Compliance Automation for Your Dealership: 5 Big Benefits
How auto dealers use workforce compliance automation to save time, reduce risks, and improve business processes.
Automotive dealerships operate in an increasingly complex environment of federal, state and local oversight. There are numerous laws and regulations that govern your workforce, from consumer financial protection regulations to policies that apply to specific jobs. Educating your workforce about key compliance issues, and getting acknowledgement that employees have received and understood this information… it’s not only important, it’s legally necessary.
Yet, as many auto dealers have found, managing compliance obligations can be a giant headache, especially if your process for managing these obligations hasn’t kept up with:
1. the increasing number of regulations, trainings and forms;
2. dealership growth, or
3. employee turnover rates.
Ethical and well-informed performance is both an individual and collective responsibility in the workplace. However, the burden of managing compliance obligations falls squarely on the dealership, even if there is no dedicated HR person to manage the program or the numerous activities required to keep the program going.
So many of these auto dealer compliance obligations fall through the cracks. Which is why more companies are automating their workforce compliance programs—and there are five big benefits of doing so.
Workforce compliance automation brings 5 big benefits:
1. Streamlines processes and improves efficiencies
2. Cuts costs & saves money
3. Increases employee compliance rates
4. Helps reduce risk of workplace lawsuits
5. Reduces the compliance burden on managers
Over the next few weeks, we’ll dive into each of these benefits and share examples of clients who have saved time, money, and slept well at night all because they’ve put workforce compliance automation in place in their dealership.
Turnover significantly impacts compliance management costs
According to the National Automobile Dealers Association 2015 Dealership Workforce Industry Report, which included data from 290,000 payroll records and responses from more than 2,240 dealerships across the U.S., employee turnover rate averages 39%.
That’s more than one-third of the workforce, and a nearly 5X increase since 2007, which increases both the complexity and costs of maintaining a compliant workforce.
