Compensation Strategies for Driver Recruitment Vary by Fleet Size
Driver iQ releases results of its quarterly Trends In Truckload Recruiting And Retention Survey
TULSA, OK – April 25, 2018 -- Driver iQ, provider of comprehensive and reliable background screening and driver monitoring services to the trucking industry, today announced that carriers taking part in its Q1 2018 Recruitment & Retention Survey are raising driver pay to help improve recruiting and retention efforts.
“Not only do recruiters believe that pay must be increased, companies are already raising pay and recruiters expect that salaries will continue to increase,” said Lana R. Batts, co-president of Driver iQ. “By taking the pulse of truckload recruiters across the nation, this survey highlights trends and future expectations of driver applicants and recruits. That information leads to effective changes in recruiting activities, and better outcomes in retention.”
Among the details in the Driver iQ Q1 2018 Trends In Truckload Recruiting And Retention survey are the following:
Over 60% of respondents indicated they have increased their cents per mile, while 51% have increased performance bonuses
Changes in pay programs varied greatly by size of carrier, including that 67% of the largest carriers were more likely to offer more cents per mile
Larger carriers were also more likely to offer soft bonuses, such as more home time, than the smaller carriers
Medium size carriers were more likely to offer performance bonuses (55%) than increasing cents per mile (23%)
The survey results also showed that 72% of driver recruiters expect that compensation, including pay and benefits, will increase in the second quarter of 2018 compared to their lower expectations in 2017. In addition, 83% of carriers with over $100 million in gross operating revenues expect that future compensation will increase compared with 50% of smaller carriers. Regardless of size, no one expected that compensation would decrease.
The Q1 Trends in Truckload Recruitment and Retention Survey from Driver iQ is the third in a planned series of quarterly surveys designed to better understand and measure recruiting and retention experiences and expectations in the truckload sector. The results of the survey are coupled with observations of Driver iQ personnel engaged in the background screening industry. The survey represents the views of recruitment managers who operate over 75,000 trucks and the majority of the responses came from carriers with over $100 million in gross operating revenues.
About Driver iQ
Driver iQ is the transportation division of Cisive, a worldwide leader in HR technology and background screening. Based in Tulsa, Oklahoma, the company provides comprehensive, reliable background screening and driver monitoring services designed specifically for the trucking industry. Driver iQ’s extensive service offering grants carrier customers access to employment verification, criminal record searches, as well as ongoing driving record monitoring and storage. With a fully FCRA (Fair Credit Reporting Act) accredited team of investigative management experts, Driver iQ delivers the most accurate, up to date and actionable information available. For more information, visit www.DriveriQ.com.