In just a few short weeks, countless new college graduates will be entering the workforce, actively seeking job opportunities in a variety of industries and positions. In fact, during the 2016-17 school year, colleges and universities are projected to award nearly 4 million degrees.
This surge in the candidate pool will be made up largely of millennials, who come with their own set of expectations and needs from an employer. This means they will be vetting potential companies just as much as they are being vetted. Will your dealership look attractive to them?
Unlike their predecessors, millennials are interested in working with companies they feel a connection to, that will give them a sense of purpose. They also want to know there will be room for advancement within the company throughout their career and place value on flexibility and a steady income.
Here are some key elements your dealership can focus on to help ensure it stands out to top-tier prospective employees:
Now a requirement for grabbing the attention of today’s top talent, employer branding reflects a company’s reputation as an employer and how great a place it is to work. Because millennials are looking past the paycheck for enterprises they feel align with their values, it is important your dealership has a good reputation with both your customers and employees.
You can give potential employees an understanding of your company’s message through your website’s career page, which should contain details of your business beyond the typical description. Let prospective candidates know how your dealership is involved in the community, what initiatives are on the horizon, and highlight special perks of the job. Take it a step further and be active on your social media platforms, spreading your dealership’s message to your audience and encouraging them to do the same. Fostering a healthy work environment will also make your employees more likely to share the positives of working for you on their own, lending further credibility to prospective candidates.
Millennials today are not fans of the traditional commission-based payment models dealerships have employed for decades, instead wanting a consistent, guaranteed income. The pay plan must be worth their while financially to appeal to millennials. Rather than an “all or nothing” approach to sales, dealerships are encouraged to consider offering a starting salary with bonuses along the way. Employees will be able to enjoy peace of mind, which results in an increased chance of your dealership retaining them for a longer period. What’s more, the customer experience improves because the salesperson focuses less on making the sale and more on genuinely meeting client needs.
Dealerships that have recognized the changing landscape, and reacted accordingly, have seen positive results for both their employees and customers. The elimination of the pressure to make a sale has allowed for a more relaxed approach to interacting with the client. Sensing the shift in salesmanship, customer loyalty and trust in the dealership tends to improve as a result.
We highly recommend that dealerships attend, and even host, career fairs to become top of mind for upcoming graduates. By making students aware of their options before graduation, potential candidates can begin looking at your dealership and taking the necessary steps to be ready for employment consideration as soon as they earn their degree. Through hosting and attending these fairs, your management team will have the valuable opportunity to meet potential candidates in person right away, allowing for informational interviews that can save time and money on a formal vetting process when these candidates are ready to apply.
Career fairs save you time because rather than waiting until after graduation to begin the tedious job search, spending countless hours on cover letters and filling out applications, the right candidates can go directly to your dealership first, providing you with a larger pool for consideration in a shorter amount of time.
Implementing internship programs at your dealership has a number of benefits, including the ability to test drive the talent, increased productivity, and an increased employee retention rate. Not only will your dealership be front and center for a new graduate, but you will also have the time to train and mold a potential employee long before he or she is ready for full-time employment, giving both the employee and your dealership a head start. This approach saves money and time in bringing a new hire up to speed and helps ingrain a prospective employee into your team and culture ahead of time, allowing them to hit the ground running once officially employed.
Internship programs can be tailored to your company requirements, ensuring you train students for positions your dealership may need most, using the strategies and tactics that translate into results for your demographic and marketplace.
By placing emphasis on what millennials are looking for from potential employers, your dealership can become a prime target for the fresh wave of college graduates polishing their resumes this summer, giving you the opportunity to not only attract the right talent for your team but also to retain them for years to come.
Thanks to NCM Associates’ partner, Hireology, for sharing their guidance on attracting and managing millennial employees. Learn more about Hireology and join NCM’s experts for more actionable advice on hiring the best people for your team in our Hiring Top Talent and Success-Driven Pay Plans classes.