Rich Moore Director of Training

Transcription

1 Rich Moore Director of Training

2 Recruiting, Training and Retaining Millennials for the Future Success of Your Dealership

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4 All Generalizations are Lies; Including This One

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9 And oh yeah, she carries a GUN!

10 Understand Key to developing a successful plan Interact Executing the plan Retain The measure of success

11 Who are the Millennials? & Why should YOU CARE?

12 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 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

13 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 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

14 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 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

15 Projected Population by Generation

16 EDUCATION The most highly educated generation

17 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

18 EDUCATION The most highly educated generation WEALTH The wealthiest generation with some caveats

19 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

20 EDUCATION The most highly educated generation WEALTH The wealthiest generation COMMUNICATION Interpersonal through non-personal

21 COMMUNICATION Interpersonal through non-personal BOOMERS GEN X MILLENNIALS Face-to-face In person Direct Immediate Phone Indirect Passive Text Sources: Forbes Research

22 EDUCATION The most highly educated generation WEALTH The wealthiest generation COMMUNICATION Interpersonal through non-personal TECHNOLOGY Tech savvy dependent

23 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

24 RECRUITING MILLENNIALS

25 Recruiting Millennials RECRUITING & HIRING Unfamiliar with traditional recruiting and hiring techniques Enter the job market years later than older generations

26 Recruiting Millennials RECRUITING & HIRING Unfamiliar with traditional recruiting and hiring techniques Enter the job market years later than older generations EDUCATING THEM Benefit from being educated about the industry Start driving later than previous generations

27 Recruiting Millennials RECRUITING & HIRING Unfamiliar with traditional recruiting and hiring techniques Enter the job market years later than older generations 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

28 Recruiting RETHINKING THE RECRUITING Millennials 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

29 TRAINING MILLENNIALS

30 1. WANT FEEL UNIQUE

31 1. WANT FEEL UNIQUE 2. STRUGGLE WITH NEGOTIATIONS

32 1. Want feel unique 2. Struggle with negotiations 3. Confidence building

33 Training Millennials 1. Want feel unique 2. Struggle with negotiations 3. Confidence building 4. Coaching not telling

34 Training Millennials Training Millennials 1. Want feel unique 2. Struggle with negotiations 1. Want feel unique 2. Struggle with negotiations 5. Visual learning multiple devices 3. Confidence building 4. Coaching not telling building not telling

35 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

36 RETAINING MILLENNIALS

37 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

38 Let their voices be heard

39 YOU NEED MILLENNIALS WORKING IN YOUR DEALERSHIP 2020 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 40% Millennials

40 TURNOVER IS A SERIOUS DEALERSHIP EXPENSE THE COST OF TURNOVER AT AN AVERAGE DEALERSHIP 36% Avg. Turnover with 36 Employees 150% of salary spent on replacement based on avg. salary of $55k = = 23 Turnovers Annually $82,500 per Replacement 23 x $82,500 = $1.9M Annually

41 YOU DON T HAVE TO BEND OVER BACKWARDS

42 Rich Moore Twitter LinkedIn linkedin.com/in/therichmoore Snapchat richmoore56