2017 Cox Automotive Dealership Staffing Study
Addressing High Turnover: Five Ways Dealers Can Attract And Retain Millennial Talent
Wednesday November 1, 2017
Article Highlights
- We live in a world ruled by technology, but people are still essential to the car buying process.
- The auto industry is experiencing some trouble in this area with high turnover rates, and a millennial workforce that is not as attracted to working in dealerships as previous generations.
- According to the 2017 Cox Automotive Staffing Study, the top three positions experiencing the highest turnover were sales, service advisors, and F&I. Sales positions experienced an alarming 67 percent employee turnover rate, while service advisors and F&I professionals were both over 40 percent.
We live in a world ruled by technology, but people are still essential to the car buying process. The most valuable component of any business is human capital, and the knowledge and personal attributes skilled employees bring to the table. The auto industry is experiencing some trouble in this area with high turnover rates, and a millennial workforce that is not as attracted to working in dealerships as previous generations.
Overall Dealership Turnover Is 40 Percent
According to the 2017 Cox Automotive Staffing Study, the top three positions experiencing the highest turnover were sales, service advisors, and F&I. Sales positions experienced an alarming 67 percent employee turnover rate, while service advisors and F&I professionals were both over 40 percent. Overall turnover is 40 percent. The other troubling statistic is the apparent difficulty in holding onto millennial talent. Millennials were 60 percent of new hires, and over half of them leave positions within the year.