It's bringing results in a huge way for both large and small carriers...
So what exactly does Sustainable Driver Retention mean?
Well, what does Sustainable mean? Let's go to the Google!
Thesaurus.com
1. Staying within reasonable financial parameters of your company. No Pay raises designed for the sole purpose to aid retention and recruiting, no increased retention bonus's for staff, not increasing sign on bonus's for driver or operators.
2. Many times a new executive starts at a trucking company, he decides that if a $2500 driver bonus isn't working, then let's raise it to $5000. Everybody offers bonus's and we just have to offer the best... It has been proven time and time again that you won't succeed on pay alone. Not only with bonus's, but pay levels. Carriers offer a $5,000 sign on bonus, a $10,000 sign on bonus. These may grab attention, but they don't work. Money is not the answer...
You must view your company as isolated from the rest of the industry in terms of pay, sign on bonus's etc! Don't waste time, money or energy trying to keep up with other carriers. "That's Crazy, they are our competition!", said one reader... Or are they? (See #4 below)
Well, how many carriers have tried raising pay by a large margin, assuming they would not only get all the drivers they needed, but keep them. Well, it didn't work. A number of carriers have tried this with little or no success. I implore you to find a carrier that is successful with this approach.
3. How is it possible that more pay doesn't equal higher retention? It defies Logic! You are right, in a sense, until you dig a little deeper. More pay per mile does not equal bigger paychecks and drivers know this. Also, please read our article relating Keynesian economic theory applied to Driver Retention - Out in the West Texas Town of El Paso...
4. Do you realize how many trucking companies are operating in the US? Wikipedia estimates 600,000 other sources put the number at over a million. Everyone from one truck operators to 10,000 truck plus fleets. Nearly everyone on of them is offering respect and a sign on bonus. Do you know how your company stacks up against 10% of 600,000? 1% of the 600,000 trucking companies out there? I would be surprised if you can compare your company to .1%, it's too much to keep up with. Maybe you compare your company to 10 other carriers your size(But Drivers don't approach job seeking that way, they aren't only looking at 500 truck fleets) You're competing against all 600,000. The good news is that drivers can't compare all the carriers pay packages either.
The solution is here and can be easily implemented within your current Retention and Recruiting Program