In the current economic climate, SaaS companies are constantly on the lookout for top tier sales talent to join their go-to-market team, whilst also needing to keep an eye on spend - particularly due to inflation, and changing buyer habits.
There isn’t a requirement for organisations to put a pause on all recruitment plans, particularly if they are looking to scale their business - but there’s one thing that SaaS companies need to prioritise if they are looking to achieve hypergrowth.
Enter: employee retention.
So, why is it that employee retention is so important for SaaS companies?
THE ONGOING CANDIDATE SHORTAGE
There has been plenty of discussion about ‘The Great Resignation’ post-pandemic, and the problems this caused are still having an impact on businesses today. Employees quit their jobs in their droves - many were also made redundant - resulting in people changing the direction of their careers en masse.
Promoting your EVP and giving your existing employees a variety of reasons to stay with your company will prevent you from having to consistently recruit new talent in an already challenging market. Although there are great salespeople out there looking for jobs, it’s best for SaaS companies to retain their existing employees in order to minimise the need for ongoing recruitment.
COMPETITION IS HIGH
There are currently more than 17,000 SaaS companies in the US, and 2,000 SaaS companies in the UK. This means that competition is high; not only from a product perspective, but also when recruiting and retaining talent.
With the number of SaaS companies consistently growing, it’s vital for employers to understand the importance of retaining their salespeople. Not only are they your biggest asset, but they could quite easily move to a competitor if another company offers better benefits, more flexibility or additional earning incentives. Make sure you look at what your competitors are doing for their workforce, and ensure that what you’re offering your employees is hard to turn down.
CAREER DEVELOPMENT OPPORTUNITIES
One of the most common benefits candidates are looking for in the current market is the opportunity to develop their career, both in terms of training and by being able to progress to higher levels within the company. Research conducted by The Harris Poll found that 70% of US employees say that if a company is known for investing in employee learning and development, they are ‘at least somewhat likely’ to leave their current employer.
When looking at your own employee retention, ask yourself: does our SaaS company offer enough training and career development opportunities? If not, put steps in place to change this. Your organisation will struggle to scale if you aren’t presenting your employees with options for development, as they will most likely look elsewhere for the opportunity to do so.
BETTER CUSTOMER EXPERIENCE
Retaining your employees is not only a benefit for your salespeople, but also for your customer base. If your customers are contacting your company to discuss your product or additional services they might require, it is beneficial for them to be able to speak to a salesperson they have spoken to previously, to be able to maintain the same level of customer satisfaction.
If, for example, your SaaS company has a high turnover of workers and your customers often speak to different members of the team about the software they have purchased, this could result in mixed messages and a confusion in communication. Although it’s likely that all customer comms will be recorded to make existing accounts easier to manage internally, this doesn’t necessarily mean the customers will have the same experience. Try to ensure, where possible, that customers speak to the same members of your GTM team whenever possible.
LOWER EMPLOYEE TURNOVER = BETTER COMPANY CULTURE
Are you currently prioritising your company culture? Because if not, you should be. Employers with a strong company culture are less likely to lose people to their competitors as they will feel valued where they currently work.
Many employers are still mistaken in thinking that ‘company culture’ refers to pool tables in the office and company nights out. Whilst these things are nice to have, they don’t contribute to your retaining your employees. People want to feel valued, listened to, and have the opportunity to progress. Without these core values, your company culture will eventually hit a barrier when it comes to employee satisfaction.
STRIVE CAN HELP YOU DEVELOP A TOP TIER GO-TO-MARKET TEAM FOR YOUR SAAS COMPANY
Here at Strive, we source the best software sales talent to help you scale your tech company. To learn more about how we can help your business grow, contact our team on 0203 983 0770 or email email@example.com.