?? How to Attract Top Sales Talent: 3 Insights from Surveying 70,000 Workers
The sales function has always been characterised by high turnover rates, often driven by fierce salary competition and frequent role changes among top performers. However, in the wake of the post-pandemic 'Great Resignation,' talent mobility has soared to unprecedented levels in recent years.
To delve into the reasons behind this surge in workforce turnover, we embarked on the largest study of white-collar workers, surveying a massive 70,000 individuals worldwide. The findings unequivocally demonstrate that workers now hold new expectations of employers in the post-pandemic era, and high turnover is poised to become a permanent feature in the evolving world of work.
In this article, we will dissect what this 'Invisible Revolution' means for the sales function and explore how employers can adapt to these changing dynamics to attract and retain top sales talent.
?? How many salespeople are seeking new roles?
Globally, a staggering 90% of respondents working in sales expressed openness to new job opportunities. Interestingly, the uncertain economic landscape hasn't dampened this appetite, as 45% of salespeople reported being more likely to seek new roles during challenging economic times.
This inclination to switch jobs spans across all age groups and seniority levels, regardless of how long an employee has been in their current position. In fact, an impressive eight out of 10 respondents who started new jobs within the past year indicated that they are still open to exploring new opportunities.
So, how can hiring managers entice and retain top sales talent in an era where loyalty has lost its allure?
The Work-Life Equation: Pay + Flexibility + Career Progression
The most notable change we have witnessed is the elevation of work-life balance as a top priority for workers. Our study reveals that work-life balance now holds the most significant influence on job satisfaction, with an astounding 74% of sales professionals considering it crucial to their happiness at work. This figure surpasses all but one other sector in the study.
As employees adopt a more transactional approach to work, three key factors have emerged as top priorities for talent:
·????????Competitive pay
·????????Flexibility
·????????Career progression
?Together, these elements form what we refer to as the Work-Life Equation—the most influential factors for talent when considering a new role. Below, we delve into each factor and discuss how employers can address them effectively.
?? Pay: Compensation has always been of utmost importance in sales, but in today's candidate-short market, employees are hyper-aware of their value. Consequently, salary now ranks as the primary reason to accept a new role and is considered the most critical aspect in a job advertisement.
A good salary was the second-highest priority for job satisfaction, chosen by 43% of respondents. However, this presents challenges for employers, as 63% of those surveyed mentioned that matching salary expectations was their biggest recruitment hurdle.
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Our Recommendation: Keep Salaries Competitive
To attract top sales talent, it's vital to offer competitive salaries. Salespeople are intentional about maximising their earnings and won't settle for lower pay when better opportunities exist elsewhere. Staying up-to-date with what competitors are offering and conducting effective benchmarking exercises are crucial.
Our 2023 Sales Salary Guide provides invaluable insights into low, medium, and high sales salaries across various job titles, sectors, and locations. Utilise this resource to ensure your salary offerings remain competitive.
?? Flexibility: While some sales departments may have been hesitant about flexibility due to the importance of team morale and in-person meetings, the need for work-life balance cannot be overlooked. Work-life balance ranks as the top influencer of job satisfaction across all respondents, with hybrid working arrangements also making the top five.
In fact, 57% of employees indicated they would reject a promotion if they believed it would negatively impact their well-being.
Our Recommendation: Offer Flexible Working Options
To compete for top talent, sales departments must redefine flexibility, change mindsets, and create an outstanding employee experience that caters to diverse needs and lifestyles. Trust plays a key role in reaping the benefits of flexible work arrangements. Avoid implementing rigid rules and instead empower employees to make decisions that work best for them.
?? Career Progression: Surprisingly, our report revealed that employers underestimate the importance of career growth to employees by 10%. However, career progression can be a significant differentiator in attracting and retaining sales talent. As job-hopping becomes more prevalent, motivating employees with clear growth opportunities can help minimise the impact on retention.
Our Recommendation: Outline Appealing Career Progression Pathways
Most salespeople aspire to grow in their roles, presenting a substantial opportunity for employers to stand out. Consider a candidate's potential value to the company not just immediately, but also in the long run. After hiring, keep raising the stakes with targeted milestones, ensuring employees know how far they can go within your organisation from day one.
What’s next?
Our 2023 Talent Trends report, The Invisible Revolution, delves into the most profound shift in work culture since the internet's arrival. With data from nearly 70,000 skilled white-collar professionals globally, this study examines the impact of the Invisible Revolution across sectors, generations, and seniority levels.
Find out how workers' priorities have shifted, understand why, and learn how businesses can build talented teams in this challenging recruitment landscape. Access the data and insider information you need not only to survive this monumental cultural shift but also to thrive in it.
If you're seeking to hire the best sales talent for your team, don't hesitate to get in touch with us at Michael Page Sales. Our expertise and resources can help your business thrive in the evolving world of sales.