It’s true! The job market is crazy, enough to make any hiring manager bonkers.
But these are strange times. And if you’re hiring for your sales team and you want to pull your hair out, you’re not alone.
Several outside factors are working against you. Here’s what you’re up against…..
1. Everyone’s Quitting
Making frequent job changes is the norm.
The number of sales reps who stick with their current company for more than three years is low. If we compare this with the broader market, the median tenure is 3.7 years. (BLS: Sept 22)
The number of salespeople who have a few years at one place under their belt and an established track record of success is abysmal.
In other words, the supply is dime thin, while demand is sky-high.
2. Compensation Rates are Rising
As you probably already know, most salespeople are attracted to the craft because they love making money.
And recently, job changers have been seeing Y-O-Y double-digit comp gains. And guess what? Pay rose 15.7% for people who quit versus 7.8% for people who stayed with their employers.
Let’s face it, the data says it’s more profitable for employees to quit.
3. Inflation is out of Control
One of the biggest obstacles employers face is the current state of inflation.
Inflation is at an all-time high of 8.5%. And that’s just the cost of goods compared to what they were last year. Keep in mind inflation is a number that’s independent of the labor market’s supply and demand issues.
4. Employee Engagement is Low
The State of the Global Workplace 2022, a report put out by Gallup, cites employee engagement at 21% in 2022.
What does that even mean?
Employee engagement attempts to measure employee feelings about the work they do. And although most professionals avoid discussing feelings, these particular feelings are financially worth paying attention to.
Because how your employees feel about their work is one of the biggest reasons why people choose to stay or leave their companies.
5. Deals are Getting Harder to Come By
Sales pipeline is weakening, especially for salespeople who’ve never sold in a “tough” market.
As they say, the fish are no longer “jumping in the boat.”
So it’s time to adapt. And now’s not the time to hire a 6 or 7. It’s time to hire an 8+, 9, or 10. Get your team’s average up so you can win. And 9s and 10s are rare by the law of averages (most are 7s and below). So while your competitors are just now discovering skill gaps with the talent that worked in a hot market, you’ll upgrade to dominate in more competitive times. So don’t miss your chance. Now’s the time to pick up 9s and 10s.
Here's What to Do Next
So yes, things have been bumpy in the labor market.
But it’s also a great time to pick up some of your competitors’ best long-term and successful employees.
And we can help you find them. Some say it’s an opportunity that may not come again for at least another decade, mainly because key people who haven’t thought about leaving their employers for years are considering other options.
It’s certainly the kind of market that won’t last forever. So if you’re serious about hiring money-making sale talent, connect with us today!
As much as you want to ignore your competition, you will compete for the best sales talent.
No matter the job market, the software space you’re in, or the vertical you serve, you are battling the BIG tech giants for the best software sales talent.
How will you beat out large brands like Google, Amazon, Oracle, Salesforce, IBM, DropBox, Thomson Reuters, Microsoft, SAP, Workday, Adobe, Zendesk, LinkedIn, Cisco, Service Now, Box, HubSpot, Square, Okta, Zuora, Akamai, or Citrix for top sales talent?
Companies in most tech sectors have difficulty recruiting and hiring the specific sales talent they need to capture market share and grow revenues. Even well-branded organizations with $MM marketing budgets must work hard to identify, recruit, and hire top sales talent.
Here’s the point: there are loads of salespeople. Most are not “great.” I’d say less than half are even “good.” But the ones that are can work where they want. So if you’re struggling to recruit the sales talent you need to hit your goals, you’re not alone.
And if you’re serious about finding the people you need to bring in the business you know you should be winning– we can help.
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