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How can you retain key talent to your business?

The competitive marketplace makes it harder for companies to find and retain long-term real sales talent. It’s often encountered that leaders are looking to find the top performing people with very high expectations, that sometimes are unrealistic. When the bar is set too high, finding and retaining the competitive employees, who will become an integrated part of the team, is often set to fail.

 

  1. First and foremost, define talent

Have you taken a step back to consider what profile among the various talented people available in the market is suitable to your company and your culture? Have you considered aspects that are not necessarily mentioned in a CV? Have you decided if you would rather go for a loner genius or a fantastic team player with less raw talent? It is important to take your organization’s culture and working environment into consideration before making any recruitment decision. Opting for a decision that goes against your existing culture may trigger unexpected reactions and changes that might culminate in a complete and very expensive cultural transformation.

Retaining Talents

This is not an exaggeration. One person can influence a whole system, either positively or negatively. Consider a newly recruited superstar. It would only be normal for management to cocoon and praise that person. Other employees will end up either resenting the preferential treatment (even if it well deserved), or copying the behavior of the star employee hoping they will receive a similar treatment. The disruptions that will follow may take the form of a tidal wave that will seriously shake your existing culture.

 

  1. Provide effective leadership

You need to create a working environment where you don’t become unrealistically demanding of your employees, while still keeping them motivated. It’s easy for your team to relate to a winner mentality, so make sure that you share your leadership vision with them. Encourage a healthy competition between your salespeople by focusing on strategic business goals that the whole team has to meet. This way, their natural competitiveness will be motivated in a fun, positive way and they will also relate to you as their leader.

 

  1. Provide opportunities for development

Talented salespeople are usually motivated and striving for growth. They will stay involved if their achievements are acknowledged and are offered possibilities to develop professionally. What training opportunities are your offering your salespeople? Do they have the chance to be mentored? Are they updated with the latest sales technology? How good are their negotiation skills? Do you have a budget for conference and seminars where your employees will not only grow professionally, but also have the chance to network?

In such a competitive economy, trained employees equals performance and higher profits for your business.

 

  1. Create a work environment that is employee-centered

Star EmployeeIt is a fact that the new generation is looking for recognition and good work environment. Now, more than ever, work-life balance and flexibility are important to keep your top employees interested in working with you.

A way to send a clear message to your employees that you trust them and that the work environment is employee-centered is to offer them certain benefits that also fit your operational needs. For example, find out if they would be interested in a more flexible hour policy or flexible work schedule.

 

  1. Know your employees

How can you create a positive work environment if you don’t know your employees? Especially when the creation of integrated sales teams is in question, you will need to be aware of the strengths, weaknesses and skills of each one of your team mates. Instead of blindly following other companies’ best practices, you need to focus on creation an open communication and find out what your employees are looking for in their work environment.

 

  1. Reward and recognize top performers

Talent has become fleeting. Hiring costs are higher than retention costs. Each employee should receive a fair compensation of their work and benefits package. At the same time, your top performers should be recognized and rewarded to keep them competitive and engaged at their workplace. Setting aside the mandatory commissions and benefits packages, show your best  employees that you value them by asking for their input when it comes to decision, work processes and business directions.

 

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6 ways to retain key talents