Whether you want to accept it or not, the next wave of talent in today’s workforce are the millennials. According to a recent article published by Automotive News, ‘The percentage of millennials working in dealerships rose to 31 percent from 27 percent a year earlier. Close to half of all new dealership hires in 2014 were millennials.’
While Gen Y continues to have a growing presence within the retail automotive workforce, dealerships are having a hard time retaining them.
‘In 2014, the annualized turnover rate in the average car dealership’s sales department was 72 percent, an increase of six percentage points from a year earlier,’ says Automotive News.
So this group of young employees is the growing workforce at dealerships, yet rooftops are having trouble keeping them. Therefore, it’s critical to think about how millennials view your dealership as an employer and how you might be able to make that perception better.
Sometimes the best way combat turnover is with better hiring. If you hire the right people (those who truly want to work at your business and have the right skillset), then you’re more likely to retain them for a much longer time.
Getting to Know Your Gen Y Workers
Citing a 2016 survey conducted by Deloitte (a study which covers responses from nearly 8,000 millennials across the globe), here are the recent findings on how millennials think and behave in today’s workforce:
They want more responsibility:
- ‘Supporting leadership ambitions builds loyalty (yes really!)’
- ‘Being held accountable doesn’t reduce loyalty or satisfaction.’
- ‘Strong sense of purpose, inclusiveness, and open communications are higher where employees intend to stay longer.’
- ‘Three-quarters of millennials are confident and feel in control of their career paths.’
- ‘Those who feel in control appear to be a little more loyal.’
They care about their work:
- ‘The values that support long-term business success are people treatment, ethics, and customer focus.’
- ‘Personal values have the greatest influence on Millennials’ decision making.’
- ‘Millennials would prioritize the sense of purpose around people rather than growth or profit maximization.’
- ‘Millennials with a mentor are receiving good advice and feel somebody is interested in their professional development.’
They care about the work/life balance:
- ‘Pay and financial benefits drive Millennials’ choice of organization more than anything else.’
- ‘In most markets, work/life balance comes before career progression when evaluating job opportunities.’
- ‘Millennials would like more opportunities to work remotely-and think it will boost productivity.’
How to Keep Your Millennial Workers
It’s simple: if you want to retain your millennial talent before they head out the door for the next best offer, you have to learn how to work with them; not against them. Looking at this generation of employees as disposable talent will slowly hurt your business, (in many different areas) with one being the cost of turnover.
Here are some ways for business leaders can help keep millennials from leaving their company:
- Provide a unique work culture that reflects millennial preferences
- Let them know their work means something; show them purpose
- Provide a flexible work-schedule that allows time for work/life balance
- Offer stability via salary and benefits
- Encourage individuality within a team environment
- Give recognition when it’s due
- Offer encouragement and mentorship, as opposed to giving orders and managing directly upfront
Looking to attract the right millennial talent to your dealership? See how you can refresh your career site to begin building a better team.