According to the National Automobile Dealers Assn.’s 2016 Workforce study, virtually all U.S. dealerships offered standard employee benefits across these three specific perks:
Health Insurance. For the last three years, 99% of surveyed dealerships offered employee health-insurance plans. Of these, 96% offered employee plus family plans. Ninety two percent of dealerships surveyed also offered employee family dental plans in 2015.
Paid Time Off. Vacation and sick time are standard benefits all full-time retail automotive employees now can expect: 100% of U.S. dealerships offered those to employees last year, up from 96% in 2013.
Retirement Planning. Ninety seven percent of dealerships offered 401(k) retirement plans to full-time employees. To incentivize employees to participate, a majority of dealerships matched 1% or 2% of total employee compensation. Nearly half of the dealerships who matched contributions also had no cap on the total annual contribution.
Although these are the only standard three perks across the industry, there are factors currently at play that will significantly shape the landscape in the immediate future.
The Rise of Millennials. They are bringing about a major change in the automotive industry and its standard for benefits. Read the full article here.
By Adam Robinson, WardsAuto.com