by Art Waskey | Aug 30, 2024 | Uncategorized
Employee turnover on the rise
There is growing concern that employee turnover is once again on the rise. A recent survey published by Resume Builder found that nearly three in 10 full-time workers are likely to quit their jobs in 2024 (ResumeBuilder.com). One thousand participants were surveyed to find out how many people have their sights set on quitting this year. Given this trend, Distributors need to focus on employee retention.
Why are they leaving?
Why are people planning to quit their jobs? Julia Toothacre, career strategist at Resume Builder, said “Younger workers tend to switch jobs at a higher rate because they are trying to determine what type of function, industry, and environment would work best for them.” The Resume Builder survey found that workers are quitting their jobs over low pay (56%), overly stressful work environments (43%), and the desire for better benefits (44%).
Focus on these 3 areas regarding employee retention
1. Pay
“Right now, employers have the most power when it comes to pay,” Toothacre said. The tech industry layoffs have flooded the market with certain functions, leading to an influx of candidates for organizations depending on the organization.
2. Environment
The culture of a company is developed from the top of an organization. You need to understand the work environment you have created. Also, get external assessments to ensure you are projecting a healthy culture. Create 360 reviews where managers can see and understand gaps in relationships. If a manager has a high report turnover, recognize it early and make adjustments.
3. Benefits
Reassess your compensation plan. In today’s social media climate, job-hoppers are well aware of the benefits companies offer. Make sure your employment package is competitive in your market.
Employee retention
Lastly, If a person enjoys their job, they will hold onto it. As an employer, you must strive to keep your staff, particularly your young talent, from becoming disillusioned. In addition to offering fair pay, competitive benefits, and a positive work environment, be sure to recognize your employees’ unique talents and gifts.
Positivity brings positive results in retaining employees.
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by Art Waskey | Aug 21, 2024 | Art of Sales Weekly, Featured
As I consult with distributors around the country, I hear a lot of discussion and concern about employee turnover. One executive noted that she felt like she was experiencing the Great Resignation of 2021 all over again. I decided to look into the issue to see if her experience was widespread. Here’s what I learned.
The data on desertion
In her recent article in USA Today, Sara Chernikoff discusses the likelihood of another big wave of resignations in the US. She writes, “The trend of employees resigning en masse has slowed down in the past two years, but some experts forecast another by the end of the year.”
In 2021, 68.9 million workers left their jobs, 70% voluntarily according to Grant Thornton Consulting. The firm also found that over 20% of American workers took a new position in 2021 — and 40% of those are already looking for new jobs. Xactly Corporation, a leading provider of sales performance management solutions, reports that sales organizations experienced 58% higher voluntary turnover in 2021 than in 2020. The U.S. Bureau of Labor Statistics found the professional and business services industry (which includes B2B sales) had the fifth-highest employee turnover rate in 2021.
How to Get Them to Stay
Where are workers going and how can you get them to stay? It appears that job hopping plays a big role in employee turnover. Distributors need to recognize this issue and take responsibility for retention. Employee attitudes have shifted. Millennials and Generation Zs are comfortable with job hopping. Also, they are not afraid to change jobs often to advance. Managers need to work on incentives and use fresh approaches to retain employees.
Provide a career path
One of the surest ways to retain employees is to provide a solid career path. Make sure you offer internal opportunities for job growth. Without clear career paths, employees feel like there’s no room for upward mobility. Address this issue by providing meaningful time for them to communicate personal career goals. Lastly, offer and invest in training to fill the gap in their growth. These measures will stem the tide of employee turnover.
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by Art Waskey | Aug 14, 2024 | Art of Sales Weekly, Featured
Togetherness breeds success. In their book, Who Not How, Dan Sullivan and Benjamin Hardy discuss how to use teamwork to your advantage. They describe how bringing the right person or persons — referred to as Whos— into your sales process helps you achieve faster and better results.
Commitment to results
You need to team up with the right Whos. These are people committed to and invested in results, according to Sullivan. One of my Whos was invaluable in making my dream of earning a Master of Ministry degree a reality. He was the Adult Ministries Pastor at my church and recognized my passion and ability to teach. As a Doctor of Theology, he became my teacher. He challenged me, helped clarify my goals, and got me committed to results.
Produce a return on investment (ROI)
Sullivan emphasizes that it’s important to focus on Whos as an investment, rather than a cost. When examining How to achieve your goals people tend to base their decisions on cost avoidance. You can create transformational relationships in which all parties give more than they take by looking at your Whos as an investment.
As an example, I work with a client who developed two analytical software products. He recognizes the value of his products to produce a significant ROI. He is a Who. One of his clients noted this and rather than trying to solve needed penetration into one of his customer sectors as a How, he invested in my client as a Who. This produced results faster and with greater profit.
Build relationships that work
For collaboration to succeed you need to build meaningful relationships that are transformational, rather than transactional. According to Sullivan, “Collaboration transforms the initial intent of the project into something surprisingly better and more impactful than you would have planned on your own. By expanding your vision, your Freedom of Purpose also expands.”
Succeed Together
As Hellen Keller said; “Alone we can do so little; together we can do so much.” Every time you encounter a roadblock, ask yourself the question, “Do I need a Who, who can help me with my How” to move me forward? Remember — togetherness breeds success.
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by Art Waskey | Jul 31, 2024 | Art of Sales Weekly, Featured
Leadership involves the ability to communicate a vision that is both compelling and clear. In their book, Who Not How, Dan Sullivan and Benjamin Hardy discuss how Whos can help leaders do this.
Benefits
Here are some of the ways Whos can help you be more efficient and successful, as described by Sullivan and Hardy.
- Multiplication of time – Whos can free up hundreds of hours of your time, which you can then spend in other productive ways. I Zoom with one of my Whos weekly. When we have finished a one-hour session, he often then sends me a plan for an undertaking we developed during the call. These plans are big time savers and often create new opportunities.
- Reduce procrastination – Procrastination leads to a sense of decreased well-being, frustration, and loss of ambition. It is often the by-product of only looking at how you can complete a project by yourself. To avoid stalling, tap into your connections and colleagues. Look for a Who that has the wisdom to help you complete your project more effectively. When I find myself procrastinating on a project, I look for a resource that will inspire me. That can be a book, an article, a webcast, and/or a call to one of my friends or associates.
- Eliminate decision fatigue – Sullivan suggests, “Eliminating decision fatigue from your life should be one of your primary goals if you want to be a high performer.” Decision fatigue occurs when you can’t make up your mind on a required resolution. This is a stress inducer and an energy sapper. By adding a Who to the decision making process you can eliminate fatigue in that area.
Be a better leader
Whos help leaders lead. By cultivating more Whos, you boost your ability to communicate and to get the job done in timely and efficient manner.
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by Art Waskey | Jul 11, 2024 | Art of Sales Weekly, Featured
Just sit there
Today’s consumer wants to buy. They do not want to be sold. If you want to succeed in 2024’s marketplace, your sales team needs to reflect on the difference between what was successful in the past with what works now.
The new sales reality changes how the conventional, independent distributor approaches his customers. The old adage, “Don’t just sit there, do something,” has been flipped. Now to do something we actually do just sit there in front of our digital devices. Furthermore, digitalization has made it easier and faster to purchase products without consulting an actual sales person. Customers can go online and buy goods at a reasonable price and are doing so with greater frequency.
How to adapt
How does the independent distributor adapt his sales strategy to the consumer-wants-to-buy digital marketplace?
Here are three positive steps you can take.
- Invest in technology – No matter where you are in adopting technology, continue moving forward. Your digital options are rapidly expanding. Most distributors I consult with started their product information management by adding customer relationship management (CRM) software. If you are CRM enabled, continue to invest in technologies. Tools such as enterprise resource planning (ERP), e-commerce, content management systems, warehouse management software, and AI tools are all examples of this. Once you have an ERP installed adding more technology is easier as it becomes more intuitive.
- Increase product offering – Today’s distributors must optimize sales strategies by leveraging omnichannel sales to diversify their operations. Distributors can widen their reach and engage larger audiences by supplementing existing processes with informative webpages, digital marketplaces, and self-service applications.
- Grow Customer-Centricity – Your customer’s seek quick, hassle-free access to robust support before and after a sale. Steer clear of an Amazon-like model where you can wait for literally hours to get a person on the phone. Satisfy your customers’ needs with excellent service and foster ongoing relationships. Also, distributors have the advantage of meeting buyers where they are in their journey. They are equipped to identify a customer’s pain points and provide customized solutions that address each client’s unique challenges.
Opportunities
In conclusion, think of technological challenges facing our distribution industry as representing opportunities. Remember, consumers want to buy. By investing in technology, increasing your product offering, and growing customer-centricity you provide the right platform for success in today’s digital marketplace.
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