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:
1. Clearly Communicate 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.
2. 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.
3. 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.