The freight industry has experienced a massive pendulum swing this year, beginning with an all-time high of 471,000 drivers in February 2020, to an eight-year low of 440,000 drivers by October 2020. The drop in the number of drivers is a product of the COVID-19 pandemic and its associated economic effects. Among these effects was a decrease in new drivers graduating from training schools due to reduced enrollment capacity. Carriers have enough trucks to support the amount of freight needed to be transported across the country, however, driver retention and recruitment remain major issues as 2020 comes to an end.
Carriers often resort to increased pay to recruit and retain drivers. While pay increases does serve to benefit drivers and remaining competitive in this area is undoubtedly important to carriers, research shows that despite driver pay steadily increasing in 2019 and 2020, the number of drivers has continued to decrease.
Carriers can set themselves apart by adjusting to meet the expectations of the new generation of drivers and advertising the unique benefits of the freight industry.
The life of a truck driver often lacks consistency and predictability. By adjusting their business model, scheduling processes, and pay schedules, carriers can provide a more stable and predictable job for their drivers. Some carriers have begun moving away from a strict pay-per-mile model, favoring pay-per-hour or minimum-guaranteed-pay schedules. While these wide-sweeping business changes may be difficult, finding ways to provide stability such as guarantee time at home, minimum pay, or other benefits can assist a carrier in appealing to drivers. Carriers can set themselves apart from competitors in recruiting and retaining drivers by offering unique benefits that allow drivers to budget their time and provide for a more stable home life.
Investments in new software, new trucks, and new trailers can be expensive and it can take significant time to implement these major changes. However, by thinking creatively about pay and benefits, carriers can appeal to drivers by providing job stability and consistency.
If you are a carrier interested in making your trucking business and recruitment more efficient, contact the attorneys at Rock Fusco & Connelly, LLC.