The American Trucking Associations (ATA) estimates a current shortage of roughly 60,000 truck drivers, with that number expected to potentially reach 160,000 by 2030. And a recent survey found that 40% of truckers are currently seeking new driving opportunities. 
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This data points to two crucial issues in the industry: recruiting and retention.

Trucking companies aren’t just struggling to usher in the next generation of drivers; they’re also struggling to keep the ones they have. 

The ongoing driver shortage and constant turnover make it difficult for logistics companies to not only maintain current operations, but grow and scale for the future. 

Afterall, constantly having to train new drivers isn’t just costly and disruptive—it’s potentially unsafe. (Studies show that a driver with fewer than three years of experience is 47% more likely to cause an accident than a driver with more than three years of experience). 

And when you’re too busy worrying about safety concerns or how you’ll hire and keep enough experienced drivers to complete routes, you don’t have time to focus on business growth. 

In this article we’ll explore three ways to boost recruiting and retention in trucking today. 

1. Offer Better Work-Life Balance

Since the average age of drivers is higher than that of the broader workforce—roughly 57% of drivers are over 45, and 23% are over 55—it pays to consider what will help recruit the next generation into the industry. One potential issue that’s keeping new recruits away are the long hours and the stress that comes with being away from home for weeks on end.  

According to a Commercial Carrier Journal survey, the top three changes that would most influence drivers to change fleet or jobs are greater compensation, more time at home, and more control over routes.

After you’ve addressed compensation, paying attention to the other top two factors is crucial. Allow drivers to select local routes whenever possible, and outline predictable home time, so they have a dependable schedule that allows them to plan for the other parts of their lives. 

Offering this type of autonomy and predictability has the potential to increase job satisfaction and ultimately, driver loyalty.

2. Address Cash Flow Concerns

The life of a driver is often fraught with expenses, from insurance and fuel to constant truck maintenance. Consider what happens if a driver’s truck breaks down in the middle of the night and needs repair—or if they run out of fuel unexpectedly. 

They may end up reaching into their own wallet to cover the cost.

While W-2 and 1099 truck drivers are responsible for different costs, slow payments or delays in payment can still derail their budget. In fact, for an independent truck driver, their expenses can average more than 70% of their gross pay. This means that 70% of what they earn is going right back into expenses for managing their business.  

You need a fast way to pay your drivers; one that works not only for one-off payment emergencies, but for regular jobs completed, too. It’s crucial you find a way to pay drivers right away so they have enough cash flow to cover daily expenses and any unexpected expenses that come up, too.‍

3. Provide Meaningful Benefits

Offering competitive compensation is naturally the best way to attract and retain top talent in any industry. But as we’ve learned, other factors—such as work-life balance—come into play when a driver is choosing where to work. 

It may be time to re-evaluate your benefits package to ensure you’re providing perks that actually improve the lives of your drivers. Consider, if you haven’t already, adding things like:

• Driver Recognition Programs. Recognizing and rewarding drivers for their hard work and contributions can boost morale and loyalty. 
• Student loan repayment and/or driver training reimbursement to offset the costs of training or education.
• Competitive maternity & paternity leave offerings. More and more companies are also offering family benefits such as fertility benefits etc. 
• Paths for regular promotions or pay raises. The next generation of drivers in particular will want to see that there are clear paths for promotions or a way to establish a rewarding career. 
• Expanded healthcare coverage to include mental health services and other wellness resources.
• Flexible payments and financial wellness resources to help them plan their finances.

Offering and promoting these benefits can boost your recruitment efforts and lead to a bigger pipeline of applicants. And because they’re benefits that have a lasting impact, they’ll also lead to increased driver retention down the line.

How Branch Can Help

Providing drivers fast access to their pay—as soon as right after a job is completed—can be a compelling benefit to recruit new hires and maintain existing, veteran drivers. 

Branch partners with companies and carriers every day to make this happen.

By partnering with Branch, you can:

✓ Deliver fast settlements to drivers for a better on-the-road experience. Send bulk or individual payments to drivers at any time—even nights and weekends—at no cost. Funds are immediately available for use. 

✓ Help drivers and owner-operators stop worrying about cash flow concerns so they can reinvest in their businesses and get back to driving without worry.

✓ Build a bigger pipeline of applicants and retain your existing workforce by offering improved cash flow and faster payments. 

Branch integrates with your existing payroll to help you go from long pay cycles to fast payments—helping you recruit and retain more drivers at zero cost.

Want to learn more? Read more about Branch for Trucking and Logistics or click below to talk to a Branch expert.

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