3/7/16
Statistics vary when reporting the turnover rate in the retail sales sector. Regardless of this variance, replacing seasoned and productive employees is expensive and time-consuming.
To maintain profitability and growth, attracting and retaining top sales reps is a must.
“Employees who believe that management is concerned about them as a whole person—not just an employee—are more productive, more satisfied, more fulfilled. Satisfied employees mean satisfied customers, which leads to profitability.” Anne M. Mulcahy, former CEO of Xerox* Corporation
Although employee retention may seem like a difficult problem to tackle, breaking it down into focus areas helps organizations zero in on what they can do to keep their best people on board.
Here are four focal points to consider:
Hire the right people.
Set realistic goals.
Provide a path for advancement.
Create a positive work environment.
Retention of top sales reps begins with the hiring process. It’s crucial to clearly define the qualities of your ideal sales rep before interviewing prospects.
When organizations hire those whose goals are well aligned with those of the company, the ability to retain those hires increases.
During interviews, clearly explain the company's expectations and what assistance management will provide to ensure the new hire’s success. Find out what their goals are, as well their own perceived strengths and weaknesses.
Simply because potential hires can build their own gaming PCs from scratch doesn’t necessarily mean they’ll make a great sales rep.
By asking the right questions and eliminating any potential uncertainty during the interview process, managers maximize the likelihood of finding ideal sales talent for their teams.
Many companies use performance-based compensation for sales reps. However, some have difficulty retaining sales reps if they can’t meet their quotas consistently.
It’s not always poor performance that causes missed quotas. Many factors can contribute to this, such as lack of training and absence of management support.
Regardless of your compensation structure, set realistic quotas or goals to keep sales reps motivated, ensure they participate in ongoing training opportunities, and provide your support to give them every opportunity to succeed.
It might be natural to assume that sales representatives primarily leave companies for financial reasons. However, a survey conducted by BambooHR* suggests otherwise.
In fact, this survey of over 1,000 individuals showed that employees most commonly part ways with their employers because they aren't given the opportunity to advance.
Many top sales reps are looking for more than larger paychecks; they want to know that they can advance and grow within the company. Many companies send a clear message regarding this by establishing a trend of promoting from within. This practice clearly conveys to staff that there is opportunity for career and personal growth over the long term.
It’s often said that employees don't leave companies, they leave their managers. The bottom line is good managers manage. They are involved, interactive, and impactful—all in a supportive way.
Other traits of successful managers include empowering, mentoring, listening, and praising. These types of attributes are as important when it’s time for performance reviews or during critiquing situations as when all is going well.
Good managers create a positive environment in which employees can be successful. More importantly, they create an environment where employees want to be successful.
In today's competitive retail environment, companies need to attract and retain top talent. This is particularly true of reps working the sales floor. They are usually the first in line to set the tone and outcome of the customer experience.
Retaining the best reps, or any employee, is more than a matter of simply compensating them well. It’s equally as important to create and maintain a culture that focuses on keeping them feeling motivated, valued, and empowered.
The Intel® Retail Edge Program supports the efforts of its partner retailers to retain their best employees by providing reps with interactive and educational training on Intel® products and technologies they are selling directly to customers on the sales floor.
Discover how participation in the Intel® Retail Edge Program leads to increased product knowledge, opportunities for career growth through certification offerings, and better customer experiences.
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*Other names and brands may be claimed as the property of others.
© 2016, Intel Corporation. All rights reserved. Intel, the Intel logo, and Intel Retail Edge Program are trademarks of Intel Corporation in the U.S. and other countries.
