How To Retain Millennial Employees

There’s an awful lot written about millennials, which is no surprise when you consider that in America alone, they’ve overtaken Baby Boomers as the largest generation.

Chances are, you’ll have plenty of millennials working within your car dealership. But how do you inspire and retain this complex generation?

The last thing you want to do is lose some of the best talent in your business. And because most of them will reside within the millennial generation, here there’re five ways you can ensure they don’t tire and head off to the competition:

  1. Modernize your thinking about the working week

Car dealerships rarely stick to standard 9-5 office hours, but like virtually every sector, this industry contains countless businesses that have fallen into the trap of sticking rigidly to traditional working practices.

Now, we’re not suggesting you should allow employees to work fewer hours or give them the freedom to enter and leave whenever they please, but a move towards flexible working is likely to inspire and motivate millennials in particular.

Everyone wants a positive work-life balance, and creative employee scheduling is a great way to show you care about the wellbeing and happiness of staff.

  • Consider your pay structure

The auto industry is well-known for its reliance on financial perks as a method to reward staff and ensure healthy incomes.

However, millennials are more likely to be interested in a stable wage, rather than the uncertainty of commission-based pay.

This doesn’t mean you should disband with your commission scheme altogether, but it would certainly be prudent to review your pay structure and look for opportunities to bolster base pay and offer alternative incentives for going above and beyond.

  • Be transparent

Millennials value great communication from up above, and if your dealership doesn’t create an open, collaborative environment in which to work, they may look elsewhere for somewhere that does.

As noted in tip 2, perks for millennials extend far beyond pay when it comes to job satisfaction, and there’s nothing more cost-effective when it comes to engaging with them and building trust than being transparent as a business.

  • Demonstrate their ability to make a difference

No matter the job role, everyone in your dealership has the opportunity to make a real difference to the business and the industry.

Millennials value this in particular. They’re purpose-driven and will have their heads turned by dealerships that demonstrate a focus on the community and environmental responsibilities.

Similarly, any charitable endeavors you undertake will be admired by millennials; they’ll be given that all-important sense of social purpose that keeps them emotionally engaged with the business.

  • Try and Create opportunities – everywhere

Millennials will, of course, be keen on progressing their career, but not always in ways you might expect.

Traditionally, a car sales executive might have ambitions to one day run the entire dealership forecourt, but millennials are also inclined to look sideways to feed their career progression.

That’s why your dealership should look to create opportunities at every turn. Why shouldn’t someone move from sales into service? Or from the reception front desk into marketing?

Millennials harbor latent talent and desire to further their knowledge, and that could be a huge win for your dealership.

Deloitte suggests that 76% of millennials believe business is a force for positive social impact. That might not sound particularly connected to the business of selling cars, but the automotive industry is perfectly placed to play such a role in society.

We hope you’ve found the advice in this post enlightening and that it gives you the impetus to engage with – and hold onto – the best millennial talent.