GET THE RIGHT PEOPLE ON YOUR SALES TEAM
Executive Sales Recruiting Firm specializing in software and technology sales talent.
Executive Sales Recruiting Firm
5 Sales Recruiting Challenges Most Software Companies Face Today
It’s true! The job market is a roller coaster and it’s enough to exasperate any sales leader. 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. Voluntary Quit Rates Slowing, but High
Making frequent job changes is the norm. FOMO in the job market is real.
The number of sales reps who stick with their current company for more than three years is fairly low. If we compare this with the broader market, the median tenure is 3.7 years. (BLS: Sept 22)
In September of 2023, the number of separations changed little at 3.7M.
2. Compensation Rates Still Rising
As you probably already know, most salespeople are attracted to the craft because they enjoy making money. And although commissions are important, base salary rates are still impacted by inflation.
Pay growth has slowed, but is still increasing. ADP’s recent survey found those who change jobs are realizing an 8.4% compensation increase, and employees who stay, are seeing an increase of 5.7%.
Let’s face it, the data still says it’s more profitable for employees to quit. This can be mitigated with a strong sales leader, healthy sales culture, and a winning compensation plan.
3. Elevated Inflation Continues
One of the biggest obstacles employers face is the current state of inflation. The BLS reports inflation has recenlty slowed to 3.2% for October 2023. And although inflation is coming down, it’s still painful. The more the job market slows, the more risky it becomes for good employees to leave their employers for greener pastures voluntarily. The risk of making a job change elevates. This makes attracting talent becomes more difficult for small and mid-sized companies.
4. Employee Engagement Remains at Record Lows
The State of the Global Workplace 2023, a report put out by Gallup, cites employee engagement at 23% in 2023.
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. Strategic Pipeline Building
The high-volume method of building sales pipeline is less effective and especially unfamiliar for a group of salespeople used to a more robust 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. 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 and proactively take market share while your competition struggles to reorganize.
Here's What to Do Next
So yes, things have been bumpy in the labor market. The companies that will dominate are those who do things differently. Although following the crowd is popular in the Tech Space, it may not be the road to massive success.
It’s a great time to pick up A-players because you’ll face less competition and the stronger your team, the easier it will be to increase average sales rep productivity and hit your revenue goals.
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!
Fierce Competition From Big Tech
Big tech got much BIGGER during 2021- 2022. Even with layoffs, they are housing more employees than ever before. You will continue to compete for the best sales talent. BigTech hired in droves, spent what it took to recruit the people they wanted, and took their pick of the market.
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, DropBox, 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. But, the majority are not “great.” Less than half are even “good.” But the ones that know how to MAKE IT RAIN can work wherever they want. So, if you’re struggling to recruit the sales talent you need to hit aggressive goals, you’re not alone.
And if you’re serious about finding the people you need to expand your client base and capture the new clients you know you should be winning– we can help.
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One thing is for sure; we know how to recruit the market’s best sales talent. Since we’ve been recruiting top sales talent since 2004, we have a head start on what it takes to help you recruit the people you need to ensure your success.