Millennials & Your Dealership
Ugh, millennials! In addition to ruining everything, the 75.4 million people born between the early 1980s and late 1990s–early 2000s are changing the nature of work and the meaning of employee engagement. In fact, despite the inherent diversity of their subjects, numerous large-scale studies have uncovered a few enduring truths about the ways in which millennials differ from their forebears in terms of workforce attitudes and behavior.
For one, millennials care much more about their potential employers’ social and environmental impact, and are likely to rule out ever working for an organization that doesn’t share their values. Two: the majority of millennials believe their employers need to step up and do more to develop them as leaders. [Source: Deloitte Millennial Survey 2016]
Perhaps these are a couple of the reasons for our Statistic of the Week, which finds that the turnover rate among millennial employees is 52%, and that 42% of millennials expect to change jobs every 1–3 years. For an average dealership, which would need to sell about 22 vehicles to cover the cost of a single instance of turnover, those numbers are nothing to scoff at. Your next millennial employee could carry on your dealership’s legacy—or siphon a month’s worth of sales.
This data comes to us from the NADA 2016 Dealership Workforce Study, Jobvite’s Job Seeker Nation Study, and Great Place to Work’s Best Workplaces for Millennials, Gen Xers and Baby Boomers. It’s also part of our forthcoming Definitive Guide to Workforce Compliance. Click here for more information about our guide—and look out for another statistic next week!
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Your free consultation – only available at NADA– will include a Compli industry expert and a representative from the labor and employment law firm, Fisher Phillips.