Pub. 1 2019-2020 Issue 4

http://wvcar.com 10 WVADA D ealerships make great multigenerational family businesses. However, new generations regularly enter the workforce before previous generations have retired; as a result, some dealerships may have as many as four different generations work - ing together. Managing them all presents a challenge for even the savviest business owners. At the same time, it’s essential to realize that the workplace has always had multiple genera - tions. What’s new is the increased rate of changes that have been caused by technology, such as the internet. Continued growth requires adapting more quickly now than in the past, but that adaptation is not an impossible task, and other busi - nesses also share it. Now is a good time to consider how to make your multigener - ational dealership stronger in the years to come. Big changes are on the horizon with autonomous vehicles and the new pow- er sources of the expanding hybrid and electric market. Some observers even claim that privately owned dealerships are on their way out, but they’ve claimed that before, and it didn’t happen. The truth is, nobody knows how things are going to play out, but there is always room for success if you understand your strengths and weaknesses and make your plans according - ly. That includes any succession plans you have. Be thinking not just about today but about how power will transition within the company down the road. If you are a family dealership, the most important thing to un - derstand is that each generation has its own perspective, skills and experience to contribute. • If you can create a workplace that embraces those perspec - tives, you can increase collaboration, engagement, and pro - ductivity throughout the business. • If you understand potential conflict points, you can often pre - vent conflict or transform it into something constructive. The two major generations to consider right now are the two with the largest number of members: the baby-boom genera - tion and millennials. • When members of the baby-boom generation started their careers, long hours and a male-dominated workplace were the norms. It was a time of clear expectations and specific deadlines. Companies picked up the cost of dinners and taxi rides to reward employees as they put every available minute into their work. • By the time millennials entered the workforce, times had changed enormously. The atmosphere was more egalitarian and included both men and women. Millennial expectations prioritized work-life balance and flexibility in how and where employees could work. It also included time off for new par - ents of both genders. Improve your management of a diverse workforce by concen - trating on the following specific areas: • Engagement and collaboration • Accountability and trust • The advantage of being diverse Multigenerational Dealerships