Knowledge is power. That three-word aphorism has withstood centuries of human civilization and weathered cultural and technological upheaval alike. In ways big and small, it’s as true now as it ever was, and it applies to a surprising array of modern business trends.
For instance, how do you explain why 28% of all terminations in the automotive industry happen within the first 90 days of employment? The answer is simple—knowledge is power.
How do you explain why 28% of all terminations in the automotive industry happen within the first 90 days of employment?
Hear me out: Dealerships are hiring more and more millennial staff who can relate to younger car buyers. These new salespeople typically have no experience in the auto industry, which is an industry rife with regulations and specialized language. Millennials value instant gratification and want to be comfortable in their roles at work, but overwhelmed by acronyms and jargon—and feeling strained by the pressure to sell—many just can’t cut it in the first three months.
Knowledge empowers younger employees to feel secure in their roles. Knowledge also empowers employers to improve their onboarding programs.
That’s where Compli comes in.
Next week at the Las Vegas Compliance Summit for Sustainable Front-End Operations, our own Bob Balak will explore the theme of “knowledge is power” in reducing turnover among millennial staff. Bob is Complí’s director of sales for national accounts, and he’s spent more than 20 years helping dealers use technology to increase profits, mitigate risk and retain customers and employees. If anyone understands how automated compliance training can curb turnover, it’s him.
Bob will be participating a panel discussion moderated by attorney and compliance expert Michael Maledon, and featuring Dina Wilson of the Timbrook Automotive Group, Darin Ramos of Alpha Warranty and Steve Roennau of EFG Companies. The panel will explore the ways in which an effective pre-hire program engages employees and reduces turnover costs. Bob will also touch on how Complí provides front-end dealership professionals with all the required HR and employee health and safety content they should be training their employees on to maintain workforce compliance levels.
Bob says that for new associates, wrapping one’s head around compliance is “like learning a new language”:
“Reducing turnover has a serious impact on your bottom line. Turnover can cost a dealer upwards of $1 million per year, and a strong onboarding can move the needle by as much as 50 percent. Just as importantly, it can effectively help dealerships recruit associates outside the industry—millennials—and give them the training tools they need to feel comfortable when their heads are swimming after that initial data dump.”
Compliance Summit can expect a full schedule of presentations, certification testing and networking opportunities. The event will be held next Wednesday and Thursday, August 29 and 30, at Paris Las Vegas. To register for Compliance Summit, click here.
We hope to see you there!
For new associates, wrapping one’s head around compliance is “like learning a new language”