Benefits Preferred by Millennial Sales Talents
The perks and benefits that are most likely to compel millennial sales talent.
- A lot of sales positions are commission-based alone. Most millennials are not interested in high-risk commission based roles as they carry debt from student loans.
- These millennials prefer a consistent pay plan than a "high-risk high-reward commission structure that most traditional sales roles are based upon." One way to alleviate this is by offering base wages in addition to commission/bonuses.
- In 2016, Auto Nation had a high churn rate on its sales team. It then decided to switch to a "new compensation plan offering base wages plus bonuses" and instantly saw results.
- AutoNation also offered tuition reimbursement, sponsored tool packages, sign-on bonuses, and relocation assistance for new employees. This, in addition, to its base pay strategy reduced its sales team churn rate significantly.
- According to Forbes, millennials in their late 20s and early 30s are focused on career development. Recognition programs that focus on talent not tenure alone are most likely to not just lure in millennial sales talents, but also retain them.
- Sales jobs have been known to be hectic for decades. Millennials grew up immersed in technology. This means having easy access to flexibility. The cohort is also known to actively seek out convenience. They are now demanding "demanding greater flexibility at work to achieve a better work-life balance." Employers can do this by including a flex-time policy "that maintains the total number of working hours per week, but allows for approved scheduling variations."
- One study revealed that 34% of millennials selected health insurance as their most sought-after benefit. A good "package with a healthcare provider can go a long way to keeping millennials satisfied with your employee benefits, while an on-site health clinic would be one step better."
Proposed next steps:
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We recommend proceeding with a report on 5 other benefits and/or perks that are most likely to compel millennial sales talent. For each, we will thoroughly describe it and explain why millennials could be compelled by it.
In addition, we could look at 2-3 case studies of the benefits/perks companies offer their millennial sales talents. For each, we will describe what it is, explain how the company includes it in its benefits packages, and provide any information on whether millennials liked them.