2021 Compensation Strategies For Winning Talent
May 7, 2021The Hybrid Workplace: Is it Here to Stay?
June 25, 2021Talent acquisition may be the #1 most important issue employers are dealing with in 2021. As the economy rebounds, sales talent is in hot demand. Let’s assume you have invested wisely in an effective recruiting process that has produced a top tier sales candidate. You present an offer that you believe can close the deal, but it is rejected. Your candidate accepts a competing offer or a counter offer leaving your company in the lurch!
Getting “left at the altar” is an all too common occurrence in today’s hot talent market. With a highly competitive job market, candidates are in the driver’s seat. Be prepared to successfully address three key points in your offer to ensure that you are not left at the altar.
Three Components to a Successful Offer:
1. Compensation:
For lateral moves, the average bump in base pay is 10-20% to have a solid player move over to your side of the court. If the position is a promotion with more responsibility and higher expectations, that percentage may rise to 20-30%. Are you prepared to offer your sales candidate that big a raise?
2. Risk/Reward:
Let’s assume you have presented a competitive offer. Now, consider if money is enough of a motivator for the candidate to leave the devil they know for the devil they don’t know. This is a risk/reward decision for sales candidates. Best to have something to offer in addition to money to attract superstar sales talent. For example, is your company profitable and growing? Does your company have a reputation for innovation? Is your mission in alignment with the candidate’s personal goals? Is your company’s management team respected by your employees?
3. Career Growth:
Superstar sales reps need to see a golden future. If your company does not offer the next step in their career growth, why should they make the move? For sales professionals, career growth might mean a bigger territory, more innovative products or services to sell, or the opportunity to advance into sales management. The status quo is not an option for superstars. They need new challenges where they get their achievement needs met.
Pete Caputa, author of 10 Surprising Criteria Salespeople Look for When Choosing a New Company, offers additional insights on this subject.
Recruiting top sales talent is a tight job market is very challenging. Yet once a superstar is found, be prepared to show your best hand if you want them to accept your offer.
If you want to learn how to source, attract, and successfully hire superstar sales reps, give us a call at 317-578-1310.
