The trucking industry is experiencing significant changes on multiple fronts. With fewer owner-operators and an increasing reliance on company drivers, companies need to learn how to attract and retain talent.
And the people working for trucking companies are changing, too. Today’s trucking industry is characterized by a workforce that spans multiple generations, each with unique needs and expectations.
As the trucking industry evolves, companies that align with the changing expectations of new generations entering the workforce will have a better chance of creating a harmonious work environment.
The industry is also undergoing technological advancements, and as the technology evolves, so do the demands on drivers. Companies should invest in training and development to secure a long-term commitment from drivers and ensure drivers are compensated for their evolving roles.
This changing landscape requires reevaluating recruitment and retention strategies, and competitive compensation packages should be part of the strategy. Just as maintaining a truck prevents costly repairs down the line, investing in your drivers’ health and happiness through comprehensive plans is a proactive approach to workforce management.
A well-rounded package that includes health and dental coverage, retirement plans (such as pensions), and other benefits attracts top talent and supports the long-term retention of employees. These are more than financial perks; they are lifelines ensuring employees’ and their families’ health and security.
A one-size-fits-all plan may not adequately address the diverse requirements of this new workforce. Flexibility and customization in compensation packages will better support employees and create a more inclusive workplace environment by offering adaptability to individual needs.
For example, a flexible plan allows employees to choose the options that best suit their lifestyle, whether enhanced healthcare coverage, additional mental health support, or wellness programs.
“The commitment to providing benefits and pensions goes beyond attracting potential drivers. It is about building a culture of caring that resonates throughout thew company.”
PRIORITIZE HEALTH AND FINANCIAL WELLNESS
Health and wellness initiatives are becoming integral to benefits programs, showing a growing understanding of the importance of drivers’ physical and mental well-being. These initiatives can range from mental health support to programs encouraging healthy lifestyles.
Long hours on the road, extended periods away from home, and the stress of the job can significantly impact truck drivers’ mental health. Taking care of your drivers’ physical and mental well-being contributes to their long-term success and happiness.
Include mental health and wellness initiatives in the benefits program, and encourage healthy habits like fitness routines and healthy eating. Allow drivers to bring their pets on the road to support their emotional well-being. Recognizing and rewarding employees who actively engage in mental health support programs can promote a culture of well-being.
Financial wellness programs can also help address drivers’ stress. By providing access to financial advice and resources, these programs can improve overall productivity and engagement, as employees feel more secure in their financial future and are better equipped to manage unforeseen expenses. This, in turn, fosters a more stable and focused workforce, ultimately benefiting both employees and the company.
Pension plans are a cornerstone of long-term financial security for employees and play a critical role in retention. A well-structured plan assures drivers that their financial future is secure, encouraging them to stay with the company for the long haul. For older employees nearing retirement, a comprehensive pension plan can offer peace of mind as they transition into the next phase of their lives.
In addition to pension plans, total rewards programs that recognize and reward longevity and performance can be powerful tools for retaining talent.
By acknowledging the contributions of long-time employees and providing incentives for continued performance, companies can build a loyal and committed workforce. These programs enhance employee satisfaction and create a workplace with recognition and appreciation, encouraging other employees to strive for excellence
and long-term dedication.
COMMUNICATE VALUE
Hiring drivers who mesh with the company culture is only the first step. Educating them about the realities of the trucking sector and explaining the value of their benefits are equally important.
Workers in today’s job market want immediate gratification regarding roles, wages, and hours. The trucking industry, however, thrives on a commitment to learning and gradual progression. Communicating the value of learning the ropes before demanding top-tier roles and compensation will help nurture an attitude of learning and training rather than immediate rewards.
A transparent conversation about wages and earnings will help manage these workers’ expectations. While wages may be competitive, industry-specific factors like fuel and insurance costs can affect net earnings.
As with wages and earnings, a comprehensive compensation package is only effective if employees understand and appreciate its value. Education and awareness ensure that employees maximize these benefits.
Highlight the advantages of different plans, including the financial aspects and the broader support for short-term and long-term health. Clearly articulating the value of these offerings can strengthen the relationship with your employees and create a more stable and satisfied workforce.
Employers can start by incorporating benefits education into the onboarding process, where new hires receive a detailed overview of their compensation package. This can include one-on-one sessions with HR professionals who can walk employees through each component of the benefits package, answer any questions, and provide personalized advice based on the employee’s needs and circumstances.
Regular workshops or seminars are another valuable tool. These sessions can be scheduled throughout the year to refresh employees’ knowledge about their benefits and inform them of any updates or changes. Additionally, webinars and online resources can cater to employees who cannot attend in person, ensuring everyone can access the necessary information.
INVEST IN THE FUTURE OF TRUCKING
The future of trucking hinges on more than just competitive salaries. It requires a holistic approach to employee compensation that emphasizes comprehensive benefits, strong pension plans, and a solid commitment to educating employees on maximizing these resources.
By investing in these aspects of the business, companies can build a compelling and valuable proposition that attracts talent and promotes long-term retention, ultimately enhancing employee engagement and overall workplace satisfaction.
As the industry continues to evolve, companies that prioritize the well-being and financial security of their employees will be better positioned to thrive in the years to come. By embracing change and committing to the health and happiness of their workforce, trucking companies can ensure a prosperous future for their employees and their businesses.
You need to do something to optimize your benefits and pension plans. So, what’s next?
1. Review the current state of your benefits and pension plan with a specialist you trust to determine the right combination for attracting and retaining employees and enhancing their productivity, health, and well-being.
2. Understand which current decisions have unintended side effects for your company.3. Build a plan of action to close the gaps in your benefits and pension plans to maximize value and results.
Information alone will never change your results. Not for your business, fitness, health, golf game, or benefits and pension plan. The challenges you face today are most likely the same challenges you faced a year ago, and if you don’t take action, they will be the same ones you’ll be facing again next year. The right actions can help you achieve the results you want.
First published in the Fall 2024 issue of Western Canada Highway News.
