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Psychology of Refusal to Evolve with Bryan Pollock [E107] - Diagnosing the Aftermarket A to Z

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"We're going to talk about loss aversion, which risk aversion is essentially you don't want to risk anything, right? You don't like uncertainty, and you're willing to lose out big due to uncertainty and miscalculation. Loss aversion is when human beings really are essentially wired to dislike the loss of anything more than they like the gain of anything. It's more painful to lose something than gain it in the first place."

"The tech's been working there for like a decade, so they have ten years invested. And their sunk cost fallacy is I have all this time invested here; I can't leave."

Matt Fanslow and Bryan Pollock discuss the increasing role of technology in auto repair, the importance of following manufacturer guidelines, the need for a dedicated technology specialist, and the psychological aspects of decision-making in the industry, touching on loss aversion and the sunk cost fallacy.

Thanks to our Partner, NAPA Autotech napaautotech.com

Email Matt: [email protected]

Diagnosing the Aftermarket A - Z YouTube Channel HERE

Aftermarket Radio Network: https://aftermarketradionetwork.com/

 

Click to go to the Podcast on Remarkable Results Radio

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  • Have you checked out Joe's Latest Blog?

    • Joe Marconi
      The Toolbox is Last to Leave, First is the Heart
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      It always amazes me when I hear about a technician who quits one repair shop to go work at another shop for less money. I know you have heard of this too, and you’ve probably asked yourself, “Can this be true? And Why?” The answer rests within the culture of the company. More specifically, the boss, manager, or a toxic work environment literally pushed the technician out the door.
      While money and benefits tend to attract people to a company, it won’t keep them there. When a technician begins to look over the fence for greener grass, that is usually a sign that something is wrong within the workplace. It also means that his or her heart is probably already gone. If the issue is not resolved, no amount of money will keep that technician for the long term. The heart is always the first to leave. The last thing that leaves is the technician’s toolbox.
      Shop owners: Focus more on employee retention than acquisition. This is not to say that you should not be constantly recruiting. You should. What it does means is that once you hire someone, your job isn’t over, that’s when it begins. Get to know your technicians. Build strong relationships. Have frequent one-on-ones. Engage in meaningful conversation. Find what truly motivates your technicians. You may be surprised that while money is a motivator, it’s usually not the prime motivator.
      One last thing; the cost of technician turnover can be financially devastating. It also affects shop morale. Do all you can to create a workplace where technicians feel they are respected, recognized, and know that their work contributes to the overall success of the company. This will lead to improved morale and team spirit. Remember, when you see a technician’s toolbox rolling out of the bay on its way to another shop, the heart was most likely gone long before that.

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