Xactly, the leader in intelligent revenue solutions, commissioned a survey of more than 400 sales leaders in an effort to uncover how workforce and economic volatility has impacted sales teams. Sales, a historically demanding job by nature, is one of those most significantly affected by attrition. Previous Xactly research found that sales organizations experienced a 58% higher rate of voluntary turnover in 2021 than in the 12 months prior. Today, Xactly’s new data revealed that 85% of sales leaders would likely change jobs if the economic situation in the U.S. does not change, illustrating how retaining top performers is critical to a company’s business strategy.
“The impact of the sales talent crisis will not only impact a company’s talent base, but also revenue goals and profit margins. Attracting and maintaining top talent requires more than a competitive compensation package – workers today seek purpose as well as work-life balance,” said Chris Cabrera, founder and CEO of Xactly. “Many salespeople who left their companies to chase higher compensation have become ‘Great Regretters.’ It is clear that there are more changes and challenges ahead and the fastest to evolve will be the winners.”
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Xactly continues to prioritize the support of sales organizations and professionals as they navigate these new norms. The research that follows explores the shifting priorities of sales leaders by gathering sales leader perspectives, from companies with at least 500 employees, to inform strategies for combating continued effects of the Great Resignation in the future.
It’s not uncommon for sales leaders to change jobs, and even industries, every two years: 50% of sales leaders changed jobs in the past two years. Of that group, 47% also changed industries.
Sales leaders at all levels are willing to change jobs regardless of the economy, with VPs being most likely to leave: A majority (85%) of sales leaders are likely to change jobs if the country’s economic situation does not recover, with almost half (48%) very likely to do so.
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Attracting and retaining sales leaders is no longer just about the money. It’s personal—they want a good manager, strong company culture, work/life balance and career growth opportunities all above compensation: The top reasons sales leaders left their jobs in the last two years are: Work-life balance (20%), lack of career opportunities (18%), company culture (15%), poor management (15%), stress or burnout (12%).
Meaningful work matters when it comes to job satisfaction. The majority of sales leaders are open to leaving their job for one that offers more purpose or value to society: Two-thirds of sales leaders reported they would leave their job for another that provides more purpose or value to society, while nearly two-thirds of sales leaders said they would quit a higher-paying job for one offering more meaningful work.