David Farabaugh: Fixing The One Million-Dollar Retention Problem

David Farabaugh is the Vice President of Strategic Opportunities at Quantum5.👉 Register for the upcoming Fixed Ops Roundtable EventWhat we discuss in this episode:David Farabaugh, a seasoned professional with a passion for data and industry insights, shares his wealth of knowledge accumulated over a lifetime in the automotive business. As the VP of Strategic Opportunities at Quantum5, he brings a unique perspective to the challenges faced by dealerships today.1. Fixing the 1 Million Retention Problem:Unveiling the staggering cost of employee turnover and its impact on dealership profit margins.The rich data repository at Quantum5 and how it transforms into actionable insights.2. Hiring for Retention:Why the hiring process needs a slow, deliberate approach.The power of personality assessments and panel interviews in finding the right fit.3. Communication:Adapting communication styles for the diverse workforce of today.The critical importance of intentional and frequent interactions for leadership presence.4. Schedules and Compensation (DARE Model):The evolution of work schedules in attracting and retaining the Gen Z workforce.The success stories of dealerships adopting a four-day work week.5. Onboarding and Career Planning:Unveiling the missing link in dealership processes: robust onboarding and career planning.The role of employee feedback through surveys and its impact on dealership culture.Bonus Tip: NADA Workforce Study Participation:Why every dealership should participate in the annual NADA Workforce Study for invaluable insights.How this study can elevate your dealership's competitive edge and workforce strategies.Join us in this eye-opening episode as we unravel the mysteries of employee retention, decode dealership success, and pave the way for a future where both employees and customers thrive.For more information on Quantum5 and the groundbreaking work they're doing, visit quantum5.ai.Listen to the episode featuring David Farabaugh for even more insights!Enjoying The Fixed Ops Roundtable Podcast? Please leave a rating and review 👇Apple: https://podcasts.apple.com/us/podcast/fixed-ops-roundtable/id1608656237Spotify: https://open.spotify.com/show/15HHYoyvCo1PSFwYn02UXYThanks, David FarabaughConnect with Ted Ings and the Fixed Ops Roundtable:Register for the next Fixed Ops Roundtable EventTed Ings on LinkedInCenter for Performance Improvement