There was a good article in SalesForceXP’s recent newsletter (sorry no link) that quotes 2 recent surveys conducted by Miller Heiman and the Hay Group specifically looking at turnover amongst salespeople. The research concluded that not only is finding good salespeople tough (knew that), but keeping them is equally as difficult.
Nearly one-fourth of the 2,176 sales executives who participated in Miller Heiman’s 2006 Sales Performance Study reported that turnover had increased during the previous year. That mirrors similar findings from the Hay Group, a Philadelphia-based management consulting company, which surveyed about 1 million employees at 330 companies in 50 countries. The least committed to a company are its salespeople, 38 percent of whom planned to leave within two years.
As we have mentioned in previous posts, good salespeople are wired to be looking for the next big deal. This drive includes keeping an eye open for a better opportunity for themselves. You can decrease the chance of losing good salespeople by first understanding their motivations and rewards and then ensuring that your compensation plan satisfies their motivation/reward pattern. Remember, this motivation/reward pattern is more than just money.