The United States trucking industry is full of growth, expansion, and future-forward potential. Numerous industry occupations are trying to navigate ongoing shifts and restructuring from the sales workers who move products to the truckers that navigate the distribution network. Since COVID-19 impacted the trucking industry and many trucker jobs, many businesses worldwide rely on financial wellness tools and endorsements to aid company truck drivers with their fiduciary needs. While this directly benefits truckers, it can also have positive impacts on the parent companies.
Whether you're looking for a solution that can help your truck drivers develop savings portfolios or you want to implement an earned wage access tool for truckers on your payroll, here's what brands in the United States should know about financial wellness tools.
Earned wage access tools directly benefit truck drivers.
While truck driver pay is often competitive, it's in response to some of the less glamorous attributes of the occupation. These can include spending nights at rest areas or truck stops, maintaining complicated logbook entries, and consecutive hours on the highway. For the long-haul truck driver to have extra perks and benefits such as health insurance, dispatch support, and bonuses for certain deliveries. Many trucking companies also utilize earned wage access tools in the hopes of directly benefiting their truck drivers.
These tools enable a trucking company to open up payroll to the truck driver. In a sense, an earned wage access tool means that any day can be payday. Earned wage access (EWA) tools also help remove complicated logbook procedures. After consecutive hours for an over-the-road driver, it's beneficial to access earned funds immediately. This helps cover the difficulty of driving for consecutive days, putting in long hours, or spending hours of service transporting hazardous materials in a commercial motor vehicle. This helps employees navigate instances of financial stress with greater ease. It's also a great way to chip away at higher attrition rates.
Though many brands already use EWA tools, the truck transportation industry will likely continue to embrace these solutions in the coming years. They can help prevent turnover, boost the motivation of full-time employees, and reduce company job openings. This directly benefits your bottom line as well as the long-haul truck driver. When you pair these financial wellness tools with additional perks like extended rest periods and limited delivery zip codes, it can attract and retain top talent within your brand.
Financial wellness tools encourage long-term employment.
It's no surprise that, given the occupation, the industry experiences a fair amount of turnover in the U.S. Driving large vehicles can be difficult and sometimes even dangerous. Plus, with the long hours, limited home time, and changing federal regulations, it's hard for brands to encourage long-term arrangements with their employees. Even many industry veterans migrate from company to company in the pursuit of a more robust job offering. Sometimes, this is for added benefits like longer rest periods. Other times, it's for financial incentives that stem from financial wellness tools. In fact, some financial wellness tools and retirement savings programs help you attract workers that will put plenty of hours of service into your brand.
Some financial wellness tools encourage greater monetary health. Sometimes, this is by providing easy access to common financial tools and credit reports. When employees are more informed about their financial health, they can make stronger decisions and grow with a company. Other programs include retirement savings match plans which encourage long-term employment due to the potential for a strong investment return. Of course, the specific financial wellness tools your band uses depend on your brand's financial standing and ability to add these perks. For a large truck company, this may be a simple matter. For a smaller brand, it may take time to implement these tools.
These financial applications may even offer certain perks depending on employment lengths. Some companies choose to implement programs that recognize employment milestones. Your wellness tools can track progress to these milestones and divulge information on upcoming rewards or recognition. It's a great way to foster employee motivation and engagement throughout your growing brand.
The right tools help you stand out in a crowded industry.
Not only do your financial wellness tools benefit your existing employees, but they also help attract quality candidates for job openings. Whether you're a small or a large truck company, this has numerous benefits, especially in a trickier hiring climate. Since it's often difficult to bring in top talent, this occupation requires that you strive for excellence. When you integrate top financial wellness tools into your brand, it can boost word-of-mouth referrals about your benefits and programs. This is a must if you really want a way to stand out from the competition.
It's also a good idea to integrate these tools sooner than later, especially if you're considering an earned wages access program. This gives you a chance to observe your chosen financial wellness tools' performance, make necessary changes, and use future adjustments to find the right fits for your specific needs. By doing so, you're telling every job applicant that you're invested in their financial wellness. This is a critical component of the hiring and retention processes, especially when driver shortages impact the industry.
Put the focus on financial wellness.
As a supervisor, decision-maker, and business manager, it's up to you to facilitate important changes throughout your business. Don't sit in the passenger seat of your own brand. Use financial wellness tools to attract the best long-haul truck drivers, and create a place of employment that's more than a truck stop for career hopefuls. With the right tools in your arsenal, it's easier to maintain sensitive information, reward strong performance, and encourage employee success.
When you put your brand's focus on financial well-being, you're also turning your attention to your employees. Every truck driver you hire is an essential component of your brand. By helping your employees with these tools, you're investing in a long-term partnership that can benefit you both.