3 Tips to Retain & Attract Talent at Your Car Dealership
As the U.S. economy continues to perform well, dealerships see growth as more consumers walk through their doors to purchase a new car. Of course good economic times are great for business, but there is one downside to growth that dealerships may face: attracting and retaining talented employees.
The unemployment rate in the US is at an all-time low and thus, smart workers are weighing their options and considering whether they should look for a better job. With a dealership starving for talented workers, you may decide to let your best employees move on, or worse, fall prey to your competitors.
To avoid losing your best employees, you need to create an environment that is rewarding, positive and gives your team room to grow. Here are 3 tips you can quickly implement to keep your team happy and motivated.
#1) There is a plan to include large basic salaries in the compensation structure. Traditionally dealership salary plans would focus on commissions for both salespeople and mechanics. However, with more millennials joining the workforce today, dealerships should consider increasing base salaries as a percentage of total compensation to create salary plans that would typically be more attractive to millennial workers. are There is.
#2)Invest in employee grow & training from within . A successful employee who feels they have reached the limit of what they can grow will often simply quit rather than ask for a promotion. Likewise, someone who feels their career has stalled will likely seek new options. Dealerships can retain and grow talent by investing heavily in training in various forms, including hiring outside trainers, purchasing self-study resources for their teams, and more. Additionally, as you invest in training, be sure to explain to your employees why training is important by promoting from within wherever possible.
#3) Apply longevity bonus. It's simple yet effective and should be a best practice for any dealership looking to keep their top employees on board. Any employee who stays with your dealership for more than 2 or 3 years should receive a longevity bonus on top of their current salary plan. This will show them that their time is important and that your dealership values their loyalty. This is one of the best and easiest ways to avoid losing employees to competing dealerships.
These 3 tips will get you on the fast track to thinking about how to reward your team and retain your top talent. Of course, these are just a few simple ideas that form part of a larger philosophy around organizational culture.
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