Competition is always tough when it comes to recruiting the best sales professionals for your team and hanging onto them long-term, especially with the high rate of turnover the profession sees. According to research from Xactly, sales organizations experienced an employee turnover rate in 2021 that was 58% higher than a year prior. This is driven in part by the emergence of remote working opportunities that have become more readily available since the beginning of the pandemic. Many companies have opened up their sales teams to include those who may be unwilling or unable to relocate for a role, which makes it easier for top talent to leave one position for another that seems more promising. Once you lose a sales professional, not only are you left with a (hopefully temporary) vacancy, but once you find someone to fill the role, Xactly's research shows it takes an average of 3.2 months for new salespeople to complete necessary training and get their productivity up to par. To reduce sales turnover, Xactly recommends employers:

• Compare your incentives to industry data in order to create a competitive compensation plan.
• Give your reps plenty of time to sell, and utilize technology that streamlines their administrative tasks.
• Develop clear career tracks for your employees that factor in their personal goals.
• Prioritize wellness and work-life balance to prevent employee burnout.

As mentioned previously, a large part of finding and retaining a successful sales team is creating a competitive pay structure. In the slideshow above, we'll look at five tips from Gallagher about pitfalls to avoid when designing your organization's sales compensation plan.

Related:

• 10 sales tips for new insurance agents
• How incentive travel programs can transform your bottom line
• Driving the insurance industry forward with technology