Final answer:
Strategic compensation practices tailored to generational needs are critical for attracting, motivating, and retaining good salespeople in a company.
Step-by-step explanation:
Only strategic compensation practices will ensure that compensation attracts, motivates, and retains good salespeople. Crafting a compelling compensation strategy is essential for the retention of employees, especially in light of the hiring practices that aim to maximize hiring and minimize firings. Many companies now understand that each generation in the workforce requires different approaches.
For instance, retaining Generation X employees demands work to be meaningful, whereas millennials seek nurturing through rewards, praise, and feedback. Recognizing these generational differences is key to developing compensation packages that meet diverse expectations and help reduce turnover.