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Employee Turnover Can Cost A Dealership Millions

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Many large and older organisations have a company structure that comprises of baby boomers and generation X’ers, is this combination alone good for business? These generations tend to keep hold of leadership positions and are reluctant to open the reigns to rising new talent, including the generation Y (or millennials) in fear that they may not hold the same values, or fit in with company culture. But could the millennial generation offer a different perspective and give new life to organisations that have been heading in the same direction for years? 


On the flip-side, a bad hire can cost dealerships and organisations millions of pounds a year. Dealerships are fearful to hire the younger generations, in the thought that baby boomers or gen X’ers have more experience and knowledge and will be of better value to a business.

However, research shows that many companies have not been trained how to hire correctly and therefore often fall into the same trap each time when it comes to hiring an employee, with an increase of employee turnover.


The age breakdowns

Let’s take a look at the age ranges and their labels:


  • Baby Boomers: Baby boomers were born between 1944 and 1964.

  • Gen X: Gen X were born between 1965 - 1979

  • Gen Y: Gen Y, or Millennials, were born between 1980 and 1994.
    Gen Y.1 = 24-28 years old
    Gen Y.2 = 28-38 years old

  • Gen Z: Gen Z were born between 1995 and 2015


Challenges

Dealerships, in particular, face an uphill challenge if they want to hire the best of the best in the industry. The industry has suffered a negative reputation in the past, that has left some graduates more likely to work in a coffee shop than in a car dealership. The commission-based salary plus longer hours and commitment has become part of the dissatisfaction for people entering a new career within car dealerships.


Diversity in the workplace

Dealerships can benefit from hiring a variety of age ranges throughout their organisation to offer diversity and up-to-date world knowledge that incorporates all generations which can be fed down all lines of the workplace.

Diversity is a good thing in the workplace. Generation differences can bring creativity, focus and new ways of problem-solving to an organisation. Along with ensuring that the company’s talent pool is always being tapped into. With a range of generations within the workplace, a company has a larger pool of resources with a greater knowledge base and the ability to work together to handle specific roles and responsibilities.


Bring in the millennials

Staffing managers can often have the wrong impression of the millennial and younger generations. This can be due to the threat of job competition, or the thought of Gen Y’s being lazy or too laid back to offer substance, as many have grown to stereotype. But this has been misinterpreted and giving millennials the chance to bring something new to the table can be a ray of light and a competitive edge to any business.  


Improvement

By improving the people-structure in a dealership, many of the past obstacles can be omitted and diversity can be spread equally throughout an organisation. This can start by hiring the best to start with - and then retaining that talent.


If a dealership can get a grip on its employee turnover, they will gain a significant profit edge on its competitors. It’s worth the extra effort, right?


Are you ready to hire the right talent? We’re here and happy to help in the process, guiding and advising along the journey, from start to finish. We pride ourselves on matching the right applicant with the right organisation for your company’s future success. For an initial chat on how to get the ball rolling, get in touch.