Driver Recruiting and Retention Agencies Release Q4 2023 Data Download
Conversion Interactive Agency and People. Data. Analytics. (PDA), two leading companies in the driver recruitment and retention sector, have released their Q4 2023 Driver Recruiting & Retention Data Download Report. Throughout the quarter, these agencies collected and analyzed data to provide an extensive overview of trends and valuable insights, enabling carriers to recruit smarter and retain better.
As we enter a new year, it is important to reflect on the challenges faced by the industry in 2023 and prioritize recruitment and retention strategies that are proving to be game-changing. The implementation of cutting-edge recruiting technologies is offering a beacon of hope for an industry grappling with escalating driver turnover rates, particularly among those who began their careers during the COVID freight surge and are now confronting their first freight recession. These findings underscore a competition for driver talent and cautious optimism among drivers regarding the impending end of the freight recession.
"In an uncertain market, it's paramount for carriers to adapt swiftly and strategically. Our data underscores the vital importance of prioritizing driver satisfaction and leveraging innovative recruitment strategies. As we navigate these challenges together, we remain committed to empowering carriers with the technology necessary to thrive in this ever-evolving landscape," said Kelley Walkup, president and CEO of Conversion Interactive Agency.
Of those recruitment strategies, the Q4 data highlights significant advancements in advanced AI automation. Notably, carriers leveraging Lead Assist experienced a remarkable 50% reduction in lead-to-hire time on average. Concurrently, carriers with higher online review ratings witnessed substantial cost savings. Insights from last quarter’s Fleet Intel data also revealed a slight decline in weekly driver pay among various trailer types, indicative of carriers adjusting starting pay for new hires specifically, rather than impacting current drivers. Understandably, average weekly driver pay remains crucial for both recruitment and sales teams, particularly when targeting new markets.
"Amidst evolving trends in driver pay and recruitment dynamics, it's imperative for carriers to remain agile and strategic. Carriers are experiencing notable improvements in lead-to-hire time, emphasizing the importance of embracing technological solutions for efficiency gains. Additionally, the correlation between online review ratings and cost savings underscores the critical role of reputation management in today's competitive market,” added Walkup.
In Q4 2023, according to the Data Download Report, equipment issues remained the top frustration for drivers, though showing a 3% decrease from Q3. Meanwhile, compensation issues remained a close second, with miles-related compensation issues continuing to be drivers’ primary concern. For the 5th consecutive quarter, over half of the drivers citing compensation issues pointed to miles as the primary contributor to their pay.
In the wake of the COVID freight boom, many carriers elected to raise pay rates, yet drivers now prioritize the assurance of predictable pay in the current freight market. "Ensuring drivers experience steady movement and align their expectations appropriately are key strategies to mitigate grievances about pay. Ultimately, a higher pay rate loses significance if drivers aren't consistently logging miles," said Scott Dismuke, VP of Operations at PDA.
"Among drivers expressing frustration with insufficient miles, 61% identified 'loads not available' and 'inconsistent miles' as their top concerns," Dismuke added. "While this marks a 5% improvement from Q3, drivers grappling with mileage issues should be recognized as high turnover risks."
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 challenges. It is their hope that by prioritizing these initiatives, fleets are sure to recruit smarter and retain better in 2024.
To access the full report, click here.
