Driver Recruiting and Retention Agencies Release Q1 2024 Data Download
Conversion Interactive Agency and People. Data. Analytics. (PDA), two leading companies in the driver recruitment and retention sector, have released their highly anticipated Q1 2024 Driver Recruiting & Retention Data Download Report. Throughout the first quarter of 2024, these agencies collected and analyzed data to provide an extensive overview of trends and valuable insights, enabling carriers to recruit smarter and retain better.
Despite signs of improvement in the freight market, carriers and drivers continue to grapple with the lingering effects of the freight recession. Competition for drivers is intensifying, leading to a rise in driver turnover as evidenced by an increase in CDL driver job postings and truck driver job seekers.
"As competition for drivers escalates, it's crucial for carriers to reassess their recruitment and retention strategies," said Kelley Walkup, president and CEO of Conversion Interactive Agency. "We saw several data points from the first quarter indicate that driver demand is increasing, and with many carriers seeing improvement in freight volumes, now is the time to review your driver pipeline and be ready for the rebound."
The Q1 data highlights equipment and compensation as the top concerns for drivers voluntarily deciding to leave their carrier. However, there was a notable shift in compensation issues, with fewer drivers attributing pay problems solely to miles.
In addition, technology remained a top impact producer for carriers in their recruitment marketing strategy, as some fleets are improving their conversions to full driver applications by as much as 49% using advanced AI automation through Lead Assist. The predictive analytics and improved data and reporting are helping fleets save on cost-per-hire by 20% on average, proving that technology can be a game changer for any size fleet looking to cut costs in driver recruiting.
Driver messaging is also important in recruiting and retention as evidenced by the data that came out of the first quarter of the year. “Amidst evolving trends in driver pay and competition dynamics, it's imperative for carriers to deliver accurate equipment and pay messaging in their recruitment marketing,” added Walkup. The Q1 data shows 'Pay' and 'Equipment' were top keywords from online driver reviews last quarter. Additionally, in a recent social media case study, 85% of lead volume came from social media ads containing both people and equipment over images with only people.
With the latest data underscoring the importance of equipment, today’s drivers also emphasize the need for predictable pay in the current freight market. "Implementing strategies to maintain consistent movement for drivers and ensuring their expectations are aligned appropriately are crucial steps in addressing pay-related concerns,” said Scott Dismuke, VP of Operations at PDA. “Ultimately, the significance of a higher pay rate diminishes if drivers are not consistently logging miles."
Q1 of 2024 marked the first time in five quarters that fewer than half of the drivers attributed their compensation woes to miles. “Compensation became the top worry for drivers for the first time since late 2022. Fewer drivers are talking about miles, while more are talking about pay rate,” Dismuke added. “There's been a 3% drop in issues related to miles. This suggests a significant change in driver priorities, as compensation concerns now take precedence over the traditional focus on miles driven.”
Walkup and Dismuke express unwavering confidence that through the implementation of refined strategies, harnessing cutting-edge technology, and gathering actionable insights from drivers, fleets can proactively confront driver recruiting and retention challenges.
To access the full report, click here.
