Dealer Driven - Matt Vollmers and Joe Fleming

Summary

In this episode of Dealer Driven, Matt Wulmer discusses the importance of empowerment and adaptability in the dealership workforce, emphasizing how quick adaptation to changes like online shopping leads to success. He highlights the need for dealerships to understand community dynamics to attract and retain talent. Joe Fleming introduces the NADA dealership workforce study, which offers in-depth insights on compensation, turnover, and benefits. The study's new dashboard tool enables participants to access tailored reports and data for better decision-making, all for free if they submit their payroll and benefits information.

Takeaways

• 😀 The NADA Workforce Study provides the most comprehensive data on dealership workforce trends, including compensation, turnover, retention, benefits, and demographics.
• 😀 Participating in the study helps dealerships gain access to valuable benchmarking data, allowing them to compare themselves against industry peers and trends.
• 😀 The study provides insights into key areas like employee turnover, retention, and the effectiveness of compensation packages, which are crucial for workforce management.
• 😀 Data from the study is broken down regionally and by sales volume, making it more applicable to dealerships across different geographical areas and sizes.
• 😀 The NADA Workforce Study tracks trends over 14 years, offering valuable insights into how the automotive industry’s workforce dynamics have evolved.
• 😀 Dealers who participate in the study receive free access to the online dashboard, which allows them to customize reports and query data across different peer groups and regions.
• 😀 The new dashboard tool offers an easier, more interactive way to access and analyze data, eliminating the need for complex Excel manipulation.
• 😀 By participating in the study, dealerships contribute to a valuable industry resource while gaining access to actionable data without additional costs.
• 😀 The data collected in the study comes from NADA members who submit payroll and benefits information, ensuring that the results are accurate and representative of the industry.
• 😀 Adapting to workforce changes and understanding local community dynamics are key to attracting and retaining employees, as mentioned by Matt Wulmer in the interview.
• 😀 Dealerships that invest in understanding their employees and offer them a sense of ownership and empowerment are more likely to succeed in the competitive automotive industry.

Q & A

What is the main focus of the NADA Dealership Workforce Study?

The NADA Dealership Workforce Study focuses on providing comprehensive data about dealership employees, including compensation, turnover, retention, benefits, demographics, and hiring trends across the automotive industry.

How does the NADA Dealership Workforce Study help dealerships make better decisions?

The study allows dealerships to make data-driven decisions, focusing on understanding market trends, employee compensation, and retention strategies to better serve their communities and attract top talent.

Why is it important for dealerships to understand their community when making hiring decisions?

Understanding the dynamics of the community helps dealerships meet the needs of local employees and customers. A deep understanding of the workforce trends ensures the dealership can attract and retain talent effectively.

What is the significance of the sense of ownership mentioned in the discussion?

The sense of ownership and empowerment among employees is critical because it fosters a connection to the company. When employees feel they have a stake in the dealership's success, they are more likely to stay long-term and perform well.

How does the NADA workforce study benefit dealerships in terms of retention?

By analyzing data on turnover and retention, the study helps dealerships identify areas where they can improve employee satisfaction, develop better benefits packages, and adjust compensation to reduce employee turnover.

How does the new dashboard improve the accessibility of the workforce study data?

The new dashboard allows dealerships to easily access and interact with their data anytime and anywhere. It enables users to compare their data against regional, state, or brand-specific benchmarks, making it easier to analyze and make informed decisions.

What kind of data does the NADA Dealership Workforce Study collect?

The study collects data on employee compensation, benefits, turnover, retention, demographics, and work schedules. It also includes extensive regional and brand-specific breakdowns and trends over a 14-year period.

What is the cost for NADA members to access the full report?

For NADA members who participate in the study, the report and all associated tools, including the new dashboard, are provided for free. For non-participants, the full report costs $599.

How can dealerships access the new online dashboard?

Dealerships can access the new online dashboard by participating in the workforce study. It is available for one year to participants who submit payroll and benefits data.

Why is it essential for dealerships to participate in the workforce study?

Participation in the study ensures dealerships receive valuable, data-driven insights into their workforce and benefits. It also provides free access to the dashboard, comprehensive reports, and custom comparison tools that can aid in recruitment and retention strategies.