Investing in Your Employees

Your employees are the lifeblood of your business and finding the right team members for your dealership isn’t always easy. On top of that, according to Human Resources Today, turnover can cost your dealership anywhere from 16% to 213% of your past employee’s salary. That’s why it’s increasingly important to let your employees know you value their work by investing in them both personally and professionally. We’ll dive into four different ways you can strategically nurture your employee relationships to avoid turnover and increase overall productivity and success in the workplace.

Increase Training - Onboard training is pretty standard - but are you offering additional training to current team members? It’s important to continually provide opportunities for training and educational workshops to show employees that you value their current expertise and want to help them grow and expand their skill set. There are always new and improved techniques to try - especially in the sales world - and the more you equip your employees with the latest and greatest, the more they can help your dealership thrive. We’d recommend hosting the trainings specific to your dealership yourself, but then leveraging an online solution for more general training. There are even some free options - like these from RAIN Group. No matter how you choose to source this information - we’d suggest developing a library that your reps can reference as needed, in addition to continually adding new programming for them to leverage.

Invest in Technology and Tools - Help your employees help you by offering them the tools and technology they need to better do their jobs. According to the Staples Business Advantage Workplace Index, “3 out of 4 respondents say their employers don’t give them access to the latest technology to do their job efficiently.” When employees are not equipped with proper technology and tools, they can become discouraged and unmotivated to do their best work. Not sure what your employees might need? Start an honest and open conversation. It will help you in the future - trust us. A few top resources that we recommend would be:

• Tableau makes it easy for your sales team to see and understand your dealership’s data by automatically turning numbers into visual charts and graphs.
• Wistia gives you the power to record your webcam or screen so you can conduct an online demo or record an online presentation to share with your team.
• FullStory gives you a better understanding of what potential buyers are doing on your site by recording every visitor’s session on your website.

Encourage and Allow Feedback - Feedback, both good and bad, can help make a business stronger in the long run. That’s why it’s crucial to give your employees the opportunity to make their voices heard. This could be in the form of an anonymous survey or an open forum at a dealership meeting - though you will most likely get the most honest feedback if you let the employee maintain their anonymity. No matter how you receive the feedback, avoid getting defensive when suggestions or issues come in and be sure to hear your employees out fully before responding. By eliciting feedback, you’re giving your team members the opportunity to share their feelings, shed light on problems, and make the workplace better all around. We recommend doing these surveys on a quarterly basis so you are keeping a pulse on morale throughout the year. These don’t need to be extensive surveys - just enough to let your employees know you care about their experience with your company.

There’s No I in Team - It’s easy to have a lone wolf mentality when working in sales. But it’s still crucial to make sure your employees feel like a team and that’s why giving your employees the opportunity to come together is so important. A study by the Kenexa Research Institute found that companies with highly engaged employees achieve twice the net annual income of companies whose employees aren’t engaged. Team building activities are so important to businesses - both large and small. They help to engage and retain employees by improving communication and encouraging collaboration. Host a happy hour, set up a scavenger hunt, or participate in a community service project as a team - the opportunities are endless - and keep in mind, you don’t have to do something overly extravagant. No matter what you choose your employees will appreciate your efforts.

We hope these tips have encouraged you to find new ways to invest in your employees. After all, they are the ones who have helped make your dealership what it is today. If you’re looking for more employee-focused tips, check out our previous blog covering the importance of Employee Appreciation. Do you have any tried and true methods of investing in your employees? Let us know your suggestions in the comments below.