Hiring the best drivers usually requires offering the best compensation packages. However, it may be difficult to compete against other companies based on salary alone. Total compensation includes all of the perks and benefits of working for a company. Creativity can go a long way in providing incentives to potential employees. Here are some clever ideas trucking companies can leverage to provide a stronger compensation package.
Health and wellness
Trucking can be a physically demanding job that can easily lead to sedentary and unhealthy lifestyles. Since the average truck driver is 55 years old, benefits that relate to health and well-being are extremely important and can offer companies a high level of flexibility to be creative. To enhance their existing health and life insurance benefits packages, companies can also provide on-site fitness facilities (or gym memberships), free or discounted physical therapy, nutrition coaching, and healthcare savings accounts (HSAs).
Mental health services can also be an amazing perk. Some companies will offer an Employee Assistance Program (or EAP) that provides discreet support services for psychological disorders, substance abuse, stress, and even legal advice.
Financial and retirement planning
Employees who have “skin in the game” are more likely to be dedicated and loyal to the company they work for. Companies can provide Employee Stock Ownership Programs (ESOPs) to give employees ownership and a stake in the company’s profits. As an alternative, phantom equity or profit sharing is an option that doesn’t require the transfer of equity. Employees are granted a certain percentage of the net profits of the company which can increase over time based on their tenure.
According to Owner-Operator Independent Drivers Association (OOIDA), most truck drivers plan to retire by the age of 67 (compared to the average US retirement age of 61). Perks such as 401k matching, bonus retirement contributions, and financial literacy programs can help drivers better prepare for financial security in retirement.
Flexible scheduling and time off
The trucking industry is notorious for having drivers away from their families for extended periods. More drivers are demanding better work-life balance so they can enjoy their personal time and recharge. Most companies have a lot of flexibility when it comes to how much time off they give their employees. Companies can consider recognizing more holidays, offering paternity leave, or giving drivers their birthdays off.
Flexible scheduling can also help provide drivers with more time to focus on their personal lives without impacting their workload. This gives drivers the ability to schedule their time around things like attending their child’s school events or going to the doctor.
Better equipment and vehicles
Drivers spend the majority of their time behind the wheel of their vehicles. Providing better quality trucks with updated, modern technology and amenities can be a great way to draw drivers to your company instead of a competitor. Things like better GPS units, seats with lumbar support, improved sleeping quarters, and kitchen equipment can be great perks.
Trucking companies can also provide a stipend for clothing and gear to their drivers or discounted rates. For example, a new pair of free work boots on each work anniversary.
Career development and education
Some drivers want to have the option and opportunity to advance their careers beyond the wheel. Training programs, mentorships, and tuition reimbursement can provide drivers with the ability to take their careers to the next level and provide even more value to the organization. Some drivers may not be interested in higher education, so companies could explore scholarships or tuition assistance for the children of truck drivers.
Family and friends perks
Not every benefit has to be for the employee directly. Companies can get creative and extend benefits to immediate family members. These perks could include allowing pets and family members to ride along, discounted family cell phone plans, and childcare assistance.
Trust the experts when designing your compensation packages
Understanding what employees want is foundational to hitting the mark on compensation packages. The experts at Inflection Poynt are here to help. Through our research, we have a great understanding of what drivers expect from trucking companies and will help you create the most competitive compensation package in your area. Contact us today to see how our innovative tools can give you the information you need to attract the industry’s best drivers.