Stay Metrics reports that its motor carrier clients significantly outperformed their peers for driver retention during the pivotal second quarter of 2017.
The American Trucking Associations reported that driver turnover at large carriers increased by 16 percentage points to reach 90 percent, and turnover at small carriers (under $30 million in revenue) increased 19 points to reach an 85 percent annualized rate from April to June, 2017.
Stay Metrics reports that clients using its Driver Rewards and full suite of Driver Survey products saw a a small uptick in driver turnover of two percentage points, on average, from 58 percent to 60 percent from the end of Q1 to the end of Q2. Stay Metrics used the same method as ATA to calculate the turnover rate.
“Driver turnover surged as freight demand picked up in the second quarter. We are pleased to see our customers significantly outperform the industry,” said Tim Hindes, co-founder and chief executive officer of Stay Metrics.
“We attribute this to the fact that many of the carriers who partner with us already have a driver-centered culture or are intent on building one. Using the data-driven platforms, driver survey feedback, and insights we provide, our clients are then able to further improve the experience of drivers at their companies. In turn, their drivers are more likely to stay,” Hindes continued.
The Driver Survey platform from Stay Metrics includes 7-day and 45-day onboarding surveys to identify the early expectations, experiences, and satisfaction levels of new drivers to help prevent early-stage turnover. The platform includes an annual Driver Satisfaction survey that shows carriers their areas of strength and weakness based on peer grouping and year-over-year trend analysis, as well as Exit Interviews that capture the reasons why drivers leave — in their own words.
Stay Metrics Driver Rewards is a custom online platform that uses evidence-based rewards, recognition and driver engagement tools to encourage loyalty to a carrier. Drivers accumulate points in various rewards categories and redeem them towards thousands of non-cash items ranging from movie tickets to vacation packages.
Family members of drivers often become involved in the program and advocate the driver to stay with a carrier to reap the benefits of the rewards, recognition, and status the driver has earned.
“More carriers increased their focus on driver retention as the winds changed direction in the second quarter,” added Hindes. “The rise in freight demand, ELD rule compliance and other factors have created challenging conditions for driver recruiting and the conditions will likely continue into 2018. The good news – based upon our clients’ results – is that carriers can be successful despite these headwinds.”