Embed Size (px)
Citation preview
Rich Moore
Director of Training
Recruiting, Training and Retaining
Millennials for the Future Success
of Your Dealership
All Generalizations are Lies;
Including This One
And oh yeah,
she carries a
GUN!
Understand
Interact
Retain
Key to developing a
successful plan
Executing the plan
The measure of success
Why should
YOU CARE?
Who are the
Millennials?
&
Baby
Boomers
74.9 million
Ages 51 to 69
Family first
Job security
Retirement concerns
IT Adaptors
Face-to-face or phone
preferred
communication
Gen X
66.1 million
Ages 35 to 50
The Lost Generation
Desire work-life balance
Maintained purchasing
power
Digital Immigrants
Email and texting is
primary communication
preference
Millennials
75.3 million
Ages 18 to 34
Most educated
High levels of debt
Slower to major purchases
Digital Natives
Online and mobile communication
is preference
Baby
Boomers
74.9 million
Ages 51 to 69
Family first
Job security
Retirement concerns
IT Adaptors
Face-to-face or phone
preferred
communication
Gen X
66.1 million
Ages 35 to 50
The Lost Generation
Desire work-life
balance
Maintained purchasing
power
Digital Immigrants
Email and texting is
primary
communication
preference
Millennials
75.3 million
Ages 18 to 34
Most educated
High levels of debt
Slower to major purchases
Digital Natives
Online and mobile communication
is preference
Baby
Boomers
74.9 million
Ages 51 to 69
Family first
Job security
Retirement concerns
IT Adaptors
Face-to-face or phone
preferred
communication
Gen X
66.1 million
Ages 35 to 50
The Lost Generation
Desire work-life
balance
Maintained purchasing
power
Digital Immigrants
Email and texting
is primary
communication
preference
Millennials
75.3 million
Ages 18 to 34
Most educated
High levels of debt
Slower to major purchases
Digital Natives
Online and mobile communication is preference
Projected
Population
by
Generation
EDUCATION
The most highly educated generation
EDUCATION
The most highly educated generation
72% HS Graduation Rate – highest in two decades
68% of those enrolled in college & 58% received
bachelors
71% entering college took Advanced Placement courses
Millennials score high on IQ tests
Sources: Bureau of Labor Statistics, National Center for Education and
The College Board
EDUCATION
The most highly educated generation
WEALTH
The wealthiest generation
– with some caveats
WEALTH
The wealthiest generation
Represent $200 billion in annual buying
Collective annual income of $3.4 trillion by 2018
Student debt is greater than credit card debt for the
first time ever
Many entered a sluggish job market
Sources: Forbes Research
EDUCATION
The most highly educated generation
WEALTH
The wealthiest generation
COMMUNICATION
Interpersonal through non-personal
COMMUNICATION
Interpersonal through non-personal
Sources: Forbes Research
BOOMERS GEN X MILLENNIALS
Face-to-face Direct
Immediate
Indirect
Passive
In person Phone
Email Text
EDUCATION
The most highly educated generation
WEALTH
The wealthiest generation
COMMUNICATION
Interpersonal through non-personal
TECHNOLOGY
Tech savvy dependent
TECHNOLOGY
Tech savvy dependent
Often thought of as tech savvy but really
tech DEPENDENT
- Expect technology to be readily available
- Expect it to work but don’t necessarily know how or
how to fix it
Reliant on it – 83% sleep with their phone
Sources: Forbes Research
RECRUITING MILLENNIALS
RECRUITING &
HIRING
Unfamiliar with
traditional recruiting
and hiring
techniques
Enter the job market
years later than
older generations
Recruiting Millennials
RECRUITING &
HIRING
Unfamiliar with
traditional recruiting
and hiring
techniques
Enter the job market
years later than
older generations
Recruiting Millennials
EDUCATING THEM
Benefit from being
educated about the
industry
Start driving later
than previous
generations
RECRUITING &
HIRING
Unfamiliar with
traditional recruiting
and hiring
techniques
Enter the job market
years later than
older generations
Recruiting Millennials
EDUCATING THEM
Benefit from being
educated about the
industry
Start driving later
than previous
generations
THE BIGGER
PICTURE
Benefit from
understanding their role
and the role of the
dealership in customers’
lives
Looking for rewarding
careers that have a
broader impact
Entrepreneurial
RETHINKING THE RECRUITING PROCESS
Host “learn about the car business” meetups
Develop educational pieces that can be shared across
multiple platforms; Reexamine the careers section of your
website
Don’t just list job requirements – provide career benefits
and how the role effects the bigger picture; How the
dealership effects peoples lives
Lighten up and have some fun
Recruiting Millennials
TRAINING MILLENNIALS
1. WANT FEEL UNIQUE
1. WANT FEEL UNIQUE 2. STRUGGLE WITH
NEGOTIATIONS
1. Want feel unique 2. Struggle with
negotiations
3. Confidence building
1. Want feel unique 2. Struggle with
negotiations
3. Confidence
building
4. Coaching –
not telling
Training Millennials
1. Want feel unique 2. Struggle with
negotiations
3. Confidence
building
4. Coaching –
not telling
Training Millennials 1. Want feel unique 2. Struggle with
negotiations
3. Confidence building 4. Coaching – not telling
5. Visual learning –
multiple devices
Training Millennials
1. Want feel unique 2. Struggle with
negotiations
3. Confidence building 4. Coaching – not telling
5. Visual learning –
multiple devices
Reviewing your training program…
When did you last update your training processes?
Consider more one-to-one training
Assume nothing
Provide more formats – online and mobile
RETAINING MILLENNIALS
Show them how their role benefits others…
Their role in helping the entire operation succeed
The role the dealership plays in serving the
community
Provide examples of positive impact
– not just the paycheck
RETAINING MILLENNIALS
Let their
voices be
heard
YOU NEED MILLENNIALS WORKING IN YOUR DEALERSHIP
Boomers new car
purchases are
projected to decrease
Gen X new car
purchase growth is
beginning to slow
Millennial new car
purchases are rapidly
increasing
Millennials
2020
40%
TURNOVER IS A SERIOUS DEALERSHIP EXPENSE
THE COST OF TURNOVER AT AN
AVERAGE DEALERSHIP
36% Avg. Turnover
with 36 Employees = 23 Turnovers
Annually
150% of salary spent
on replacement
based on avg. salary
of $55k
= $82,500 per
Replacement
23 x $82,500 = $1.9M Annually
YOU DON’T HAVE TO BEND OVER BACKWARDS
Rich Moore
Twitter - @richmoore
LinkedIn – linkedin.com/in/therichmoore
Snapchat – richmoore56
