Retain Drivers – 5 Ways to Keep Your Benefits Competitive
With the driver turnover rates remaining high, recruiting is a high priority for every carrier. A frequently used tactic for recruiting is highlighting all of the benefits and bonuses a driver would get working for that company. Our team has been doing research and interviews at local truck stops and we were amazed at the number of recruiting fliers and pamphlets that companies leave at these truck stops.
There are definite themes on these pamphlets, such as pay, more home time, and medical benefits. Although a lot of companies are offering similar bonuses, the companies that stand out are the ones who also offer unusual ones.
Not only can you use benefits and bonuses to recruit new drivers, you can use them to retain your current drivers. If you stay up to date with what drivers are looking for, you can update what you are offering in order to keep your drivers happy.
Use these 6 tips to make sure what your company is offering is comparable (or better) to your competitors:
Research competitors – This is really important because drivers usually leave for another company because of something they are offering. If you know what other carriers are offering, you have the opportunity to decide if it should be something that you should offer. Although research might be time consuming, it can pay off by not letting you fall behind other companies. Having one team member dedicate a few hours each month to scoping the lay of the land can pay dividends in the long run. You will quickly start to see themes and may also find something new that you had not thought of offering.
Using info from stay interviews – Stay interviews can help you discover what your drivers want, need, hate, and love about your company. The best way to find out what your drivers are thinking is to ask them. If you act on insights you gain from stay interviews, drivers will know you care about improving their experience and won’t want to leave. Dedicate one team member from the office to interview drivers every 3-6 months to get a deeper understanding of their sentiment towards the company. Ask them specific questions about what benefits and bonuses they would like to see your company implement. Learn more about stay interviews here.
Using info from exit interviews – If you are having an exit interview, that means that a driver is leaving your company. This doesn’t mean that you can’t use this outgoing driver to gain insights and retain your current drivers, especially if this driver is transferring to a different carrier. Ask them why they choose a new carrier and why they started looking in the first place. Take this information seriously and use it to make changes within your company. Learn more about exit interviews here.
Emphasize your retention rates – Let your retention rates speak for you, brag about them! If your company has a turnover rate lower than 40%, you are at lease 2x better than the industry average. A company with a low turnover rate means other drivers stay, which speaks volumes to drivers.
Ask yourself what you would want – Even though you aren’t a truck driver, you are still an employee and can imagine what would improve your working experience. Think about the benefits you need to support your family and your lifestyle, a driver has similar needs. Use your common sense, as well as your imagination, and ask yourself what benefits/bonuses you would want from your company. You’ll be surprised at the ideas you come up with when you put yourself in the shoes of your drivers.
Make it personal – Benefits and bonuses can be tweaked to make individual drivers happier. Some drivers might care about certain benefits more than others. Use tools, such as interviews, to discover this information and make personalized benefit packages. This is more difficult for larger companies who are employing a lot of drivers, but it’s still possible to make little changes. Drivers will feel as though they are heard as a person and not just another number in your fleet.
What are other ways you decide on what benefits you offer? Let us know! Keep on Truckin’!
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