Nurturing Sustainability in the Evolving Car Business

The Business Cycle: Embracing Change and Managing Talent

In today’s fast-paced car business, it’s essential to mitigate the downside of the next business cycle and address the pressing challenges of recruiting and retaining talented employees. George Karolis from The Presidio Group offers valuable insights into the discussion, emphasizing that the good times are not always here to stay. He understands the inevitable dips and valleys businesses face, especially in talent acquisition and retention, which has emerged as a significant challenge in today’s competitive market. In Karolis’s words, “It’s one of the struggles today,” and businesses need to take proactive steps to address this issue to remain competitive and successful in the long run.

Rethinking Pay Plans: Striking a Balance for Long-Term Success

One significant issue raised by Karolis is the need for dealers to adapt their pay plans to the changing landscape. He points out that some dealers have allowed bad practices to creep in during the last couple of years, resulting in employees making more money than ever before. Karolis emphasizes the importance of education and cultural awareness within the dealership, ensuring employees are prepared for potential changes and encouraged to save for the future. He states, “Let’s make sure we’re prepared for the future as things change. So may your pay.”

Going Beyond Monetary Considerations: Fostering a Supportive and Stable Environment

Karolis highlights the significance of fostering an environment that goes beyond monetary considerations. He emphasizes the need to create a stable path for employees, where their future is assured and their families are provided for. Karolis believes fostering stability and support within the business is vital for long-term success. He states, “It’s fostering that environment that’s not just about money, but also that there’s a future path that is a stable path for employees.”

Preparing for the Future: Education, Cultural Awareness, and Stability

As the business landscape continues to evolve, it is imperative for dealers to proactively address the challenges of talent acquisition and retention. By embracing a forward-thinking approach and reevaluating pay plans, dealers can ensure long-term stability. Moreover, by prioritizing education and cultural awareness, dealers can empower their employees to navigate the ups and downs of the business cycle with confidence. Ultimately, the combination of financial prudence, supportive environments, and opportunities for personal growth will propel the business to thrive in the face of uncertainty.

Looking Ahead: A Resilient Workforce for a Thriving Future

As the industry prepares for the next business cycle, the insights shared by George Karolis shed light on the strategies needed to mitigate challenges and cultivate a resilient workforce. By fostering a culture of adaptability, equipping employees with the necessary tools, and prioritizing stability and support, dealers can create an environment that attracts top talent and retains them for the long haul. With a proactive approach and a commitment to continuous improvement, dealers can navigate the complexities of the future and emerge stronger than ever.

This conversation is a part of the discussion focused on Succession Planning and Strategic Considerations in Automotive Retail with Jason Stein from Flat Six Media, George Karolis of The Presidio Group, and Champ Rawls, a Succession Planner with The Rawls Group.

Management’s capacity to work together and unite towards a common purpose, vision, and goals impacts an organization’s resources. Teamwork is not a natural behavior, but it can be taught and can result in a high-performing culture.

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