According to the American Trucking Association, the truck driver shortage “will hit a historic high of just over 80,000 drivers.” For smaller fleets the turnover rate is about 77% and larger fleets averaged 89% (ATA).

NATMI-Certified Safety Specialist, Buddy Walls says “We have to make sure the right company culture practices are in place to retain experienced, safety-conscious drivers and decrease driver turnover.”

There are 3 main things you can do just within the first 90 days to greatly increase your odds of retaining drivers.

#1 Set expectations

Set expectations during recruiting calls and orientation. All drivers have their own priorities, whether it’s home time expectations, no slip seat, number of miles, if it’s force dispatch, etc. Upon recruitment, very few people ask the new hire driver what their priorities are. Let them know exactly how it is. Don’t just tell them what they want to hear, or you will lure them in with one expectation only to find out they will be unhappy with how the company actually operates. Care about what they think, start creating a rapport. You are outlining your expectations so there are no surprises. Allow them time to ask questions, and don’t give them an unrealistic expectation of their priorities.

#2 Use the golden rule

Most trucking companies need to improve and take more time with their driver orientation program and do a road test. Most rush through and push their drivers right out the door. Don’t just run them through like herding cattle. You must value your employees as people, and not treat them like a truck number. If you herd them like cattle, they will move on as naturally as herds do.

#3 Implement Bonus Programs and allow time off

Stairstep retention bonuses based on years of service and pay it quarterly and annually and increase it gradually. The average cost of losing a driver is around $8,200 including the truck sitting on fence not generating revenue, truck payment, insurance, etc. You can pay out a lot of bonuses before you hit the expense cap of a truck sitting empty. Do not be penny wise and pound foolish.
Give out safety bonuses. Not only do drivers appreciate the extra cash for clean inspections and no accidents, but it increases your bottom line by improving your safety scores. With Carrier Software’s CSA Safety Improvement Program, you get daily emails to notify you of new inspections in real-time. You can also get driver scorecards and points analysis to objectively view the driver’s overall affect quickly and easily on your company’s safety scores and which drivers have the most on-road safety problems.

Referral bonuses are a great way to address driver grievances through third party influence. If a driver is getting a referral bonus on a fellow employee, the stakes are higher for that employee to get them to stay. It also gives them a sense of fellowship with their employees. It gives drivers something to look forward to.

Time off and vacation time are key. Give them good vacation time and time for home emergencies, they deserve it. Make specific policies regarding what constitutes emergencies. Stairstep vacation time that coincides with their years of service. You are generating loyalty with that driver by showing that you care.

Implementing these policies will put you on the right path to earning loyalty within your fleet that will last for years to come. If you need help objectively looking at your fleet to determine who should get certain bonuses, but you don’t have time to develop a certain of safety parameters, Carrier Software can help you. Click here to learn more about how our CSA Safety Improvement Program can help service your company’s needs.

According to AVP of Carrier Software, Kyle Lack, there are around 390,000 long-haul, interstate trucking companies in the U.S. today. As an agent, where and HOW should you begin to sort through that many prospects and figure out where you can find the most success and save you the most time?

Advice from a Veteran Truck Insurance Specialist and NATMI-certified Safety Director Buddy “Roy” Walls “Nobody is born to be a truck insurance agent, you have to do your homework.”

Here are 6 things you can do today to get more ROI out of your prospecting. 

#1 Do your homework.

Before you ever pick up the phone, research the company you are working with, Pull a Snap VU Report, review the detailed information on their MCS 150, ISS Score, radius of operation, type of commodities hauled, type of trucks and cargo, understand their CSA Scores to better communicate with a prospect. Evaluate what this carrier looks like to see if they have a market that will be interested in that type of carrier. There is no sense in wasting their time if you don’t have market interested in insuring that type of carrier. Use that research to prospect companies that your available markets are aggressively wanting to underwrite. You want to go after opportunities that you think you have an 80% chance of closing with your underwriter.

#2 Start early.

A relationship doesn’t develop overnight. It takes time. At least 6 months prior to renewal, pull a SNAP-VU report and a detailed Insure-VU Underwriting Report, and actually understand the safety condition of a company. When you start the relationship early, it gives you an upper hand in positioning yourself against other brokers that are wanting to quote them as well. If there are issues with safety that need to be addressed prior to renewal, you will then have 6 months to help put them in a better position to get quoted with your market. Ultimately, this saves them money and builds trust with you.

#3 Bring solutions to the table.

According to Accenture, “The use of customer data to generate relevant, real-time usage- and behavior-based offers that help customers mitigate, manage, and recover from loss can help insurers build trust with customers. That’s the value advanced data analytics can deliver both to the insurance customer and to the insurer.”

Have SOMETHING in hand that you can provide for them that makes their life easier. Make sure that you understand the data you are reviewing so well that you can spot a violation that should be Data Q’d. Example, “I noticed that your MCS-150 filing is out of date.” “I noticed that you have 3 Basics in Alert Status, and here are your problem areas.” “I noticed you have a MUST Inspect ISS Score.” Provide information of value to the company, it gives you a lot of credibility. Have your Snap-VU report in hand; you may teach them something about their company they didn’t even know.

#4 Be realistic.

Let the potential client know up front what markets you are available to quote, and list them in order of preference. Don’t try to quote on a market that won’t be successful. If you have done your homework, you should know what markets will want your prospect. If possible, try to get the trucking company to send a letter to your underwriter assigning you as the broker of record for that specific market.

#5 Find a mentor

Have someone that you can ask a lot of questions, and someone that can lead by example. Learn from what the coach is teaching you. Success breeds success. Make sure your mentor is someone that is successful. Ask other producers “How much premium do you book?” “What size accounts do you target” “What type of accounts do you target that your insurance company underwriter has an appetite for?” Have your mentor introduce you to the underwriter. The underwriter obviously trusts the mentor, and that will go a long way in establishing a level of trust with your underwriter.

#6 Find a focus.

You can only feed so many sharks. Find a few, good aggressive markets. Use market analysis reports to determine who is writing business in certain geographic regions.

Most of our clients who implemented these procedures experienced higher return on investment and increase on premiums earned in just a few short months. Carrier Software offers a suite of prospecting, truck insurance marketing, and underwriting analysis tools. Visit our products page here.