Successful Trucking Companies Tend To Offer Better Benefits – Study Says
Today’s trucking microcosm is one of increasing demand and dwindling supply. With the nation’s energy sector producing two to three times as much product as it did just a decade ago, the need for more truck drivers is real. While recent government legislation has reduced some of a truck driver’s ability to maximize pay by working incredibly long hours, today’s trucker can still earn a quite respectable living. Income for new truckers ranges from $30,000 to $50,000, with some earning near or above $100,000 if they work hard and understand the logistics of navigating the often-complex trucking industry.
One of the factors that seems to separate successful trucking companies from those who are having trouble recruiting talent and making a profit is in the specific benefits packages that are offered to employees. Truckers are generally paid by the mile, so the amount that a driver can earn is limited by the amount of time in a week. That said, in order to become more attractive to employees and prospective employees, trucking companies are focusing on benefits packages. These benefits frequently include 401(k) plans, healthcare coverage, recognition and reward programs, and safe-driving bonuses.
The 401(k) Transforms a Trucking Job Into A Trucking Career
The 401(k) is a terrific option for employees who are looking to start saving for retirement. Tax-deferred and simple to manage, the 401(k) is one of the most popular savings options among US workers. Trucking companies that offer this program today are more likely to offer some kind of company-sponsored matching option than in years past. This means that for every dollar that a trucker saves through the 401(k), the trucking company will match it – up to specific limits. By reinforcing the relationship between trucker and the parent company, retention is typically enhanced and the company appears more attractive for a prospective employee.
Healthcare Is A Hot Topic For All US Employees Today
Trucking companies are finding success lately by offering comprehensive and affordable healthcare packages that help offset one key challenge in the trucking industry – employee health! The average truck driver sees more health-related challenges than many other workers, as this group works long hours, can be exposed to inclement weather, must help in the loading and unloading of trucks, and can be subjected to dangerous roadways and driving conditions. Successful trucking companies are finding that by providing access to high-quality and affordable healthcare plans, that they are able to increase employee loyalty and retention.
Reward and Recognition Programs Are Increasingly Important in the Nation’s Competitive Trucking Market
Employees frequently report that reward and recognition programs are more important than earning more money. Truckers want to feel valued, that they are making a difference, and that they are a part of a team. Successful trucking companies are finding creative ways to reward and recognize truckers who go above and beyond in their daily duties. Many companies these days are rewarding drivers for loyalty – staying with the company for a specific period of time will yield an increase in cents/mile payout. Some companies are opting to pay their truckers on a tiered system that places emphasis on the number of completed deliveries and the miles driven over a certain time period. While others are finding that employees respond favorably to incentives that focus on safe driving. No matter what motivates the individual employee, successful trucking companies are increasing the quality of available benefits and rewards packages, which is helping to lift profits and retain employees.