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10 Must-Measure Sales Metrics Examples for 2024

Sales metrics go beyond numbers; they are a crucial indicator of your business’s well-being. By monitoring sales analytics and tracking sales performance metrics, your revenue team eliminates guesswork regarding your company’s performance. 

However, knowing where to start is challenging, given the many sales metrics available. In this article, we’ll delve into the 10 essential sales metrics examples every business should track, with definitions and measurement methods for each.

Understanding sales metrics is pivotal for growth; ‘Opportunities Won’ and ‘Win Rate’ are vital indicators of your sales team’s success in closing deals.

What is Sales Analytics?

Sales analytics involves systematically analyzing sales data and performance metrics. It examines key performance indicators (KPIs) such as revenue, conversion rates, customer acquisition costs, and sales team efficiency. The goal is to gain insights into the effectiveness of a company’s sales strategies and activities for both the sales and marketing teams.

Sales analytics uses advanced tools and technologies that enable businesses to identify trends, forecast future sales, and optimize their sales processes. This data-driven approach allows organizations to make informed decisions, enhance sales performance, and achieve greater profitability. 

By using sales analytics, companies can refine their strategies. They can also tailor their approaches to customer needs and stay agile in a competitive market.

 

10 Key Sales Metrics to Measure in 2024

1. Quota Attainment

Quota attainment measures the percentage of a salesperson or team’s assigned sales quota achieved during a specific period. It indicates how successful they are at meeting their revenue targets.

(Actual Revenue / Quota) * 100%

2. Opportunities Won

Opportunities won tracks the total number of sales opportunities successfully converted into closed deals during a set sales period.

Number of Closed Deals Won

3. Win Rate

Win rate measures the percentage of sales opportunities progressing to closed deals.

(Opportunities Won / Total Opportunities) * 100%

4. Sales Cycle Length

Sales cycle length tracks the average number of days for a sales opportunity to move from initial contact to a closed deal.

Total Sales Cycle Duration (All Deals) / Number of Closed Deals

5. Average Deal Size

Average deal size calculates the average revenue generated from each closed deal during a specific period.

Total Revenue / Number of Closed Deals

6. Pipeline Created

The pipeline created tracks the total value of new opportunities added to the sales pipeline during a set timeframe.

Pipeline Created = Total Value of New Opportunities Created

7. Customer Lifetime Value (CLV)

Customer lifetime value (CLV) Predicts the average revenue a customer will generate throughout their relationship with a company.

(Average Customer Revenue per Year) * (Average Customer Lifespan)

8. Retention Rate

Subscription Business: Subscription-based retention rate measures the percentage of active customers who renew their subscriptions during renewal.

Non-Subscription Models: For non-subscription models, the retention rate tracks the percentage of customers who make repeat purchases within a defined timeframe.

(Number of Recurring Customers / Total Number of Customers) * 100%

9. Churn Rate

The churn rate measures the percentage of customers who stop doing business with a company during a specific period.

(Number of Customers Lost / Total Number of Customers) * 100%

10. Revenue per Employee

Revenue per employee calculates the average revenue generated per employee during a specific period.

Total Revenue / Number of Employees

Looking for SaaS-specific metrics? Read our article, “SaaS Sales: Navigating Unique Products, Commissions, and Metrics For Success.”

 

How to Track the Right Sales Metrics for Growth

Consistent sales growth requires mastering the skill of tracking and measuring the right metrics for your team’s sales performance. But how do you choose which metrics to measure? Here are some tips:

  1. Align Metrics with Goals: Define overarching business objectives and identify KPIs directly impacting them, such as revenue, conversion rates, CAC, and CLV.
  2. Leverage Data Analytics: Embrace advanced tools for efficient data gathering, analysis, and generation of insightful reports.
  3. Monitor and Adapt: Regularly assess the effectiveness of sales strategies and adjust metrics based on evolving market dynamics or internal priorities.
  4. Empower Sales Team: Ensure accurate data capture by providing tools and training for proper data recording practices.
  5. Embrace an Iterative Approach: Periodically review and refine chosen metrics, staying agile to adapt to changing conditions for long-term success.

 

The Bottom Line

By strategically implementing these ten essential sales metrics in 2024, you can transform your business from reactive to proactive. As you navigate the dynamic business landscape, these metrics will guide your decision-making and allow your team to make strategic, informed choices, ensuring a competitive edge and long-term success.

To learn more about sales tips, visit our blog.

Looking to hire new sales talent? Check out our recruiting page.

Is Cold Calling Legal? A Comprehensive Guide to B2B and B2C Cold Calling

Cold calling. The mere mention evokes images of pushy salespeople and disgruntled recipients. But before you write it off as a relic of the past, consider this: cold calling is still legal (with some important cold calling regulations). When done right, it can be a surprisingly effective business tool.

Is Cold Calling Illegal?

The short answer: No — cold calling is not illegal in most regions, including the United States. However, several regulations govern how, when, and who you can call. These regulations protect consumers from unwanted solicitations and ensure fair business practices by following cold calling rules.

 

Cold Calling Laws: Compliance Worldwide

Before making phone calls, it’s essential to understand the legal landscape of cold calling and dialing rules in different regions. Here’s a breakdown of some important laws and regulations around the globe:

North America

Europe

  • Europe is covered by the General Data Protection Regulation (GDPR) and the EU Directive on Privacy and Electronic Communications (ePrivacy Directive), which emphasizes consent and personal data protection.

Asia

  • Japan: Restricted by the Telecommunications Business Law, requiring prior consent.
  • Singapore: Emphasizes consent and individual control under the Personal Data Protection Act (PDPA).

Oceania

  • Australia: Regulated by the Do Not Call Register (DNCR), with B2B exemptions under certain conditions.
  • New Zealand: Governed by the Unsolicited Electronic Messages Act (UEMA), restricting calls to opted-in individuals.

 

The Value of Cold Calling for a Business

Cold calling has faced some criticism in recent years. However, when used strategically and effectively, it can still be a valuable tool for businesses to reach potential clients. Let’s look at some fundamental values it can offer:

Leads and Pipeline Generation

Qualifying leads: By speaking directly with potential customers, you can quickly assess their needs or determine if they are a good fit for your product or service. This helps you focus your sales efforts on more qualified leads, saving time and resources.

Building Relationships: This can be an opportunity to build rapport with a potential customer. Even if a call doesn’t result in an immediate sale. It can also set the stage for future business and business relationships.

Increased Sales

Direct selling: A well-executed cold call can lead to an immediate sale of some products or services. This is particularly true for high-value items or where the decision-maker is easily accessible.

Upselling and cross-selling: Cold calling can also be used to upsell existing customers to additional products or services or to cross-sell related offerings.

Build Brand Awareness

Getting your name out there: Even if a prospect doesn’t buy from you immediately, hearing your name and learning about your business can be valuable for future brand awareness.

Additional Benefits of Cold Calling

Market research: Cold calls can be a valuable source of market research, providing insights into your target audience’s needs and preferences.

Employee development: Effective cold calling requires strong communication and persuasion skills, which can be valuable for sales reps and other customer-facing employees.

 

B2B vs. B2C Cold Calling: What’s the Difference?

Business-to-business (B2B) and Business-to-Consumer (B2C) cold calling differ due to the distinct nature of businesses and consumers as target audiences. Here are some of the significant differences:

Target Audience

B2B: Targeting other businesses or organizations focused on decision-makers like executives, purchasing managers, or department heads.

B2C: Targeting individual consumers, often with diverse demographics and motivations.

Selling Approach

B2B: Emphasizes logic, data, and ROI (return on investment), focusing on how your product or service solves specific business problems and improves efficiency.

B2C: Appeals to emotions, personal needs, and desires, often using storytelling and highlighting benefits that improve individuals’ lives.

Call Length and Content

B2B: Lengthier calls are standard, allowing in-depth discussion of company needs and solutions. Salespeople might use technical details and industry-specific language.

B2C: Conciseness is key, aiming to quickly capture attention and deliver the value proposition within a shorter time frame. More straightforward language and emotional triggers are utilized.

Call Timing and Channels

B2B: Calls might be strategically timed to reach decision-makers during business hours, and salespeople can use channels like LinkedIn or email to follow up alongside calls.

B2C: Timing can be more flexible, and channels like social media or text messaging might be more relevant alongside cold calls.

Remember, these are general distinctions, and exceptions exist. Tailoring your approach based on the specific audience and product is crucial for successful cold calling.

Make the most of B2B cold calling by reading our article “35 Cold Calling Statistics to Help Shape Your 2024 B2B Sales Strategy.”

 

5 Ways to Make Cold Calling Work for You

While legality is one aspect, cold-calling success hinges on effective strategies and ethical practices. Keep these best practices in mind the next time you cold call:

  1. Know your target. Thoroughly research your ideal customer profile and personalize your approach for each call. Highlight relevant pain points and tailor your value proposition to their specific needs.
  2. Master the opening. Craft a strong, attention-grabbing introduction that hooks the prospect within the first 15 seconds. Use curiosity, personalization, or a thought-provoking question to spark genuine interest in your cold call scripts.
  3. Active listening is vital. Don’t be a talking machine. Ask open-ended questions. Pay close attention to responses. Actively listen to understand their challenges and priorities.
  4. Focus on value, not sales. Shift your mindset from pitching to helping. Provide valuable insights. Offer solutions to their problems. Demonstrate how your product or service can make a genuine difference.
  5. Embrace the rejection. Only some calls will be a success. Learn from rejections, refine your approach, and remember that persistence is key in cold calling. Be professional and courteous even when facing objections.

Bonus tip: Practice makes perfect! Role-play with colleagues. Record yourself and analyze your calls to identify areas for improvement. Confidence and effective communication are crucial for cold calling success.

Want more cold calling tips? Read our article “B2B Cold Calling: 20 Tips for 2024.”

 

The Bottom Line: Cold Calling is Legal, But Tred Lightly

Cold calling remains a legal sales tool in most regions. However, navigating its legal landscape and ethical boundaries is crucial for success. While regulations like the TCPA and GDPR set the guardrails, the strategic and respectful approach separates effective cold calling from unwanted solicitation.

Cold calling offers significant benefits for businesses. Businesses willing to invest in the skillset and best practices can reap those benefits. It provides a direct line to potential customers, fosters valuable conversations, and builds brand awareness.

To learn more about cold calling or other sales tips, visit our blog.

3 Sales Coaching Techniques to Enhance Team Performance

Good sales managers know the value of constructive feedback. Great managers know that sales coaching takes feedback to another level. 

With the proper sales coaching techniques, sales leaders can bring out the best in their team, increase conversions, and promote a thriving sales culture. 

1. Personalize Goals

Even if your sales representatives know the goals of your company and team, they may need support personalizing these goals. Use open-ended questions to help employees define their values and career aspirations. Set meaningful personal goals by combining company goals with these employee values and career aspirations. 

2. Put Curiosity Above Criticism 

Turn your feedback into a conversation by choosing curiosity rather than criticism. If your employee’s performance is lacking or they are not aligned with self-defined goals, ask them why they think that is. Together, consider what resources they may need, what training would be helpful, or who they could collaborate with to improve. 

3. Facilitate Self-Reflection

Between sales coaching check-ins, employees should be empowered to reflect on their values, goals, and actions. Consider how your employee can measure their progress. Check-ins can start by reviewing your sales rep’s reflections so you can address what feels most relevant to them. 

Ready to hire your next sales manager? Our team can help you define hiring criteria, screen candidates, and more. Contact us today to get started. 

5 Ways To Improve How You Train Sales Teams in Your Company

A few small shifts in the way you approach training can be the difference between successful onboarding and expensive hiring mistakes. As you train sales team members, consider these six tips for improving your process. 

#1 Set Up Your Training Environment for Success

Since happy salespeople are more productive by at least 20%, creating a workplace culture conducive to employee satisfaction should also be at the top of your empowerment strategy. 

#2 Get Clarity With Metrics

Clarity on core metrics builds accountability. Accountability leads to better performance. Monitor KPIs to understand where you can make the most impact as you train sales team members. 

#3 Upgrade Your Training Materials

Eliminate inefficiencies as you train sales team members by reviewing and upgrading your sales playbooks and training platforms. 

#4 Implement Role-Playing 

Allow your new sales representatives to role-play sales with more experienced employees who know the questions, objections, and rejections new reps will likely face on the job. 

#5: Participate in Seminars and Conferences

Immerse your sales representatives in relevant seminars and conferences to keep them updated on new sales tools, technologies, and techniques.

Get expert support hiring and onboarding top-performing sales professionals from Peak. Contact us to get started!

Our Top Tips on How to Grow Accounts

Selling doesn’t stop when a sale is closed. That’s just the beginning of your relationship with a new customer. Providing quality delivery, offering upsells to a customer’s existing purchase, and getting renewals of subscriptions can all help you grow accounts. 

Make the most of your every sale with these tips on how to grow accounts!

Don’t Depend on Your Hunters to Grow Accounts

Hunter salespeople are known to focus on the ‘win.’ They’re determined, motivated, and hungry for the sale. Given a choice between prospecting and checking in on existing accounts, prospecting will win every time. 

This short-term focus can damage customer relationships and leave money on the table. Lean into the power of farmer-type salespeople and their natural inclination to nurture relationships and grow accounts. 

 

Implement a Post-Purchase Communication Plan

Ask your sales reps to take twenty minutes after they close a new sale to activate follow-up reminders in your CRM. Check-ins should take place at regular intervals. Well-timed communications will lead to easier additional sales. 

Use check-ins to:

  • Confirm the customer has received the product 
  • Answer any questions your customers have 
  • Ask for feedback, shares, and reviews
  • Recognize customer anniversaries and achievements
  • Offer renewal promotions

Hire your next farmer salesperson with Peak. Get in touch with our team and we’ll tap into our global network of talent to find you the perfect fit.

B2B Cold Calling: 20 Tips for 2024

The B2B cold call is still hot in 2024. Savvy sales leaders are paying attention. They are upping their cold-calling game and preparing to start the year strong. 

In this blog, you’ll find 20 of our best cold-calling tips for 2024. You’ll also find four mistakes to avoid. This will help you stay ahead of your competition. It will also help you serve more customers and grow your business.

Does cold calling work for B2B businesses? 

Yes! We work with thousands of sales professionals and companies across the globe. We’ve seen cold-calling strategies work time and time again. There’s no way to replace human-to-human connections when starting the B2B sales process. If your business scenario looks bleak regarding cold calling, there’s more of the market for you to capture. Check out our blog on key cold-calling statistics for 2024. Learn how cold-calling best practices and cold emailing can improve your sales strategy.

1. Know your product.

Every sales representative’s initial and ongoing sales training should include extensive education in the product they are selling. They should understand the product’s features and the key benefits that make buyers say, “This is for me!” Don’t start cold calls if you lack the product expertise to back up your pitch!

 

2. Pre-process rejection.

During cold-calling, you’ll encounter unsuccessful calls. You’ll get hung up on and be rejected. Set your expectations according to reality before your next round of cold calls. Even the best cold-callers face rejection. The difference is that they have processed the impact of that rejection beforehand.

 

3. Build resilience. 

Want to develop a positive attitude in sales? Then practice and repetition are your friends! The only way to build resilience is to keep showing up. You need to cold-call and push through disappointments. Cold-calling resilience is something inside salespeople are exceptionally skilled at.

 

4. Practice your pitch. 

Cold calling scripts can be helpful to get you started, but you don’t want to sound like a reading robot on the phone. Practice your pitch so that you are familiar enough to adapt it to each prospect for optimal results. Making that successful call is all about how well you connect the pitch to the customer’s needs.

 

5. Consider this the beginning of a customer relationship.

How you initiate a cold call reflects the potential of a future customer base. If you’re pushy and rush the prospect, their initial impression is not likely to lead to a first meeting. These high-pressure sales can lead to negative responses. For example, regret, frustration, and undermining of the customer success story. Aim to create a positive response by building rapport and trust.

 

6. Take your prospect’s emotional temperature.

When you make that first call, read your prospects’ verbal cues to see how they feel. The problem you can help them with may or may not be top of mind for them. Tapping into some empathy can help you connect. It can also help you decide if scheduling a follow-up call would be more appropriate.

 

7. Stay flexible. 

When making B2B cold calls, don’t stick to a script or formula too rigidly. Remain flexible and remember to use multiple approaches. Each prospective client is unique. When you can accommodate their needs early on, they will feel more comfortable with you. They will also feel more understood, setting the stage for future calls. 

 

8. Respect the prospect.

Reflect back to your prospect what they share with you. If you speak over them, ignore hesitation in their voice, or carry on with your strategy without fully honoring what they’re sharing — you aren’t likely to see success in your cold-calling efforts. 

 

9. Be cordial.

Even if someone seems annoyed about getting a cold sales call, you can invite them into a genuine conversation. Use the right tone. It is your job to ensure that prospects get the solutions they need. 

 

10. Actively Listen.

Assuming you have adequately qualified your prospects, the person you are on the phone with has the exact problem you can solve. Actively listening will reveal the nuances of how you can help your prospect. Personalized selling on a cold call improves your chances of closing the sale. Success in closing the sale depends on the conversation’s quality, not the amount of talk time.

 

11. Connect human-to-human. 

No one wants to feel like just a number! Take a moment on your cold call to connect with your prospect. No need to waste time on small talk. Just remember you’re talking to another human. They have their own interests and decision-making processes. 

 

12. Focus on your prospect’s pain points. 

Great B2B cold calls start with affirming that your prospect is in the market for your solution. The key is doing this subtly by using curiosity. Find out what really matters to your prospect. If their goals align with your solution, you’re on your way to adding them to your customer base.

 

13. Wait to reveal your price.

Price should not be the primary deciding factor for your prospect. On a cold call, your goal should be fully understanding if your solution is right for your prospect. Then and only then should you discuss your straight price.

 

14. Be prepared for the prospect’s objections. 

Similar to preparing for rejection, you need to prepare for objections. If you’re new to cold calling, ask team members what objections they face most and how they handle them. Then, keep your notes updated. Note down new objections you hear and the most effective responses. 

 

15. Don’t take a no personally.

Become emotionally detached from your B2B cold-calling efforts. You’ll find that hearing a ‘no’ isn’t so difficult anymore. You’ll see each ‘no’ as one step closer to your next ‘yes.’ 

 

16. Evaluate every call.

After every cold call, take a few minutes to note what you think went well, what didn’t go well, what worked, and what didn’t. Taking real-time notes on your performance will consistently strengthen your cold-calling game. Self-reflecting on how to improve will also help.

 

17. Track your call metrics. 

To win sales and grow your sales success, you need to track your goals and critical sales metrics. Understanding your call volume is vital for improving your conversion rates. Knowing these numbers provides insights into the effectiveness of your cold-calling efforts. It also helps in refining your strategies for different target markets.

 

18. Assess your cold-call strategy quarterly.

Over the course of a year, your industry, the economy, and general customer needs may change. Combine your observations of these changes with your notes. You are starting an overhauled cold-calling strategy. This is the best way to stay ahead of the competition. 

 

19. Go all-in on follow-up calls.

Follow-ups are essential if you want to win at B2B cold calling. 48% of salespeople never even make a single follow-up attempt, yet 80% of sales require five follow-up calls. They allow you to reconnect with prospects, and address any objections. That means there’s money on the table. If you’re willing to do more cold calls than your competitors or colleagues, you’ll inevitably close more sales and have higher success rates.

 

20. Consider warm-calling.

Warm-calling is a type of cold-calling. It happens after you have made prior contact with a prospect. It could be prior contact through social media or conferences. It could also be another form of networking. By leveraging previous positive interactions, you can increase the chance of turning a prospect into a new client.

Mistakes to Avoid in Cold Calling

Mistake 1. Not Making Enough Calls

Cold calling is largely a numbers game. If you’re simply not making enough of them, you can’t win it! Look for ways to increase your volume to increase your conversions. Don’t let call reluctance get in the way. Instead, dial up your efforts to maximize your chance at a successful call.

Mistake 2. Spending Too Much Time on Admin and Research 

While understanding your prospects is important, excessive admin and research can be counterproductive. Balance is key; use thorough research to be prepared, but don’t let it become an excuse to make fewer calls. Remember, each discovery call is a chance to learn more about your prospect’s needs. Tailor your pitch accordingly.

Mistake 3. Letting Email Take Over 

Email should not replace B2B cold calling. This is especially true in industries where a high-touch approach is necessary to sell. Use emails in conjunction with cold calling. Emails are great for following up. They also communicate pertinent information discussed on cold calls. 

Mistake 4. Failing to Overcome Objections

Most objections are rooted in your prospect’s doubts, fears, or misunderstandings. Learn to look beyond the surface of objections. Get curious. Objections are not roadblocks but opportunities to delve deeper into your prospect’s concerns. Equip yourself with essential tips and effective strategies to address these objections. Reflect on your understanding of the competitive landscape. Consider the specific industry you’re addressing. 

Keep tabs on your team’s sales performance, metrics, and B2B cold call efforts. Download our Sales Performance Management Guide here!

How to Use Conferences to Get Hot Leads

Leveraging conferences for leads isn’t as simple as just showing up. If you want to optimize your attendance, preparation starts before you attend the conference. The work to land hot leads requires follow-through at the conferences you attend and follow-up after you attend. 

Here’s how to get started making the most of conferences: 

1. Review the conference attendee list for likely leads

Reach out to the event organizers for a list of attendees a week or two before the event. Note anyone you’ve interacted with in the past year. 

2. Reach out to warm contacts 

Set up meetings with the attendees you’ve had prior contact with. Offer to exchange referrals and introductions with as many people as possible. 

3. Identify “land and expand” opportunities

Aim to deepen relationships with large companies. Look for attendees from companies you may have already started connections with. 

4. Prepare to build relationships with centers of influence

Keynote experts and speakers may not be your ideal customers, but you should not ignore them. Ask them questions, buy their books, and follow them online. Experts have the potential to help you meet many leads. 

5. Block out time for post-conference follow-up

Plan for 2-3 hours on your calendar the day after any conferences you attend. Send emails, make calls, and connect with attendees on social media during this time. 

Connect with sales reps who have a knack for networking from our global talent pool. Contact us to discuss your hiring needs.

5 Steps to Negotiating Salary in the Recruitment Process

If you’re a top performer and know you deserve to be paid top dollar, salary negotiation is likely in your future. Prepare proactively by creating a salary negotiation strategy. 

Step 1: Do Your Homework

What are other professionals in your industry and role making? Indeed.com, Salary.com, and Glassdoor.com are great places to research before salary negotiation begins. 

Step 2: Find Your Range

Consider your experience, the unique expertise you have grown, and the strengths and weaknesses you possess. How do these qualifications compare to others in your industry? Use this information to determine what a reasonable salary range is for you.

Step 3: Quantify Your Value and Performance

Turn your qualifications into easy-to-understand statements of value. Being able to cite specific numbers that prove your success is imperative. Consider your past achievements and what you expect to achieve in your new role when positioning yourself as an ideal candidate. 

Step 4: Aim High

When an employer asks about your pay expectations, start on the high end of your range. Give yourself room for salary negotiation.

Step 5: Prove You Deserve It

To show your employers that you deserve a premium salary, consider showing past W-2s that undeniably display evidence of past performance. When you receive an offer, know when and how to counter it. Be prepared to walk away if the final offer doesn’t represent your value. 

On the search for your next sales role? Join our global and growing job network here.

3 Ways Your Employees Will Sabotage Hitting Year End Targets

Year-end is full of pressure for any sales team. That said, you and your team members should face your targets with courage and optimism until December comes to a close. Here are three things employees might do that sabotage hitting year end targets — and how to remedy them.

#1 Quitting Early

When sales reps feel like they’re running behind on their goals, they often quit before the quarter ends. This defeated attitude will keep you from hitting year end targets and spill over into the first quarter of the new year. Keep your team encouraged, upbeat, and working hard toward their goals. Instead of quitting on targets early, encourage them to find ways of hitting year end targets early!

#2 Making Excuses

Even under pressure, top performers don’t make excuses and slack off. Only mediocre employees give up on their goals. Year end time off, holiday plans, and other seasonal circumstances don’t justify disengaged behavior. If you notice employees making excuses about not hitting their numbers, it might be time to chat about reasonable career expectations. Be constructive in your conversations and offer proactive solutions to help them close year-end deals. 

#3 Ruining the Fun!

Year-end tensions can keep stressed-out employees from hitting year end targets. Whenever possible, nurture friendly competition and bonding across your team. Offer surprise rewards and appreciate every effort your employees make towards winning. Lighten the mood, and your customers will notice, too.

Access our global network of top performers and start your new year off with a burst of motivation. Contact us today to get started!

Employee Referral Programs: Is Your Next Sales Rep Just One Connection Away?

Birds of a feather flock together, and so do top performers! 

That means your best employees are probably connected to a handful of people who would make great additions to your sales team. Don’t rush into an extensive search for job candidates. Ask your employees who they might know for the role. 

Prepare to ask your employees by creating an employee referral program. A simple employee referral program can motivate top performers to share their connections with your company.

Let Your Employees Know How You Handle Referrals

Determine your referral strategy. How should your employee get you in contact with their referral? Should the referral contact your hiring manager directly? Make your strategy easy to understand and predictable. This will help your team members feel more comfortable with your employee referral program.

Reward Employees For Successful Hires

When an employee’s referral gets hired or closes their first sale, they should receive a financial reward. You can also offer intangible benefits such as extra PTO days as a thank-you for the referral. 

Foster a Culture of Healthy Competition

More top performers on a team automatically means more competition for your current top performers. Maintaining a culture of healthy competition is crucial as you add to your team. Ensure that employees have common goals to work towards and give plenty of recognition for individual achievements. 

Get access to our global talent pool and hire your next top performer. Contact us today about your hiring needs.