Categories
Industry Trends

Managing Millennials

Eric Fifield Chief Sales Officer EFG Companies
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?

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Recruiting

Is Generation Y Worth Hiring?

Contributing Author:
Amber Hash
Recruiting Manager
EFG Companies

Disloyal, arrogant, selfish, overindulgent, high-maintenance, frivolous, image-driven, impatient, over-confident and spoiled – Generation Y has heard it all.  And, now the generation that everyone thought would never grow up is starting to make up the bulk of the workforce. But, will they be successful in retail automotive? Are they worth hiring?

Honestly, retail automotive can’t afford NOT to hire this challenging generation. The consumer purchase model is rapidly changing – driven in large part by the digital proclivity of Generation Y. Who better to engage with these new customers than people who speak their language – online and via text?

Raised in the era of digital technology, members of Generation Y can quickly prove their worth in the retail automotive workplace.  But, some adjustments must be made to reach an equitable compromise with this generation. Here are some recommendations for dealerships seeking to successfully employ Generation Y.

They work to live

The members of Generation Y are committed to achieving work–life balance. While their career is highly important to them, they believe that working hard does not equate to working long hours. This can be a hard pill to swallow for automotive managers who live by the “sun-up to sun-down” model.

Categories
Industry Trends

Your 2018 To Dos

Contributing Author: John Stephens Executive Vice President EFG Companies
Contributing Author:
John Stephens
Executive Vice President
EFG Companies

It’s that time of year again when everyone evaluates their yearly accomplishments, both personally and professionally, and begins making their 2018 resolutions. So, what were the automotive industry’s accomplishments?

Despite a string of severe natural disasters, unit sales volume is roughly on par with last year’s volume. Both 2017 and 2016 represent some of the strongest sales numbers in over a decade. That’s a win in my book.

The Consumer Financial Protection Bureau (CFPB) is beginning to be reined in by Congress. After years of lobbying for more oversight over the CFPB, dealer and auto lending initiatives are finally making headway on the Hill. Talk about another reason to celebrate!

Going into 2018, pre-owned inventories are finally right-sized for consumer demand. There’s no longer too much or too little inventory. We’re now at “just right”. Because of this, pre-owned vehicles are holding their value, and dealers have a better opportunity to increase profitability through CPO programs.