The driver shortage impacting the trucking industry is expected to continue in 2025. According to the U.S. Bureau of Labor Statistics, there were more than 240,000 heavy and tractor-trailer driving jobs in 2023. The need increases by an average of 5% each year. It’s worse for delivery truck drivers. The job growth outlook is 9% each year, and there are almost 184,000 positions to fill each year.
Job growth and the need for new drivers are part of the problem. Other issues are that the average driver’s age is nearing 50 and heading quickly towards retirement, which occurs around the age of 62. Of all professional truck drivers, 84.3% are male. If a woman takes a job as a driver, it’s common for that woman to only get about 90% of what her male counterpart makes.
When you consider the average age of drivers, the time a driver spends away from home, and wages, finding skilled, dedicated drivers is challenging. You need to make sure you offer a competitive wage for everyone and benefits that make a difference. This means investing in your drivers and equipment which you can do with the help of Saint John Capital.
Tips for Drawing Drivers to Your Job Openings
You need drivers. After the time it takes to put up job ads, interview drivers, run background checks, and complete onboarding, they quickly leave for a competitor. It’s frustrating, but it’s also time to learn what the others are offering that you don’t. Adjust your benefits packages and wages to be competitive. You might not be able to match the wages, but you can add benefits that the others don’t.
When you have a competitive benefits package, you draw top talent. These are the things drivers want that many companies overlook.
Company on Long Hauls
Driving to the other side of the country or several states away can be lonely. Many workers jump at the chance to work for a trucking company that allows them to bring a pet along for the ride or a friend or family member.
Draw plenty of applicants with the promise that if they’re driving for days, they can have their spouse or partner with them. They don’t have to make the trip alone.
Daily Pay
Most workers get paid every week or two. Some workers wait an entire month, and it’s hard to keep up with sudden emergency expenses when you don’t get paid for weeks. Offer the option to get paid daily or take out a cash advance against their upcoming paycheck.
Flexible Schedules
Working 9 to 5 is optimal for some, but many truck drivers long to have the freedom to work specific hours. You might have a driver who wants to be home every day by 2 p.m. to meet a child’s school bus. Another driver is a night owl and sleeps best during the day, so overnight hours are ideal. Give your new drivers that freedom.
Free CDL
Offer to pay for CDL training and licensing to draw new drivers to your company. If the training is free, it’s appealing to a new graduate or person looking to change careers. If you’re worried about them leaving right after getting their commercial driver’s license, feel free to add a clause that they must stay with your company for a certain number of years or they are legally required to repay you for the tuition and licensing fees.
When it’s time for renewal, pay for renewals, too. If they need a day off to go to the DMV for a new photo or to provide additional paperwork, allow it as a paid day off.
Gym Memberships
Have you considered offering free gym memberships to your drivers? Choose a national chain where they can go work out on their days off or during a mandated driving break. It helps your drivers stay in shape and avoid some of the chronic health conditions that plague truck drivers.
Life Insurance
Truck drivers have higher rates of diabetes, heart disease, high blood pressure, and obesity. The job is stressful and involves long periods of sitting down. Plus, meal breaks tend to be fast and rely on meals they can find at a truck stop or gas station. Life insurance is a must-have due to the risks, but many trucking company owners overlook the high demand for this benefit.
Paid Time Off
In some states, paid time off is a legal requirement, but only if the worker is an employee versus a contractor. You save money hiring contractors to drive your loads, but they’re not going to stick around if they find the competition offers more. Some drivers prefer their independence, but more appreciate a steady salary and the ability to go on vacation or take a sick day without having to cover the cost using their savings.
Retirement Packages
If you’re not offering retirement benefits, you should. Options like 401k with employee matches are standard in many industries. Consider other desirable benefits like an IRA or pension, too.
Tuition Reimbursement
Career advancement is important to drivers. Some may plan to stay in that job until retirement, but not everyone will. As drivers get older, they may like the idea of moving into the office for tasks like route planning or marketing instead of being on the road all day.
Offering to pay for applicable classes is a great benefit for workers. You can offer to pay for drivers to become hazmat certified or to take office management classes and shift them to roles in your administration.
Hazmat certification is a valuable certification to have. Certified drivers earn higher wages, and you can set higher rates for those loads. You both make more money, which is appealing to everyone. Five training modules aren’t much to pay for when you consider the benefits.
Vision Insurance
Most trucking companies offer medical and dental insurance, but some overlook the value of vision insurance. As a CDL requires eye exams as part of the DOT physical, protect your driver’s eye health with vision insurance.
Use Freight Factoring to Leverage a Steady Cash Flow
Those benefits are expensive, so you must ensure your company has a steady cash flow to keep up with the expenses. If you’re waiting for months to get paid, you might have to let benefits lapse, and that will disappoint drivers and jumpstart their job search.
Freight factoring helps you keep up with expenses by allowing you to get paid the same day a driver delivers the merchandise. Send the completed bill of lading to the factor for immediate payment. You pay a small fee for the service, but it’s better than losing valuable employees.
When you want to retain the talent you find, freight factoring is a great way to do so. With steady cash flow, you’re competitive with employee benefits like daily payments or cash advances on paychecks. Workers love that you’re considering their needs, and you have drivers who stay.
Choose the best freight factoring company for your needs. You have dozens of options, but not every company is the right fit. Ask the company for more information about their:
- Business lines of credit with low interest rates
- Customer service availability and contact methods
- Factoring rates for the number of trucks you own and loads you haul each week
- Fuel discounts
- Hidden fees
- Optional services such as free business credit reports or load-finding apps
Saint John Capital has some of the lowest rates in the industry as well as a number of additional services to help you keep money coming in. With a steady cash flow, paying your drivers when they want becomes a reality.
