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How Pay Parity, Pay Transparency and Top of Market Comp are Helping This CRO Build a World Class Team | Steve Travaglini - 1579

How Pay Parity, Pay Transparency and Top of Market Comp are Helping This CRO Build a World Class Team | Steve Travaglini - 1579

FromThe Sales Evangelist


How Pay Parity, Pay Transparency and Top of Market Comp are Helping This CRO Build a World Class Team | Steve Travaglini - 1579

FromThe Sales Evangelist

ratings:
Length:
27 minutes
Released:
Jul 22, 2022
Format:
Podcast episode

Description

Unsurprisingly, most people work to get paid (a wild concept, I know.) Despite that, navigating and creating a proper pay scale for sales teams is a seemingly complex and difficult process. How can we create a pay scale that works for the organization and the workers themselves? In today’s episode of The Sales Evangelist, Donald is joined by the CRO of LinkSquares, Steve Travaglini, to discuss what he does to strike a balance between these two sides.  Salary open for negotiation in sales roles doesn’t make sense. If you have two people doing the exact same job, they should be paid the same. Pay isn’t the way to motivate people. If you pay people differently, that will eventually get out and will result in a lack of trust in the organization. Base salaries should be standard across a job title, but allow the variable income (i.e. commission) to determine how much a seller’s skills allow them to make.  There should be no questions or ambiguous items when an employee signs a compensation agreement. Set the rules before you play the game. What items do sellers find annoying in the compensation package? Having different salaries but the same amount of experience should be a nonstarter. Structure annual bonuses around the hiring period, not the calendar year to give everyone an equal chance of reaching that quota.  Implement rewards and compensations beyond strictly monetary like parental leave, benefits, and even stocks or an owner’s portion of the company to keep employees satisfied. Consider advertising jobs based on income; it shouldn’t be the taboo topic that it is currently.  Steve’s average retention v. other tech companies: Typically tech companies aim to be in the 50-75% range of employee This year, Steve’s company is around 80% retention and historically around 70%.  They take risks on sellers with no experience or without the 5-6 years of closing experience, people expect to see. It all comes down to the product and the company; you can be great at your craft, but that doesn’t mean you’ll be world-class at every company. Steve’s final takeaway? Don’t forget what it’s like to be the rep. Listen to the account executives and those around you; put together a benefits package you would’ve appreciated if you were in their role. To get in contact with Steve, connect with him on LinkedIn or visit Linksquares.com to view available job openings (but he always enjoys a custom LinkedIn DM.) This episode is brought to you in part by Skipio. Are you sick of crickets? As a salesperson, the pain of reaching out with phone calls or emails and not receiving a response is real. But all text messaging is not created equal. 85% of people prefer text over email and phone calls because they want to engage in a conversation, not listen to bots. Be more like people and start having conversations that end in the conversions you want. Try Skipio at www.Skipio.com. This episode is brought to you in part by Scratchpad. Are you tired of a digital workspace cluttered with notes, folders, files, and half-filled spreadsheets? (Not that we’re speaking from personal experience.) Luckily, we’ve found the solution. Scratchpad is the first Revenue Team Workspace specifically designed to adapt to each salesperson’s workflow, so you don’t have to change your habits. Scratchpad creates a streamlined workflow that allows everyone to be a little more productive each day without the hassle of updating a database with whatever info you can find. Get Scratchpad free at Scratchpad.com.  As one of our podcast listeners, we value your opinion and always want to improve the quality of our show. Complete our two-minute survey here: thesalesevangelist.com/survey. We’d love for you to join us for our next episodes by tuning in on Apple Podcast, Google Podcast, Stitcher, or Spotify. Audio provided by Free SFX, Soundstripe, and Bensound. Other songs used in the episodes are as follows: The Organ Grinder written by Bradley Jay Hill, performed by Bright Seed, and Pro
Released:
Jul 22, 2022
Format:
Podcast episode

Titles in the series (100)

Just like most of you, I am a real life B2B sales professional hustling in the world of software sales. If you were like me, you had no clue how to really sell when you started in sales. Over the years I’ve received training/coaching from some of the industry’s leading experts. I applied what I was learning and started seeing a significant difference in my performance and income. I started doing “BIG THINGS”! I personally feel that when you find something of value you should share it! That’s why I love sales so much. I became very passionate and started “evangelizing” about sales. A good buddy of mine, Jared Easley, then dubbed me “The Sales Evangelist”. He recommended that I further my reach by sharing sales tips to others through the medium of a podcast. Today I interview some of the best sales, business and marketing experts. They provide invaluable training of how you can take your career, business, and income to a top producer’s status. I know you will enjoy it. Welcome to The Sales Evangelist!