⏰ Est. reading time: 3 mins

💡 What you’ll learn:

• Top challenges of the trucking industry today, including a persistent driver shortage
• How trucking companies can combat these challenges to recruit and retain more drivers
• The power of same-day payments in providing a competitive edge

The U.S. trucking industry moves more than 72% of the nation's freight by weight—and with over 3.5 million truck drivers on the road, it’s become the backbone of American commerce. 

Yet today’s trucking industry faces serious hurdles, including a persistent 80,000 driver shortage (projected to grow to 160,000 by 2030) and rising customer expectations around real-time tracking and fast delivery. It’s clear that maintaining the status quo amid these changes is no longer an option.

Here are four strategies to weather these challenges and thrive amid change, including embracing new technologies and processes to improve efficiency and boost driver loyalty.

1. Leverage Smart Technologies to Drive Efficiency

Trucking technology is evolving fast, and the companies that adopt the right tools will be better poised to succeed in the future. Embracing the right technologies can drive efficiency, making you more productive and gaining lost time back in your day to focus on business growth. Here are a few key tools to keep in mind:

• Telematics & fleet management software
  Telematics systems give dispatchers and fleet managers real-time visibility into vehicle locations, performance, and driver behavior. This data can help optimize routes, prevent accidents, and even predict maintenance needs before they become breakdowns.
  

• Electronic logging devices (ELDs)
  While already required, using ELDs to their full potential can help streamline compliance and offer insights into driver habits, hours of service (HOS), and more. Integrated platforms can combine ELDs with route optimization tools for greater productivity.
  

• Predictive maintenance tools
  IoT sensors and AI-powered maintenance platforms can monitor everything from tire pressure to engine wear, helping you avoid costly downtime and unexpected repair bills.
  
  
• Payments technology
  Paper checks account for roughly 57% of today’s workforce payments in trucking—signaling the need to embrace more modern payment methods. Not only can paper checks create delays in payments for your drivers, but issuing, reconciling, or having to re-send checks is a costly and inconvenient method for your business, too. 

Using a workforce payments platform to send fast, digital payments can be a game changer. Plus, 93% of truck drivers say they would take advantage of digital, real-time payment options if they could—yet only 40% of today’s truck drivers have access to real-time pay.

Which leads us to #2…

2. Offer Same-Day Pay to Attract & Retain Drivers

To combat that 80,000 driver shortage, companies will need to be proactive about their efforts to recruit and retain enough drivers. One simple but powerful way to stand out is by offering same-day pay. Here’s why it matters:

Long pay cycles create cash flow + retention issues‍

The payments cycle for trucking has traditionally been a long one. Historically, carriers might wait anywhere between 30-60 days between delivering a load and getting paid by a broker. This can create cashflow problems for drivers, who may have trouble budgeting with such long payment windows. 

Even if you use factoring to expedite the payment processes, you’re still likely only achieving bi-weekly or weekly settlements. When you’re trying to retain truck drivers who also have the option to work for gig platforms that can boast same-day payments, that’s a tough sell.

Faster pay provides a competitive edge

‍Same-day pay can put your company in a league of its own for recruiting talent. Using a payments platform like Branch, you can pay your drivers whenever you want with zero fees—nights and weekends included. Not only does this provide drivers more financial flexibility, but it gives you the much-needed competitive edge required to succeed in today’s market.

3. Broaden Recruitment

Traditionally, the trucking industry has been male-dominated (women account for less than 10% of drivers) and geared towards middle-aged workers, with the median age of drivers at 46. But truck drivers are currently aging out of the industry without replacement, and recruiting the next generation of drivers will take different tactics. To boost recruiting efforts, consider ways to reach different talent pools.

Expanding your recruitment pools to reach the next generation—and to reach workers who may not have considered the trucking industry before—will require creativity and adaptability. Explore new marketing channels to reach these different demographics and consider what benefits they value from a company. Without this strategy, it’s going to be harder and harder to maintain enough drivers in the years to come. 

4. Invest in Your Drivers Beyond the Wheel

At the end of the day, drivers are your most valuable asset. Future-proofing your company will mean showing them you understand their value and offering them meaningful benefits and perks to back it up. Some ways you might invest in your drivers include:

• Training & upskilling
  As trucks become more tech-enabled, offering digital literacy and ongoing training helps drivers stay current and confident.
  
• Wellness programs
  Long hours on the road can take a toll. A third of truck drivers have considered leaving their jobs in the past year due to stress-related concerns. Companies investing in driver wellness—both physical and mental—will be better poised to retain drivers, as well as ensuring quality driver performance.
  
• Recognition and support
  Use digital platforms to build a community among your drivers. Recognition programs, peer support networks, and social tools can foster loyalty even across long distances.

Preparing For The Road Ahead

The road ahead for trucking may be winding, but it’s also wide open with opportunity. By embracing new technologies, offering modern perks like same-day pay, and continuously investing in your drivers, you’ll not only stay in business—you’ll lead the pack.

Learn how Branch supports trucking companies like  yours by enabling fast payments to drivers.

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