According to a LinkedIn survey of 7,000+ salespeople, the most important factor when they consider a new job offer is excellent compensation & benefits.
So if you want to attract, hire, and retain top sales performers, you need to figure out how to pay salespeople to properly incentivize them.
Why you need to show your salespeople the money
Successful selling requires a versatile set of skills and personality traits. And it’s hard work! Salespeople should be among highest paid people in a company. According to The Bridge Group, for a B2B inside sales rep, the average base salary is $60,000 with an average on-target earnings of $118,000.
These numbers are consistent with Glassdoor’s data on salespeople in Toronto who have a median annual salary of $55,000. That’s more than twice the median for all other professions according to the Labor Department.
What salespeople care about when it comes to their compensation
In a Glassdoor survey of 1000 salespeople, 94% rated base salary as important to them and 62% rated commission as important to them. So if you offer a 100% commission sales job, it makes it harder to compete for and attract salespeople, especially in high demand cities such as San Francisco, Boston, and Chicago.
By offering a competitive base salary, you’ll maximize your chances of hiring salespeople who stay motivated, hit their quotas, and are less likely to quit. And that means they’ll show you the money in return.
How to pay salespeople to keep them happy
To help you figure out how to attract and hire the best salespeople and to keep them happy and performing, I explain the most popular sales compensation structures as well as provide market research on sales salaries in Ideal Candidate’s handy-dandy infographic How To Pay Salespeople To Keep Them Happy below:
Are you looking for salespeople that are a perfect fit for your sales role, team, and company culture? Use Ideal Candidate to automate candidate sourcing and duplicate your top sales performers. Sign up for a free trial now.
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