What do you do if your top sales talent is constantly being poached by competitors?

To retain your top sales talent, offer competitive compensation and benefits that can't be matched by competitors. Consider offering unique perks, such as flexible work arrangements, professional development opportunities, and bonuses for meeting and exceeding sales targets. Show your appreciation for their hard work and dedication by regularly recognizing their achievements and providing opportunities for growth and advancement within the company. 💰💼

To retain top sales talent, getting accurate compensation data on a regular basis and filtering this into your compensation planning is key. You may think, and HR, Finance etc. may say you're at market, but are you? There are many good sources of that data and if it’s a consistent problem consider contracting a company that specializes in assessing your plans and making recommendations. With the soft and hard costs of losing great talent, it might be a great investment!

To retain your top sales talent, provide regular feedback and coaching to help them improve their skills and reach their full potential. Show them that you are invested in their success and want to help them grow and develop within the company. Offer training and mentoring opportunities, and encourage them to take on new challenges and responsibilities. By providing the support and resources they need to succeed, you can help keep your top talent engaged and motivated. 💪🚀

TOP REPS WANT TO BE COACHED... and the biggest miss sales leaders make is once a rep starts to consistently hit quota, the manager decrease the attention to coaching & development they're giving that rep. A lot of the times we need to double down coaching on our top performers to make sure their itch to grow & learn is being scratched...or else we lose them.

Again - listening is the key when you're involving your sales talent in decision making and problem solving. If I think back on my career, what I have learned from others whether from peers or those that report into me, it is monumental. "A good leader talks, a great leader listens "

If people feel engaged into the decision making process, it will be more difficult for them to leave, since the level of engagement (and so commitment) is much higher!

I'd argue this is way more important than compensation. I mean yea, if a competitor is offering a significantly higher OTE you're going to struggle. But most people want to be a part of something special. The number one reason an employee stays or leaves is because of their direct manager, think about that?? What culture are your leaders instilling and does it make people want to say.

Adding my personal experience here, having an open, honest, and a collaborative team Culture is always taking the team upside. If you and your team share a transparent relationship, you will be able to empower them, help them in problem Solving, and help them grow not just in the role, but also as a professional and as a human being! People work with people, companies are only a platform to being them Together, and if you can connect with your team, attrition will always take a back seat!

Offer flexible working arrangements or work-life balance options tailored to individual needs. Recognizing and accommodating personal circumstances can significantly increase loyalty and job satisfaction.

Focus on key points like active listening to understand their needs and concerns, creating a supportive and inclusive culture where they feel valued and motivated, and offering opportunities for personal and professional growth are crucial. Sometimes, allowing them to pursue opportunities elsewhere for their own development can ultimately benefit both parties in the long run. It's about finding the balance between retention efforts and supporting individual growth paths.

Apart from financial compensation and a sense of purpose, individuals often prioritize the interpersonal aspect when considering a workplace. They assess whether their manager treats them well, offers guidance for professional development, displays empathy towards their circumstances, and fosters a positive atmosphere where they feel comfortable with their colleagues. Considering that people spend a significant portion of their day - at least one-third or more - working, it's crucial to cultivate an enjoyable environment where employees feel they can grow professionally and receive fair compensation for their contributions.

When facing poaching of top sales talent, it's a crucial moment for self-reflection. Start by evaluating internal factors that might be contributing to employee attrition. Here's a list to start an internal evaluation of employee retention: 1. Review Exit Interviews 2. Review Employee Feedback Surveys 3. Evaluate Company Culture 4. Evaluate Career Development Opportunities 5. Grade Managerial Effectiveness 6. Compare Compensation and Benefits to Competitors 7. How is Work-Life Balance 8. What Recognition and Rewards do we need 9. What Employee Wellbeing Initiatives do we have By conducting a thorough internal evaluation of employee retention, you can identify areas for improvement and implement proactive measures to boost retention.

Have a frank open chat with employees who have quit and pick out the top 3 reasons for them to look for a change. Work on this and solve it. There could be many reasons they may communicate - but those are “convincing themselves answers” for quitting and hence they voice it out. Pick up the top 3 and work on it to solve. Once this is done, communicate to the existing employees that this is what you found that was an issue with most people and what the company will be doing in the future to solve for it. This may solve future exits. Above all - don’t forget to show empathy in all the interactions.