7 września 2023 Marcin Orocz

Retention of Top Sales Talent

discussion with Mike Bosworth and Magdalena Petryniak

Panorama Warszawy

Retention of Top Sales Talent: A Deep Dive

It’s astonishing yet unsurprising: according to SBI research published in the Harvard Business Review, 44% of satisfied high performers are actively scouting for new opportunities. So, how do sales leaders tackle this ominous turnover rate? More importantly, if the traditional incentives like compensation adjustments, work-life balance, and title adjustments don’t matter, what does?

In his latest book „What Great Salespeople Do (PB): The Science of Selling Through Emotional Connection and the Power of Story” Mike unlocks the secret code behind high-performing salespeople. He argues that elite sales skills can be taught, contradicting the general perception. However, an intriguing concern arises. Even if you upskill your sales force to an elite level, how do you retain these now highly coveted individuals?

Talent Management is Key

Mike uses the analogy of talent management in professional sports. Athletes, with their million-dollar contracts, sometimes get emotionally discontented with their organizations and seek new pastures. In a similar vein, salespeople, once they ascertain their worth and skills, will seek environments that value and nurture them.

What we understand from Mike’s perspective is that understanding what great salespeople do is crucial. Salespeople are not just numbers on a dashboard; they are driven by emotional connections, trust-building, and the ability to connect with strangers intuitively.

The Frontline Sales Leader Dilemma

Another pertinent point that arose from the conversation is the promotion of top salespeople to leadership roles. Historically, the best salespeople, due to their stellar individual performances, get promoted to managerial roles. But the transition isn’t always smooth. Often, they struggle with talent management, as their expertise lies in sales, not necessarily leadership.

Mike’s personal anecdote, where he went from being a top salesperson to a struggling manager, illustrates this point perfectly. The expertise of closing sales does not automatically translate to the ability to lead a sales team.

Recommendations for Sales Leaders

So, if you’re a sales leader grappling with retention, here’s what you can extract from Mike’s insights:

  1. Focus on Genuine Talent Management: Understand that high-performing salespeople have specific needs. They thrive on connections, trust, and intuitive interactions. Foster an environment that nurtures these traits.
  2. Empowerment Over Micromanagement: Top salespeople don’t just want to be left alone. They want tools, training, and an environment that aids their growth. They don’t necessarily need a CRM to monitor every move but an ecosystem that amplifies their strengths.
  3. Re-think Promotions: Just because someone excels in sales doesn’t mean they’ll be an excellent sales manager. Before promoting, ensure they possess or are provided with essential leadership skills.

In conclusion, retaining top sales talents requires a paradigm shift in how sales leaders approach talent management. It’s not about monetary incentives alone; it’s about understanding, empowerment, and genuine talent nurturing. And as Mike highlights, if you want to keep your stars, you need to rethink traditional sales management methods and adapt to the evolving landscape of sales dynamics.

In response to Magdalena Petryniak’s post on LinkedIn and the interview she conducted with Mike Bosworth, as well as referring to the content of his book, I would like to expand on this topic with the following points:

  1. Professional Development:
    • Description: Providing avenues for continued learning and advancement is essential for retaining sales talent. This can be achieved through training programs, workshops, industry conferences, or even assisting in gaining further qualifications.
    • Implementation: Set up regular training sessions, either in-house or through external trainers. Encourage participation in industry events and offer incentives for those who want to pursue higher qualifications related to sales and business.
  2. Feedback and Communication:
    • Description: Engaging in regular dialogues focused on their progress, needs, and expectations can help in understanding what motivates them.
    • Implementation: Schedule quarterly one-on-one reviews and maintain an open-door policy, allowing sales staff to discuss their concerns or provide suggestions. Use tools like employee surveys to gather feedback on processes and management.
  3. Recognition of Achievements:
    • Description: Consistently acknowledging the accomplishments of your sales team, both verbally and with tangible rewards, can keep their motivation high.
    • Implementation: Develop a reward system that recognizes both major and minor milestones. This could include monthly awards, annual bonuses, or even simple shout-outs during team meetings.
  4. Competitive Compensation:
    • Description: This encompasses not just base salary but also bonuses, commissions, and other benefits. Research shows that compensation is a primary factor in job satisfaction in the sales field.
    • Implementation: Regularly review industry standards for sales compensation to ensure your packages are competitive. Introduce performance-based bonuses and ensure that compensation grows with the experience and contribution of the employee.
  5. Company Culture:
    • Description: Creating a positive work environment where employees feel valued can be key to retaining talent. A culture of collaboration, support, and mutual respect can attract and keep the best.
    • Implementation: Foster team-building activities, encourage open communication across all levels, and highlight the company’s values regularly. Ensure that leadership embodies the values they preach, setting an example for the entire organization.

Focusing on these five areas and ensuring a proactive approach in their implementation can significantly enhance the retention of top sales talents in an organization.

Polish version

, ,