Employee Turnover
Employee annual turnover in the car business is staggering and remains close to 50%.
According to NADA's 2021 Dealer Workforce Study dealerships average 46% turnover annually and have a median tenure for employees of just over three years (That is about double the national average for most industries).
Obviously, employee turnover can lead to significant financial losses for dealerships not only in bottom line results but costs to rehire.
Dealers can mitigate employee turnover in many ways:
✔️ Improve Hiring, Onboarding & Training Skills
✔️ Review Compensation & Benefits Programs to Industry Standards
✔️ Create Career Pathways/Advancement Tracks
✔️ Foster a Positive Work Culture*
✔️ Promote Work-Life Balance
✔️ Track and Analyze Turnover Trends (look for patterns)
✔️ Provide Managers Leadership Training
*Stay tuned to find out how to obtain actionable data on your dealership culture
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