In the ever competitive world of sales, one of the chief challenges companies face is the recruitment and retention of top performers. Companies large and small routinely lure top sales performers to greener pastures with promises of higher commissions, better working conditions, shorter hours and even big prizes. Keeping those top performers happy and working to the best of their ability can be quite a challenge, but it is critical for companies to keep that top talent in place in order to be successful.

It is important for every company to put a retention plan in place, not just for their top performing salespeople but for the top performers in every category. It takes the combined efforts of many different individuals to make a company profitable and strong, and the loss of even one or two key people can cripple a business. Learning to recognize performance and keep those top performers happy is a key element to success in sales and in business.

One of the most important underpinnings of a good retention policy is a thorough understanding of the data. It is critical for members of management to get a handle on the reasons people are leaving, and to address those problems head on. It is important for members of the management team to learn both the official reasons for employees moving on, such as those gleaned from the exit interview, and the unofficial reasons, such as those shared with coworkers and supervisors. Only by understanding why top performers are leaving can the management team work on a truly effective retention policy.

Studies have shown that one of the most frequent reasons employees leave is the lack of appreciation and recognition. In many cases these factors are more important than compensation and benefits, and it is important for sales managers and others to understand this fact and take steps to recognize it. Simple steps like awkward ceremonies and small tokens of recognition can have a profound impact on employee retention and worker morale. While sales contests with big prizes may get everyone’s attention, it is often the day to day recognition of an employee’s success that gets the real results.