{"id":1978,"date":"2019-01-21T18:06:01","date_gmt":"2019-01-21T18:06:01","guid":{"rendered":"https:\/\/quicktransportsolutions.com\/blog\/?p=1978"},"modified":"2019-01-21T18:06:03","modified_gmt":"2019-01-21T18:06:03","slug":"how-effective-incentive-programs-drive-trucking-companies","status":"publish","type":"post","link":"https:\/\/quicktransportsolutions.com\/blog\/how-effective-incentive-programs-drive-trucking-companies\/","title":{"rendered":"How Effective Incentive Programs Drive Trucking Companies"},"content":{"rendered":"\n

Trucking companies have a big job to do: Recruiting new truck drivers. Recruiting and retaining top talent is the number one mission of many a fleet manager. With compensation and job prospects rising, trucking companies find themselves working with a smaller and smaller talent pool by the day. As a result of this tightness in availability, fleets must look at innovative new ways to attract and retain employees.<\/p>\n\n\n\n

<\/p>\n\n\n\n

[wp_ad_camp_2] <\/p>\n\n\n\n

<\/p>\n\n\n\n

It is important to note the important axiom, \u201cIf something cannot go on forever, it won\u2019t.\u201d With the real decline in truck driver wages having gone on for over 40 years, by some counts, at some point the downtrend must reverse. With truck drivers who came on 30 or 40 years ago now facing retirement, the recruitment and retention of the current pool becomes that much more important. This is the task now facing fleet managers.<\/p>\n\n\n\n

The fact is, in a very short time, the world of truck driver\npay has done a complete 180-degree turn. The downward trend of the past 40\nyears has begun a major reversal. The question now is will this be permanent or\nis it a more short-term phenomenon necessitated by the current environment?\nWill another downturn result in a downturn for real compensation for truck\ndrivers or are these pay rates here to stay?<\/p>\n\n\n\n

The fact is, the pay changes the trucking industry has experienced in the past five years has been unprecedented and substantially outside the parameters of normal increases. Trucking companies<\/a> are now taking out a leadership position in truck driver pay. By increasing overall pay and benefits, operators are getting the compensation they truly deserve, and everyone benefits.<\/p>\n\n\n\n

Even in 2018, the numbers have been striking. From January\nto June of 2018, a huge number of fleets saw their pay and benefits packages\nrise on average of 6.75 percent. The industry now sees categories of strong\npayers and very strong payers. Even small- and medium-sized fleets have been\ngetting in on the action. They understand that for them to remain competitive,\nthey must up their game as well. <\/p>\n\n\n\n

Sign-on Bonuses\nSpread<\/strong><\/p>\n\n\n\n

Another big industry development has been the rapid spread\nof sign-on bonuses. While sign-on bonuses are not a retention tool, they serve\na vital function. They exist to bring new employees into the truck driver pool.\nYet, even though they are not explicitly a retention tool, their existence\npredicates the need for strong retention plans. They must be set up well enough\nthat they counter any other offers that a potential new entrant may have on the\ntable as they shop around. <\/p>\n\n\n\n

Sign-on bonuses remain in wide use and are spreading to\nother sectors of the truckload spectrum. One of the widest uses of sign-on\nbonuses remains the team truck driver segment. Advertised sign-on bonuses in\nsome segments can be as high as $30,000, a truly staggering number. In fact,\nthe percentage of companies offering sign-on bonuses breaks down in the\nfollowing way:<\/p>\n\n\n\n