A new study by Glassdoor indicates that 68 percent of sales professionals plan to start looking for a new job within the next year. When working sales professionals begin looking for jobs, they often do so as a way to boost salaries, seek out new challenges or search for a better work-life balance. To retain these sales professionals, companies need to ensure that they are providing appropriate compensation and career opportunities.
There are many reasons for sales professionals to switch jobs often. Changing jobs often means being able to negotiate a pay increase that far outpaces any raises the professional might get at his or her current job. If a company hierarchy does not have room for career advancement, sales professionals move to the next level of their career by changing jobs. Sales professionals also change jobs as a way to avoid getting caught in industry downturns or layoffs.
One key reason why sales professionals begin looking for their next job while still working their current job has to do with hiring culture. Hiring managers often discriminate against unemployed candidates, meaning that if a sales professional wants a new job, that person must find the job while he or she is currently employed.
This is bad news for many industries that rely on sales. Although the sales industry is known for its turnover, no company wants to lose its best salespeople to its competitors. Glassdoor's new study is a clear warning sign for companies: if a business does not want to lose a large percentage of its sales staff every year, the business must work hard to retain its current staff.
The Motley Fool breaks down the Glassdoor study and notes that 72 percent of the sales professionals surveyed cite salary and compensation as a motivating factor to change jobs. If companies want to retain their sales staff, they need to ensure that their salary and compensation packages are competitive and include opportunities for growth.
The sales professionals surveyed also indicated they would begin looking for jobs in order to find a company with a better working culture or a company with more opportunities for career advancement. If a company is losing a large percentage of its sales staff, it is worth considering whether company culture plays a role. Companies that lack work-life balance, as well as companies that do not provide promotion and professional development opportunities for team members, are companies that are likely to lose their best workers over time.
On the other hand, the fact that 68 percent of sales professionals are potentially looking for work means that companies have the opportunity to pick and choose new sales professionals from some of the best talent out there. Companies in the sales industry can swap one set of good team members for another as sales professionals move from job to job and build their careers.
Companies with large sales teams need to understand that a large percentage of their working sales professionals are probably looking for new jobs. If too many good sales professionals leave, the company needs to consider whether it is offering a competitive salary and benefits package as well as opportunities for career growth and work-life balance.
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