How do millennials view dealerships as employers?
By Kevin Baumgart, vice president Business Development, Hireology
The next wave of talent in todayês workforce is the millennials (ages 18-34), and dealers need to be ready. According to a recent article in Automotive News, The percentage of millennials working in dealerships rose to 31 percent, up from 27 percent a year earlier. Close to half of all new dealership hires in 2014 were millennials.
But dealerships are having a hard time retaining them. The article continues, In 2014, the annualized turnover rate in the average car dealershipês sales department was 72
percent, an increase of six percentage points from a year earlier. Itês critical to think about how millennials view your dealership as an employer and how you can make that perception better.
Getting to Know Your Gen Y Workers
Here are the recent findings on how millennials think and behave in todayês workforce, based on a 2016 survey by Deloitte of nearly 8,000 millennials across the globe:
They want more responsibility:
« Supporting leadership ambitions builds loyalty.
« Being held accountable does not 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 millennialsê 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 work/life balance:
« Pay and financial benefits drive millennialsê 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
Here are some ways to retain millennials:
« Provide a unique work culture that reflects their 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 itês due.
« Offer encouragement and mentorship, as opposed to giving orders and managing directly up front.
For more information, email Kevin at firstname.lastname@example.orgDownload Bulletin PDF