Every time you hire and train a sales employee who quits soon after, you lose money that cuts into your profit margins and hurts production overall. Here are a couple of effective things you can do to improve employee retention and enhance the effectiveness of your in-house sales department:
Develop a Hands-on Training Program
An effective way to ensure that the sales staff you hire will stick around long-term is to go beyond the basic training methods and develop an extensive, hands-on training program that they have to graduate from before beginning their official position. The training program should:
- Give trainees an opportunity to intimately understand all the aspects of your products so they have the knowledge and tools needs to perform optimally on the sales floor.
- Provide time to practice learned skills in a real-world environment so new employees are comfortable as soon as they set foot on the sales floor.
- Include monitored sales training tasks that produce profits to help cover training costs.
The training will give new employees an opportunity to prove their commitment and help you weed those out who aren't putting their best foot forward. This should help ensure that employees who do graduate to the sales floor are interested in their positions and won't be looking to leave anytime soon.
Work with a Compensation Strategy Consultant
There should be more considered than just the going rate for the sales positions you're hiring for when developing a compensation package to offer new hires. The depth of knowledge that is needed, the work hours, and even the work atmosphere needs to be factored into your compensation plan so employees don't get dissatisfied and end up looking for employment elsewhere.
It's important to work with a professional consultant who specializes in developing compensation plans using a collaborative approach tailored to your company's specific needs and expectations. Working with a professional service provider will give you exclusive insight to trend analysis and offer recommendations based on extensive tax and accounting considerations in mind.
And your compensation strategy consultant will offer an unbiased, objective point of view that optimizes efficiency and profits in the accounting department overall. With the right compensation and commission structure in place, you'll more easily attract and retain a valuable workforce for the long haul.
These compensation strategies can be used alone or in combination with one another to minimize employee turnover and optimize your long-term profits.