Auto Dealers: Calculate Your Turnover Costs
Ever wondered how much employee turnover costs your dealership each year? Use this calculator to find out. The numbers might shock you.
Here’s a scary number:
It’s what an average dealer will spend each year in replacement costs from employee turnover.
They can expect to lose 25 people and will have to sell 1,200 more cars to cover this cost.
How does your
dealership stack up?
Fill out this form to get a customized view into the cost of turnover at your dealership, and learn steps you can take to counter these costs.
Companies want their new hires to be able to ramp up and be productive as quickly as possible. To get started the right way, employees must understand – from day 1 – their role in achieving company’s goals.
Develop a systematic approach to onboarding, communication and training to cut these rising turnover costs.
Onboard employees well so they understand both what’s expected of them and that they’re an important part of the team.
Keep open conversation going to redirect employees that may have started down the wrong path. Reinforce company goals, values & expectations often.
Provide ongoing training for an opportunity to grow.
Organizations with a strong on-boarding process improve new hire retention by 82% and productivity by over 70%. Companies with weak on boarding programs lose the confidence of their candidates and are more likely to lose these individuals in the first year. (source)
This systematic approach protects you from lawsuits and penalties as well.
How we calculate this data:
Our national average and profit data for dealerships is based on 2014 NADA Data
Turnover data is sourced from the Society for Human Resources Publication: Retaining Talent, A Guide to Analyzing and Managing Employee Turnover