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Investing in a Generation of Learners

Today, more than one in three workers are millennials, and by 2025, millennials will make up 75% of the workforce. You’ve undoubtedly heard that millennials are challenging employers in new ways.

As a millennial myself, I am challenging employers to take a second look at the characteristics that define this generation and see how they can be used to their advantage.
As digital natives and self-starters, millennial employees are primed to embrace your dealership’s CRM and technology solutions. But you have to provide the training first.

Do the Math
I know what you’re thinking: Setting up training is daunting and expensive. But consider these stats:

  • The average company with fewer than 100 employees spends $10,000-$15,000 on hiring an employee, but only $2,000 on training a new employee and only 12 minutes on training every 6- 12 months.

  • 87% of millennials say professional development or career growth opportunities are very important.

  • Every time a business replaces a salaried employee, it amounts to six to nine months’ salary. When you lose an employee within the first year of employment, the cost to your dealership can be up to three times the person’s salary.

 

It doesn’t add up.

As an industry, we’re spending money to find the right people for our dealership, but we’re not spending the money to keep those people at our dealership. Because millennials place so much value on professional growth and development, we’re losing them by not providing the training they need to make the most of CRMs and other technologies available to them. And as such, we’re losing money – over and over again.

But there’s good news – with the right opportunities in place, millennial employees can become the productive business drivers your dealership needs.

Goodbye Encyclopedia Britannica, Hello YouTube
Millennials are the most educated generation in history. 65% have a college degree, but equally as important is the learning this generation does on their own.

The age of Encyclopedia Britannica has come to an end; people no longer sift through long, heavy books to find information. Answers to every question, from how to fix the siding on your house to the weight of a giraffe, are now in the palm of your hand.

These new info-sharing technologies have created a generation of self-starters and self-teachers. In fact, in the past year, 70% of millennial YouTube users watched YouTube to learn how to do something new or learn more about something they're interested in.

Your millennial employees are used to having answers to their questions, even when it means doing a little digging to find the answers themselves. As a dealer, you have an incredible opportunity to take advantage of that mindset and train your employees on everything they’d like to know.

More good news – setting up training doesn’t have to be as daunting or expensive as it may seem. Many software providers, including VinSolutions, offer training perfectly suited for millennials. Through numerous online resources, in-person training sessions and our annual Connect user summit, VinWorx, the VinSolutions team is committed to making sure all your employees – including millennials – have the opportunity to learn the CRM in a way that works best for them.

With training opportunities like these, millennials can become avid users and advocates for your CRM and technology – driving increased ROI for your dealership. This generation of employees understands where the auto industry is headed, and they understand how tools like a CRM can get your dealership ahead of the game. Millennial employees, equipped with the training they desire, can make your entire dealership more progressive – and more profitable.

Stop the Revolving Door: Foster Employee Success with CRM & Technology Training

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See more Resources on Management and Culture

Chase Abbott

Vice President, Sales

Chase Abbott is Vice President of Sales at VinSolutions and Dealertrack F&I, where he is responsible for leading and managing the sales team and its efforts. Prior to joining VinSolutions in 2008, Chase spent seven years with an automotive group, holding multiple titles from Internet Director to Finance Director to GSM. Chase brings strong leadership qualities combined with a tenacious desire to build efficiency, process and culture within the VinSolutions sales teams.

Connect with Chase Abbott on Linkedin or shoot them a note.

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