Truck Driver Retention Radically Improves by Aligning Driver Pay and Benefits with Dispatch
BeyondTrucks first to launch specialized payroll processing and benefits solution for trucking companies
Louisville, Kentucky– Kentucky’s logistics and distribution sector is a major driver of economic growth and development in the commonwealth, and truck drivers serve a critical role. But in a tight labor market, trucking companies are struggling to retain the drivers they need to operate efficiently and effectively – with dispatch being the number one reason for truck driver turnover.
To help address this industrywide problem, BeyondTrucks, a California-based process automation platform for trucking companies, has launched the world’s first-ever payroll processing and benefits solution to seamlessly connect dispatch operations with driver pay.
“The future of trucking is having a single all-in-one platform to smartly dispatch and automate a lot of the mundane yet critical operations to any fleet like invoicing, expensing, payroll, etc.,” said Rick Taylor, CEO of Kentucky Trucking Association. “We appreciate BeyondTrucks for being an active member in the Association.”
According to the American Trucking Associations (ATA), U.S. trucking companies lost and replaced on average 89% of their drivers in 2021, creating a $60 billion problem for the industry. In a highly competitive market that was short more than 78,000 drivers in 2022, more trucking companies than ever are struggling to retain their drivers.
“Our research shows that the root of the driver retention problem is the dispatcher-driver relationship and its impact on compensation. This includes poor communication and broken promises when it comes to pay, routes, and home time,” said Hans Galland, CEO of BeyondTrucks. ”
“There are countless transportation management systems (TMS) offering driver settlements calculators and many generic payroll processing companies, but none tie what happens to drivers in their daily lives directly to their benefits and the cash they see in their bank account at the end of the week,” added Galland.
BeyondTrucks’ payroll processing and benefits solution leverages the BeyondTrucks process automation platform. By seamlessly embedding in day-to-day dispatch workflows, it will be the only payroll processing and benefits solution specialized for the trucking industry.
“Having payroll as part of an all-in-one platform to manage my trucking business is indispensable,” said Tadesse Abebe, owner of T&F Express in Louisville. “With BeyondTrucks, we can now offer competitive benefit packages like the larger fleets to attract and retain good drivers without the admin headache and hassle.”
Kentucky’s trucking industry has a large impact on both the local and national economy. With more than 27,600 drivers, the industry produces almost $4.4 billion in revenue and $1.9 billion in wages each year. The cost of staff turnover at 30% of an employee’s annual salary translates into an annual cost of $13,500 per driver. Leveraging data and automation to reduce the cost of driver turnover will help empower business owners to retain and reward their drivers while improving employee retention.
“Combining dispatch with payroll processing capabilities unlocks superpowers for trucking companies, allowing new levels of process automation, driver incentivization and driver care. Add to that easy access to medical benefits, 401ks, and the sheer speed of digital payroll processing.” said Dr. Paul Xie, COO and head of product for the company. “Before, when we ran our own fleet, we realized a remarkable difference in driver satisfaction once we had technology that seamlessly aligned driver expectations and performance with instantaneous cash payouts. We simply showed drivers: here’s what you want, here’s how you did, and here’s the money.”
BeyondTrucks powers great trucking companies by streamlining and automating their day-to-day operations, giving them time and control back to focus on what matters. Combining smart technologies, data, and embedded financial services, BeyondTrucks is the first trucking process automation platform that seamlessly connects operations, finances, and people. www.beyondtrucks.com.