I recently read a Wall Street Journal report about the job market cooling for people with college degrees, particularly those new to the workforce.
The report cited data from payroll technology provider ADP that show openings requiring a bachelor’s degree fell below 2019 levels this year, and even more so for entry-level roles because many established workers are hanging onto their current jobs. It said companies are revisiting their hiring plans after the surge of pandemic-era staffing additions.
The news joins other recent post-pandemic developments, including more auto loan delinquencies, particularly among those same youngest borrowers, and the rising number of new-vehicle purchasers who are upside down on the loans for their trade-ins.
Those complications are compounded by still-high interest rates and elevated vehicle prices, though the latter are down from their peak and the Federal Reserve was expected to start lowering interest rates this year, maybe even this quarter.
As we land from the pandemic period altitudes, we sometimes find painful realities on the ground. But we should remember that the heights were particularly unusual, so normalization must be kept in perspective.
Meanwhile, it can help to focus on the things we can control instead of a broader market that sometimes feels outside any mortal’s command, including the Fed.
A few basic business areas come immediately to mind:
Training
If your dealership has put continuing staff education on the back burner due to busy sales, turnover or something else, move it back to the front burner, building it into onboarding and ongoing staff development so it’s automatic instead of something that’s easily forgotten.
Marketing
Maybe your store or auto group hasn’t revisited its marketing strategy in a few years. Consumer habits, marketing technology and other factors have changed so much in the past few years that it would likely make sense to update your approach, maybe even hire a consultant to plan a brand refresh.
Hiring
With industrywide high turnover in dealership, it could pay to talk with some dealers who’ve found the secrets to finding and keeping the best talent in the field. Look for those who’ve won awards and otherwise built reputations for being favored employers with long-serving staffs and ask them for an informational interview – most people are humbled and gratified by such a request.
These are just a few categories to get your mind churning. You may recognize others as you read this that would best fit your business situation. Either way, it’s a good time to get the engine in tip-top shape for a little trickier drive.
