Your business spends time and money training new drivers to become the valuable personnel you need. Keeping those experienced drivers on board will help you maintain high productivity and reduce hiring expenses. An investment in driver retention is an investment in your business’s sustained success.
Importance of Driver Recruitment and Retention Strategies
Recent reports show a driver retention epidemic in the trucking industry — turnover rates reached as high as 91% in 2019.
Losing experienced employees hurts businesses across industries, including trucking companies. One lost driver can cost a trucking company $6,000 to $12,000.
Companies that retain experienced drivers save money while maintaining and boosting productivity. These drivers are also more familiar with safety practices that prevent injury and product loss. The drivers who got your business where it is today are the ones who will help you grow in the future.
Cultivating Team Spirit — Morale-Boosting Initiatives on the Road
Drivers are at their best when they feel their employer considers their best interests. Consider the physical and emotional working conditions for truck drivers — improving retention rates starts with the company’s environment.
Your company culture encompasses how your business handles internal affairs. It comprises everything from the way you structure roles to how management interacts with employees. In the right culture, drivers’ goals and values align with the company’s.
Some of the most essential elements to consider when forging your company culture are:
- Competitive wages
- Timely payments
- Career education and advancement opportunities
- Driver feedback channels
- Competitive sick and vacation pay
The Role of Prompt Compensation in Driver Retention
In the trucking industry, there is often a delay between the completion of a delivery and when your business receives payment. This delay compromises driver satisfaction by making it more difficult for your business to pay employees on time.
Uncertain pay causes drivers significant mental stress and financial hardship. It can also strain the trust between the employee and the employer. There is a direct relationship between your drivers’ economic well-being and their willingness to remain with your company.
FactorLoads’ Pivotal Position in Guaranteeing Swift Payments
FactorLoad is committed to resolving payment delays to keep drivers feeling content and retention rates on the rise. We offer factoring programs that expedite your time to revenue so that you can meet driver payment dates more easily. Our factoring services have made a difference for numerous small businesses and owner-operators.
Learn More About the Advantages of Factoring
Partnering with FactorLoad will improve your operations while contributing to employee retention. We encourage you to contact us online for more on our freight factoring services.