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All Ears podcast | Does your dealership have a talent management strategy?

Sponsored Content From Ally
This content was paid for by an advertiser and produced by the Automotive News Content Studio.
March 21, 2023 08:00 AM
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    Automotive News Special Reports · All Ears podcast | Does your dealership have a talent management strategy?

    Dealership turnover reached a 10-year low last year, according to NADA – but as inventory shortages ease, the turnover rate is expected to rise. What can dealerships do to engage and retain key top talent and high performers?


    Advertisement: It's time to take your dealership from 0 to 100. From dedicated underwriter and account executive teams to comprehensive training courses, Ally has the resources needed to help you take your business to the next level. Contact your local account executive today.

    Emma Hancock: Hi everyone. Welcome back to the All Ears podcast. I'm Emma Hancock, host and strategist at Automotive News. This podcast is sponsored by Ally Financial and produced by the Automotive News Content Studio. In each episode, we explore topics that are important to leaders in automotive retailing. Our guests include experts in their field from Ally, plus dealers from around the country, and we cover tips and explore insights that can help dealerships successfully navigate the transformational changes taking place in our industry. So on that note, let's get into our topic for today. We're going to be talking about effective talent management strategies. We'll be discussing ways to help dealerships retain and engage their top talent and high performers. According to NADA, dealership turnover reached a ten year low last year. [Source: https://www.autonews.com/retail/car-dealership-jobs-pay-above-100000-average-study-shows] But as inventory shortages ease, the turnover rate is expected to rise. Our guest today is Julie Becker-Myers, Director, Auto Learning and Development at Ally Financial. Welcome, Julie. Thanks for being here.

    Julie Becker-Myers: Thanks for having me.

    Emma Hancock: It's great to have you here. So, Julie, let's start with the basics. Why is it so important for a dealership to have a holistic strategy for managing and retaining their talent?

    Julie Becker-Myers: So think about our most recent drive around town. How many businesses did we pass with "help wanted" signs out front? That is realistically the market all dealers are facing when trying to capture top talent. So keeping our current talent and attracting new talented talent is going to be equally important as we focus on areas that allow us to grow and attract talent as we have retirements in our industry.

    Emma Hancock: So if a dealership wants to begin implementing a holistic strategy for retaining top talent, what might they look at first? Where might they start?

    Julie Becker-Myers: The best place to start is your current staff. Take care of the staff that you have. Think about the programs you have. Do you have an org chart? Do you have job descriptions that actually clearly state what the expectations of those roles in those individuals are? And do they include what skills are required for those roles? If you don't, that's the first step in this process. Once you have those in place, then you need to get the management team in place and really develop plans where people can develop a career, not just a job at your dealership. When we think about dealers, we really want them to think of their staff as a moldable item where they can grow, and keep them within their walls and make them successful -- but also, in turn, making the dealership successful.

    Emma Hancock: I love that. You know, start with the staff that you already have. Don't wait until that hiring process -- which segways perfectly into my next question. We've talked about retaining existing employees. What are some ways dealerships can apply these strategies, beginning with the initial hiring process?

    Julie Becker-Myers: I think we need to change the narrative on what we've been expecting in the automotive industry when trying to recruit individuals. We have to be creative, right? Things that have worked in the past aren't necessarily going to work today. The market has changed. Individuals needs, requirements have changed. If you focus on the individual development of your staff and growing them within your dealership, then you actually have individuals that are working towards your success and they're going to help grow others in within your dealership. Think about how important mentoring individuals giving them career path can help them feel not only as part of the team, but allows you to stretch your own goals and allows for additional growth.

    Emma Hancock: I love what you're saying because it's really about how retaining top talent is more important now than ever. You know, we could have talked about this for the last ten years, but in 2023, this is the year when it's going to become paramount. You've covered so many valuable tips, Julie: The benefits of having a holistic strategy, how to get started, even how to get started earlier in the hiring process. I love that, "Don't wait." Thank you so much for your great insights today.

    Julie Becker-Myers: Thank you so much for having me.

    Emma Hancock: And you know what? That is it for this episode of the All Ears podcast. I hope everyone found this helpful. I certainly did. On behalf of Ally Financial and the Automotive News Content Studio. Thanks for listening and bye for now.

    Advertisement: Want to run laps around your previous business goals? Ally has the resources and tools to help your dealership succeed, with dedicated underwriter and account executive teams, customized happiness solutions and comprehensive training courses. Ally can help your business crush every lap. Ready to get started? Contact your local Ally Account executive today.

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        • Capgemini: Unlocking the next turn in the mobility roadmap
        • Capital One Auto: Auto dealers are here to stay. Here’s the next step in their evolution
        • Capital One Auto: The future of car buying
        • Champ: The history of titling and the cost of human error
        • Concentrix: How can customer data drive a better automotive CX?
        • Cox: Automation and the future of automotive retail
        • Cox: Boost sales and profit by adopting tactics of forward-thinking dealers
        • Cox: Transformation toward eCommerce in automotive retailing
        • Cox: Transforming F&I for Automotive eCommerce
        • Deloitte: ACCELERATING DIVERSITY, EQUITY AND INCLUSION
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        • Easycare: The importance of benchmarking your reinsurance performance
        • Effectv: Why “Customer Lifetime Value” Should Be the Auto Advertising Buzz Word for 2023
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        • Experian: Evolving identity beyond the “who” to enable the “how”
        • Experian: Three steps to adapting to constant change in automotive marketing
        • HAIG: BUY-SELL Q&A | Valuing dealerships In uncertain times
        • Haig Partners: Buy-Sell Q&A: Where the Automotive M&A Market is heading
        • Haig: Buy-Sell Q&A | Advisors add value to sales process
        • Haig: Buy-Sell Q&A | Navigating partial dealership sales
        • Haig: Buy-Sell Q&A | growth drives value
        • Haig: Buy-Sell Q&A: Future-proofing your dealership
        • Haig: Buy-Sell Q&A: What is the value of an M&A advisor?
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        • Kerrigan Advisors: Interview with Keyes Motors
        • LUXOFT: How are software-defined vehicles disrupting the automotive industry?
        • NEXTEER AUTOMOTIVE AND ETAS INC: Software-defined vehicles will transform auto industry
        • OEC: How to understand what customers are saying when they’re not saying it
        • PACE: Electrification Technology: Once the supply chain gets over the shock, EVs offer opportunities
        • Pace Program Navigating advanced driver-assistance systems
        • Phone Ninjas: 5 Reasons you need to use phone scripts for your dealership
        • REYNOLDS & REYNOLDS: Creating great retail customer experiences
        • REYNOLDS AND REYNOLDS: Are you ready for the FTC Safeguard Rule changes? Take this quiz to find out
        • Rey and Rey: Automation and the future of automotive retail
        • Route One: Trends in vehicle buyer expectations
        • Routeone: The benefits of robust dealership reporting tools
        • Siemens: The impact of vehicle electrification and connectivity on electrical system design
        • Spectrum Reach: Playing to win: How automotive dealers can capitalize on sports marketing
        • Spectrum Reach: Use data and the power of multiscreen TV to drive more traffic
        • Swiss Re: Insurers and car manufacturers: how to unlock the potential of true collaboration
        • Text2Drive: Digital retailing meets the service department
        • Trimble: The future of autonomous vehicles speeds ahead
        • Truist: Capitalize on the changing structure of auto retailing
        • Truist: Prepare now for the next era of automotive retailing
        • URBAN SCIENCE: Parts & Service: Building the Service Operation of the Future
        • Urban Science: Promoting dealer-consumer alignment across continued industry evolution
        • Walbridge: Video | Walbridge Chairman on how automotive companies are navigating the electrification boom
        • Western Digital: To Meet Consumer Demand, Automakers Must Double Down on Agile Development
        • Wipro: How to address safety and security for software-defined vehicles
        • Wipro: How today’s tech decisions drive tomorrow’s sales
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