Within five years, Millennials will account for 48% of your sales force. Millennial sales reps will want different things from your business. Now is the perfect time to ensure that your company will be able to attract the best talent possible.
For starters, 88% of Millennials want co-workers who can also be their friends. If you have a small sales team composed of aging Boomers, a new Millennial may not find the camaraderie he seek. which could result in higher turnover.
This is the perfect time to consider how your entire company interacts. With the right culture, cross-functional Millennials from all parts of your company can work together with more experienced staff members to effectively tackle critical challenges.
According to Vorsight and The Bridge Group, 30% of Millennials are confused about their compensation plans. Like the sales reps that came before them, confusion about how much and when you will be paid can cause morale problems and poor sales productivity. Now is a good time to simplify your compensation plans and lock down your calculation/reporting processes.
Furthermore, Millennials crave transparency. They want to learn the inner workings of the businesses where they are employed, and they will reward this transparency with fresh insight and creative problem-solving.
If your organization typically keeps critical sales information close to the vest, now is a fantastic time to give up a little control. By doing so, you can capitalize on the strength of your team and build a better business!
Quote of the Week: “You cannot afford to wait for perfect conditions. Goal-setting is often a matter of balancing timing against available resources. Opportunities are easily lost while waiting for the perfect conditions.” — Gary Ryan Blair