BizSugar.com › Management › The Key to Retaining Sales Talent

Your salespeople are some of your most valuable investments. You recruit them, train them and trust them with your valued customers. You depend on them to keep your business growing.

So what happens if they leave? Even worse, what if they're lured away by one of your competitors, along with your accounts? That would be a real blow to your business. That's why it's smart to bind them to you financially.

There are several ways to do this. One solution is the non-compete contract, which we discussed in last month's column. The problem with non-competes is that they're essentially negative in nature. They're also penalty-driven, and no one likes the prospect of punishment.

Golden handcuffs offer a more positive alternative. Instead of a financial penalty, they represent a potential financial reward. If salespeople leave the company prematurely, they lose their chance to reap the reward.