Retention for the Future of Trucking
As we look ahead, we recognize that retention is a critical component of the trucking sector’s business model and success in retaining a strong workforce. At a point where we have a skilled worker shortage, we cannot afford to lose our assets: our driving force who keep the economy moving and our businesses growing.
We have companies with varied turnover rates and those rates result in dollars lost. We have companies that have varied hiring practices, which inevitably result in varied retention rates.
The reports indicate that the skilled worker shortage will continue to increase as we move toward 2024. It’s time to reinforce our retention practices so we can reduce our turnover rates – resulting in strong retention practices.
It is a topic worth considering. We need to put the same level of effort into retention as we do into recruitment. Why is retention a challenge? What areas are we missing that create this barrier to stronger retention rates? Do we accept high turnover as the cost of doing business?
Let’s take a step back. The loss of one driver can have a potential cost implication of up to $5,000 (this may be low for some companies) to replace the professional driver. Lose 10 drivers and suddenly you are at a loss of approximately $50,000. In a sector where margins are tight, can we afford those types of losses without exploring why and how we can do better?
Understanding why we lose people in our sector can be challenging. Even the best exit survey strategies do not always yield the information we need to remove barriers and retain the individual or offer insight into what we can do differently; however, the survey is an essential tool that provides an opportunity to learn... it just needs to go beyond the surface. We need to go to the beginning at the point of hire.
The first thing I think about when looking at retention is trust. Is there trust being built at the recruitment stage – at a level that can be delivered beyond the promises made at the point of recruitment. Can we deliver the pay, home time, benefits, flexibility and everything else that we have promised?
Trust is a deal-breaker for many of us. If you promise professional development in the first year of an employee’s career and then do not offer it, you have broken trust. If you promise a raise after a three-month probation period and do not provide it, you have broken trust. If you promise a professional driver that they will be able to be home for special occasions and you do not get them home, you have broken trust.
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