This week’s article will build upon last week’s discussion of driver retention in the trucking industry.
Why do drivers leave trucking?
In order to improve driver retention, it is important to understand why drivers leave the industry in the first place. At the Truckload Carriers Association annual meeting, consulting director Megan Younkin gave a number of reasons. As one may guess, money was number one on that list. There are many other reasons, however, why a driver may leave. Among these are lack of communication, poor relationship with managers, lack of time at home, and general poor treatment. She also noted that this list has remained consistent for the last five-six years.
Costs to the Industry
Poor driver retention is also expensive. Experts have estimated the cost of turnover to be more than $11,500 per driver (Freightwaves.) And there are additional costs to carriers associated with retention.
Carriers lose about $1,000 a day per driver as expensive equipment sits idle. They must also pay the cost of inefficiencies associated with bringing new drivers onto the force. Younkin estimates the current retention issues are costing carriers a total of almost $9 billion per year.
The Paradox
The paradox of this whole situation is that the trucking industry offers relatively stable work. Most drivers in the industry have been there for four years or more. The turnover is occurring with younger drivers who may put in a couple years and leave when they find a better opportunity or decide that they are not cut out for the job.
This paradox complicates the common practice of awarding bonuses to new drivers. These bonuses, which average around $7,000, can cause tension between the new drivers and long-term staff members who are not receiving these bonuses. Multiple panelists at the Truckload Carriers Association meeting have noted that the drivers who are most drawn to attractive signing bonuses are the same drivers who are likely to collect their money and flee after a year or two.
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