Smarter compensation solutions for auto companies

Today’s business environments – with rapidly changing employee behavior, unprecedented resignations and evolving socio-economic conditions – have rendered traditional recruiting and retention methods ineffective.

Many companies are competing for the same pool of candidates, leading to increased competition and difficulty securing workers - especially for dealerships and automotive companies that often require skilled labor.

It’s time for an innovative approach to recruiting, engagement, and retention.

High Turnover

A survey conducted by Deloitte found that 71% of automotive executives identified attracting and retaining skilled talent as their top business challenge.

The same survey reported that turnover rates among skilled automotive manufacturing workers averaged around 4.4% in 2020.

Upskilling Need

A survey by the World Economic Forum highlighted that by 2025, 85 million jobs may be displaced globally due to automation and artificial intelligence.

The auto industry is facing a shortage of skilled labor, a need for talent retention, and adaptation to changing skill requirements.

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Labor Shortage

According to a study by the Center for Automotive Research (CAR), the U.S. automotive industry is projected to face a shortage of approximately 46,000 automotive technicians by 2026.

The same study estimated that the industry will need to fill around 25,000 engineering positions by 2026, but the availability of qualified engineering talent is expected to fall short.