings, you can get off the hamster wheel of employee turnover and shift your focus to where it should be: cultivating leads and reaching customers.