You’ve heard about the high costs of replacing a valuable employee. When it comes to a core sales rep, the average cost is even higher — $1 million in lost opportunity, productivity, and replacement expenses, according to Salesforce.
To make matters worse, it can take another 6 to 12 months to train a replacement to be productive. And even then, there’s no guarantee he or she will achieve similar results as the departed sales rep. That’s why the possibility of losing a top sales performer may be one of the things that keeps you awake at night.
Here are 3 tips that could save you from the nightmare of losing a top-performing sales rep, based on findings from Sales Benchmark Index’s assessment of a client’s similar experience:
- Clearly communicate any changes with your team. This client frustrated its reps and managers because it restructured its account management sales force — without giving any explanations for the change. The company also assigned reps to different territories.
- Changes in compensation. In the client’s case, the HR and Finance departments decided to implement a cap on commissions — primarily because someone in the Finance department thought the sales reps made too much.
- Not providing adequate sales support. In another instance, the company eliminated 75 percent of all sales support functions — requiring the sales team to invest more time with non-sales functions.
Changes like these, when combined with other issues, such as inadequate management or direction, can prompt your sales reps to seek greener pastures. And, as a result, cause your $1 million problem.
When you’re looking to provide extra support to your team, consider outsourcing. MonsterConnect provides a sales prospecting enablement solution that allows your sales reps to focus on critical conversations with key decision-makers. Contact us for a free demo.