Recently one of the top concerns for sales leaders and executives has been the phenomenon of the great resignation. Between April-June 2021, a staggering 11.5 million American workers left their jobs. And according to Gallup polls, 48% of America’s working population are actively looking for new job opportunities. The sales department within organizations is no stranger to feeling this pinch proportional to these overall numbers and this is often the result of sales representatives losing trust in their organizations and feeling less valued. At this delicate time, how can you retain a loyal, motivated, and engaged sales force?
The biggest piece of this puzzle is trust. Consistently inaccurate payouts, with little or no insight into the payout transaction details, will result in suspicion and bad blood between the employees and their leadership. Accuracy in compensation plan payout is critical as is providing easily accessible insights into their compensation details. In addition, creating a nurturing environment that offers support and guidance as and when needed can go a long way in creating a healthy employee culture aiding retention.
This is where a good Sales Performance Management system can help create high value. A platform that automates compensation plan calculations with high accuracy develops trust where it matters. An intuitive user interface that provides consumable insights into payment transactions will eliminate the need for shadow accounting allowing more time for your sales representatives to do what they do best – sell. A well-designed and effective dashboard and reporting solution will allow your team to track their progress against their objectives fostering engagement and motivation. In turn, your sales leadership team will have insight into the progress of your team, so that they can identify where additional training and guidance may be needed, create, and execute actions to support their sales force, and track their improvement.
SPM platforms have the potential to be excellent tools that enable organizations to reduce sales employee turnover. The key is to optimize the platform implementation to your team engagement business objectives. Your technology implementation partners should work with you to understand your business goals and implement a solution that helps you achieve them.
To learn more about how you can leverage an SPM tool to create a loyal, engaged, and motivated sales force, contact us.