Experienced commercial talent is always in high demand. Especially candidates with extensive industry networks who can expect to be well rewarded with generous bonuses. It is therefore no surprise that talent acquisition strategies need to include competitive bonus packages for sales talent. But one thing you may not anticipate, whether you are a firm recruiting sales personnel or a sales talent agency, is how the timing of bonus payouts impacts the recruitment process.
Sales professionals in the payments industry are typically driven by incentives, with bonus structures that can vary widely across companies. These bonuses might be paid out quarterly, bi-annually, or annually, depending on the employer's policy. Therefore, understanding these cycles is crucial to timing your recruitment efforts effectively.
After receiving a bonus payout, many sales professionals are more likely to be evaluating their current role. Are they satisfied with their earnings? Are they looking for a new challenge? This post-bonus period is often when sales talent is most receptive to new opportunities. They’ve banked their bonus and may be open to exploring positions that offer better growth potential or a more attractive compensation package.
For companies looking to attract top talent, it’s wise to initiate recruitment campaigns immediately following these bonus payouts. This period is when you’ll find candidates most willing to entertain a conversation about moving to a new role. If you wait too long, the window of opportunity may close as they start to look towards their next bonus payout or as other companies make their move.
On the flip side, trying to lure sales professionals away from their current positions just before they’re due a significant year-end bonus can be a tough sell. These individuals are unlikely to forfeit a substantial financial reward, even if your opportunity seems appealing. As a result, you may face resistance when approaching potential candidates late in the calendar or financial year.
However, this doesn’t mean you should avoid recruiting during this time entirely. Instead, focus on building relationships and laying the groundwork for future discussions. A soft approach now could lead to a successful hire once the candidate has secured their bonus.
Sales professionals who receive quarterly bonuses present a different scenario. Since they’re rewarded more frequently, they might be open to new opportunities throughout the year. However, the timing of their bonus payouts can still influence their decision-making. Reaching out to these candidates shortly after they’ve received their quarterly bonus can yield positive results, as they may feel ready to consider a new role.
Another critical factor in the recruitment of seasoned sales professionals is the notice period they must serve before transitioning to a new role. In the payments industry, it’s not uncommon for these notice periods to stretch up to three months for senior talent, depending on the country and the current employer’s policies.
This extended notice period means you need to plan your hiring strategy carefully, aligning it with both the bonus cycle and the notice period. If you’re looking to have a new hire in place by a specific date, you’ll need to account for these timelines and start your recruitment process well in advance.
To successfully attract and hire top sales professionals in the payments industry, timing is just one piece of the puzzle. Here are a few additional strategies to enhance your recruitment efforts:
Research is key. Familiarise yourself with the typical bonus structures and notice periods in your market or among your competitors. This knowledge will allow you to tailor your recruitment efforts to the specific needs and circumstances of your target candidates. Knowing when they’re most likely to be open to new opportunities can significantly reduce your time-to-hire.
In a competitive market, your compensation package needs to stand out. Ensure that your offer is in line with or exceeds industry standards, including base salary and bonuses. Remember, top sales professionals are often motivated by financial rewards, so a compelling compensation package can be a strong incentive. Many online websites allow you to assess the industry compensation for sales roles.
While compensation is important, it’s not the only factor that sales professionals consider when making a move. Highlight the unique aspects of your company, such as its culture, values, and growth opportunities. Sales professionals want to work for companies that align with their personal values and offer a supportive environment where they can thrive.
Flexibility in your recruitment strategy can be a game-changer. For example, if you know a target candidate is about to receive a bonus, consider waiting until after the payout to make your approach. Alternatively, if a candidate is tied to a long notice period, think about how you can work with that timeline to ensure a smooth transition. Being adaptable shows candidates that you’re considerate of their circumstances and serious about bringing them on board.
Finally, it’s worth considering how your own company’s bonus program is structured. A well-designed bonus program can help retain your top sales talent and reduce turnover. Ensure that your bonus structure is competitive and aligned with the broader market. Consider introducing retention bonuses or other incentives to keep your high performers committed to your company.
From my experience working closely with both employers and candidates in the payments industry, I’ve gained a deep understanding of when bonus payouts, and notice periods, typically occur in different markets. This insight allows me to advise clients on the best times to start their recruitment processes. By leveraging my knowledge of market trends and individual company practices, I can help you pinpoint the ideal moments to approach candidates—whether they’re receiving quarterly, bi-annual, or annual bonuses.
Timing your recruitment efforts to align with bonus cycles and notice periods can significantly improve your chances of hiring top sales talent in the payments industry. By understanding the motivations of sales professionals and tailoring your approach accordingly, you can attract the right candidates at the right time.
If you need support hiring top commercial talent in the payments industry, don't hesitate to get in touch.
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