Dealership technology has come a long way. In the last year alone, rapid adoption of digital tools and technology has jettisoned the customer experience light years into the future. New tools now allow buyers to complete more of the buying process online. And connecting with your customer base is faster and more efficient than ever. According to the recent Cox Automotive Car Buyer Journey Study, buyer satisfaction is at an all-time high of 78%!
But what about employee satisfaction? Your team has shifted roles, adjusted to new working schedules and conditions, and mastered new tools and technology in order to improve the customer experience. When it comes to measuring the happiness of your employees, do you know where to begin?
You May Be Paying The Ultimate Price
Dealership turnover can put your business in an unfortunate position. According to a report, 93% of employees believe their workplace would be better if they had access to better technology. That’s good news for dealerships who’ve adopted newer, and easier-to-learn technology. But, with a turnover rate of up to 80% (seriously), many dealerships aren’t seeing the benefits of employees who reach their full potential. In one study, employees were found to be most productive after about three years on the job. That’s bad news, then, as the average dealership tenure is half of that.
Covering Your Assets – A Lesson From The Pros
We turned to the experts at Hireology, the hiring and HR experts, to discover the best tactics for measuring employee satisfaction at your dealership. They’ve helped hire 20% of dealership employees in 2020 and had several tips for measuring your team’s overall satisfaction. Here are their recommendations:
- Employee Feedback: When it comes to ensuring your employees are content, feedback should be constantly requested and encouraged. Throughout onboarding, you can issue anonymous surveys that allow your new staff members to reflect on their experience and disclose information about their first few weeks with your company. This will help you address any inconsistencies or weaknesses in your process for your next class of new hires.
- Check in: Feedback shouldn’t stop after onboarding. Managers should schedule regular check-ins with employees to ensure they are developing and growing with your dealership. Additionally, you can use semi-annual all-company surveys to gauge satisfaction as well. Following the results, talk with your leadership team about how to make improvements, and host a company-wide meeting that addresses the results and the forecast for the next few months or year to show employees that their voice matters.
- Referrals: Referrals generate the best return on investment, reduce cost per hire, and improve employee retention and satisfaction. While having a great place to work is key in attracting referrals from your current staff, offering incentives, monetary or otherwise, is a great way to encourage your employees to submit referrals. With a referral program in place, you’ll be able to track how many staff members are taking part in submitting their friends and colleagues for open roles.
- Turnover: Turnover is costly, and your dealership’s turnover rate is a huge indication of your employees’ happiness. Are you seeing employees leave in droves? Are you struggling to keep your staff around for longer than a year? This likely means your employees aren’t satisfied with their role, your dealership’s culture, or another internal issue that needs to be addressed if you want to keep your team intact.
- Participation: You can’t simply offer team building activities or development opportunities and think your employees will be satisfied. You need to look at actual participation within your programs and activities to ensure you’re truly adding value to your staff’s engagement. Keep track of the adoption rates of your new and existing programs, and shift priorities to where you may see more involvement.
Measuring an investment like human capital may seem tricky at first. It’s easier to track feedback from machines. But your people are your best asset. Delivering the best customer experience simply can’t happen without keeping your top people happy, engaged, and working to their full potential.
Learn more about hiring and retention in today’s economy. Check out the guide, 9 Ways to Reduce Turnover And Improve Retention.
To learn more from the experts at Hireology, visit their website here.