With top talent comes the risk of losing them. This rings particularly true in the sales arena, where research indicates that the annual turnover rate for salespeople is as high as 20%. Your high performers are invaluable assets to the company, making it imperative to take every possible measure to retain them. Bearing this in mind, we’ve curated a set of strategies to help you retain your sales team and ensure everyone remains aligned and motivated.

Sales team retention in a nutshell

1. Offer competitive compensation
2. Show a clear path for progression
3. Build a culture
4. Challenge your team
5. Demonstrate excellent sales leadership

How to retain your sales team

Competitive compensation and rewards

While it’s often said that “it’s not all about the money,” research from Glassdoor reveals that 70% of reps’ primary motivators for changing jobs are salary and compensation. Financial rewards undeniably play a significant role for most employees. Therefore, while you shouldn’t overpay, providing a competitive compensation plan is crucial for retaining sales reps and discouraging them from seeking new opportunities.

Show a clear path for progression

While financial incentives are important, employees also seek a roadmap for career progression. Whether it’s advancing through daily challenges or having a clear long-term plan, progress must feel attainable, and career growth should always be on the agenda. This isn’t a one-size-fits-all approach, as reps are motivated by different goals. Ultimately, you want to demonstrate that working for your company will enhance their skills, broaden their subject matter expertise, and offer ample opportunities for professional development.

Build the right culture

Culture is often discussed, from defining it during onboarding to implementing it across the entire company. It’s also one of the most evident ways to retain your sales team. A company with a strong culture is an attractive workplace where people are eager to contribute. Providing your sales reps with the tools they need to succeed in an environment focused on achieving success while valuing individuals will significantly enhance sales retention.

Challenge them

Challenging your sales team doesn’t equate to fostering a toxic culture. The best sales leaders keep their team motivated and engaged by setting high-level, meaningful objectives. Consequently, employees feel they are making a tangible difference, and everyone is aligned in their efforts. The startup culture can naturally complement this mentality, as all those involved feel they’re part of something special and are committed to the cause in the right environment.

Be an excellent sales leader

Effective leadership is paramount, as people often leave bad bosses. Authoritarian leadership styles are outdated; sales reps seek guidance from leaders who understand how to manage people effectively. Being a good leader involves demonstrating qualities like collaboration, creativity encouragement, effective communication, and empathy. Cultivating these traits will positively impact your team members and contribute to higher retention rates.

In summary, if your company is a supportive and nurturing environment, there’s no reason why you can’t cultivate an outstanding sales team committed to long-term success. By offering competitive compensation, outlining clear paths for development, fostering a thriving culture, and providing effective leadership, you can retain your sales team and pave the way for a promising future.