Baby Boomers - Dealership Corridor

Contributing Author: Eric Fifield Chief Revenue Officer, EFG Companies

“Millennials are just plain lazy.”

“How do you manage a group that doesn’t want to do any work, and expects rewards for just showing up?”

“I just won’t hire them.”

Do these statements sound familiar? Millennials have gotten a bad reputation from popular media. But, you’d be surprised at just how much of your current workforce is made up of Millennials.

The Center for Generational Kinetics defines Millennials as those born between 1977 and 1995. Those employees of yours that are in their 30s and early 40s are, in fact, Millennials. Would you apply the statements above to them? Probably not.

At 80 million strong, Millennials now represent the most influential generation in the marketplace. They are quickly making up the majority of consumers and employees. So, for those of you saying that you don’t know how to manage this new generation, I have good news for you. You already are managing them.

Contrary to popular belief, managing Millennials isn’t that different from managing other generations. It just takes understanding their key motivators.

Millennials are motivated by having a work-life balance, a clear path for advancement and growth, and recognition for achievement. They are also more motivated if they believe in the value of the work. Does that really sound that different from Gen X, or even Boomers?

Contributing Author: Gabe Aldrete, Vice President, Dealer Services, EFG Companies

When you hear the term “Millennials” paired with the term “car,” what comes to mind? Do you automatically think, “Millennials aren’t interested in cars?” For the past few years, it seemed like a new article was published every month stating that the reason Millennials weren’t buying cars was due to personal preference.

Today, economics has proven that assertion false. According to J.D. Power & Associates, Millennials (those born between 1980 and 2004) accounted for 27 percent of new car sales in the U.S. last year. Millennials have already surpassed Generation X to become the second-largest group of new car buyers after Baby Boomers, and each year, the influence of the Baby Boomer generation recedes and Millennial buying power increases.

It turns out, personal preference had very little to do with Millennials approaching the auto industry. Rather, it had all to do with the economy, the job market, and wage growth. Most of the Millennials with buying power today entered the job market during the economic upheaval in the Great Recession. Because of the lack of prospects, some returned to school, while others moved in with parents or got roommates and stuck it out in low-paying or part-time jobs that did not utilize their post-high school training or education.