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Jared Hamilton
From: Jared Hamilton
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Jody DeVere

Jody DeVere CEO

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Why It is So Important To Attract Hire and Retain Women Employees at Dealerships

Are you making the hiring decisions that will mean positive impact on your bottom line at your dealership? For many of us, hiring women is about maintaining diversity, and putting forward an atmosphere of friendliness and trustworthiness, particularly to women customers – who, as we all know, account for 85% of all purchase decisions. It turns out hiring women is about a whole lot more than appearances – recent studies have shown that companies who hire and attract women employees are quantifiable more successful than companies who do not! Now, since dealers and GMs usually have more important things to do than read academic research papers on the economics of hiring women, this news hasn't really spread much among dealers. So, allow me to save you the laborious reading and give you the highlights of some recent, and very important, research pertaining to the quantifiable benefits of hiring women employees.

In a new paper, The Case for Investing in Women, The Anita Borg Institute (ABI) contains some very impressive research on women in business, from organizations like McKinsey & Company, Catalyst, Columbia University, and the London School of business. Check out the highlights:

  • Fortune 500 companies with at least three female directors have seen their return on invested capital increase by at least 66%, return on sales increase by 42%, and return on equity increase by at least 53%. 
  • In a study by Dezsö and Ross of 1,500 U.S. firms in the S&P, female representation in top management improved financial performance for organizations where innovation is a key piece of the business strategy. 
  • A study from professor Anita Woolley, an economist at Carnegie Mellon, revealed that teams with at least one female member have a higher collective IQ than all-male teams.
  • Gallup has found that companies with more diverse teams (including more women) have a 22% lower turnover rate.

 

So dealers, here's your bottom line: teams that include women breed better outcomes, and that's true for any business, not just auto dealers. Women are also better for innovation. Consider this: when you put together a team of employees, if you assemble six people with the same life experience, you'll have a rather steady, but largely unchanging, business-as-usual. With a more diverse team, there's more opportunity for new ideas, more perspectives, and a wider variety of opinions – and that means a higher chance for new ideas and innovation! 

With so much evidence that hiring and retaining women at all levels of responsibility in any kind of business, it seems like a no-brainer that hiring more women at your auto dealership will mean better sales results, better employee retention, new ideas, growth, and better customer service for your business. So, while we still think that hiring women makes your auto dealership more attractive to women customers and creates a culture of female friendliness, these recent pieces of research show that the real value in hiring and retaining women go far beyond appearances.

Join me at the Women in Automotive Conference August 18-20th in Orlando to learn more about attracting, hiring, retaining and developing women leaders. To register go to www.womeninautomotive.com.

Geoff Yeager
We continue to build a diverse team, and women are always part of the plan. As we continue to provide opportunities and are able to show long term success, the retail automotive industry will attract even more quality individuals. Currently we have 5 women in key managerial positions, and could not imagine it any other way. The future is now !!
Janis Showers
In my experiience its often not that dealerships dont want to hire more women, but they are unwilling to make essential allowances to accommodate women on the front lines of the sales department.
Sheri Hudspeth
Great Article Jody! @janis - What do you mean by essential allowances to accommodate women?
Jody DeVere
Thank you for the great comments! This is a topic that will be discussed at length on how to attract, hire, retain and build women leaders, at the www.womeninautomotive.com conference in Orlando in August.
Sheri Hudspeth
@jody I wish i could attend!

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