Employee retention has always been essential and top-of-mind for dealerships, and executive employees are no exception. As such, many dealers are actively seeking to hire at the executive level and retain those who they cannot afford to lose. Attracting the right talent at this level of the company takes the right amount of incentive; in many cases, this means negotiating with compensation packages.
Compensation can vary depending on the nature of the dealership and the position for which the company is hiring. For some, it may mean providing some type of company ownership. However, for others, it may be alternative forms of compensation for executive employees that do not relinquish ownership of the business. Regardless of varying circumstances, compensation plans should meet employee motivations, contribute to retention and push overall performance. The following are some top considerations for dealerships as they look to develop competitive executive compensation plans to attract top talent.