Wondering if you should invest in a driver retention program? In this post, we’ll take a deep-dive into driver retention programs and how to get value for your money.
In a recent blog post, we established that developing strong communication and feedback channels is the major key to improving driver retention. But did you know that investing in a retention program that will establish feedback channels for you can save you up to $8000 per driver? Ultimately that results in letting retention pay for itself.
Any system put in a place to improve driver turnover within a company. Some programs can be very effective but some could be a total waste of money, especially when they offer features that your drivers don’t need.
A good retention program should:
Feedback and communications technology is our most recommended type of driver retention program. Establishing open communication channels will help to deal with issues as they arise and improve your drivers’ satisfaction when those issues are addressed.
If you’d like to learn more about how communication can be used as a major tool to improve retention, read more here.
Driver turnover is very expensive. The cost to replace one driver is between $5000 – $8000, and this cost is potentially higher if the role requires any specialties. That’s a lot of extra thousands of dollars that you could have in your pocket each year.
According to the trucker’s report, the cost of turnover per driver is 3x the average cost of turnover for US employees. Clearly, the best strategy for you as a trucking company would be to focus on retention first, and recruiting second.
Because the cost to recruit a new driver when a driver leaves is very high, retention programs help keep your drivers on the road. Invest in a retention program that focuses on drivers’ needs and concerns instead of your company, because when drivers provide feedback on issues like route planning and optimization, you can easily implement such advice openly and create a sense of belonging and ownership among drivers.
If you let retention pay for itself and successfully keep the same team of drivers over long periods, this builds trust and creates a company culture. New drivers would begin to feel as though they are joining a family and not merely becoming employees.
With savings of up to $8000 per driver, effective driver retention programs have a clear return on investment. If you simply retain one driver a month, the program more than pays for itself!
Although implementing rewards programs, higher pay, etc. are great retention strategies to adopt, establishing efficient feedback channels is the most results-oriented way to improve driver retention.
If you’re ready to understand how you can save time and money on your retention program, reach out to a WorkHound expert. We’d be glad to learn how you’re currently envisioning your retention strategy, and share how Bay & Bay Transportation has retained and GROWN their fleet.