The Prescription for Keeping Top Performers

In June 2014 a Forbes article circulated on LinkedIn entitled, “Employees Who Stay In Companies Longer Than Two Years Get Paid 50% Less”.  Within the article were some startling statistics:

  • The average raise an employee can expect in 2014 is 3%, but given the cost of inflation, it actually amounts to more like 1% in additional spending power.
  • If an employee leaves a company, however, they can look forward to a 10%-20% increase in salary. In extreme cases, they may even see as much as a 50% increase.  As well as the overall costs of replacing an employee when truly analyzed can cost your company thousands of dollars.  In fact, statistics state that it costs:

What these statistics show us is that it is more advantageous for employees to leave their current situation and change jobs than be loyal.  As managers, it can feel like your staff are jumping ship left and right for greener fields elsewhere.  How does one create an environment of retention against the trends?

  • For entry-level employees, it costs between 30% and 50% of their annual salary to replace them.
  • For mid-level employees, it costs upwards of 150% of their annual salary to replace them.
  • For high-level or highly specialized employees, you’re looking at 400% of their annual salary.                (Ross Blake of Retention Associates)

Have a Retention Plan:

Most managers do not actually sit down and develop a plan about how you cultivate an environment that keeps your employees there.  Here are key prescriptions that are needed:

Step 1: Frequent Recognition

  • Recognition from Managers to Direct Reports
  • Recognition from Colleagues
  • Know results, qualities & behaviors you want to reinforce
  • Be Creative

Out of ALL the activities you engage in as a LEADER, “Catching people doing things right” –and recognizing them for it –needs to be one of your TOP PRIORITIES!

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Does Anyone Answer Their Phone Anymore?

Are you tired of leaving voicemail after voicemail?

No one returning your calls?

“I have tried calling this person 5 times and I can’t get through.”

“How can I sell something when I am not talking to anyone?”

That’s right.  You can’t sell if you are not talking to anyone.  It’s time to take action.  This dilemma is a common one these days, people are just too busy to be on the phone.  If it can go to email or voicemail, they let it go so that they can prioritize their needs better.

But how do you form a relationship with a prospect if you cannot talk to that person?  Remember that sales is a puzzle waiting to be solved.  Trying different approaches with different people can get you farther.

5 Tips To Get Prospects To Pick Up The Phone:

Here are a few things to try:

1.  Call at varied times of the day.  Not getting through during normal business hours then try first thing in the morning before 8:30am or right after business hours end.  Many prospects are so busy handling their daily business during regular hours that even though they want to talk to you, they just have not had time.  Persistence and varied call times may be the key.

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1.  Poor Organization 

Many salespeople do not plan their time in advance nor do they approach prospecting with an organized game plan.  Prospecting is either, omitted, postponed, or not given enough time and energy to generate sufficient qualified exposure.

2.  Fear of Failure (FOF) 

This is a psychological phenomenon that manifests itself in some salespeople.  They are afraid to work because they are afraid that they may fail.  And, of course, not working causes them to fail thereby epitomizing the self-fulfilling prophecy.

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