Trucking industry companies are preparing for a volatile year ahead, thanks to ongoing labor challenges, inflation, and higher fuel costs. That’s according to a recent report from Toronto-based transportation management software (TMS) provider Rose Rocket.
More than half (53.5%) of the 108 carriers and brokers surveyed said that hiring and retention will be a top challenge this year. And although carriers are expected to feel the brunt of that pain in finding potential truck drivers, the survey’s authors said broker organizations are seeing increased turnover as well, indicating problems finding sales and back-office help across the industry.
“The similarity of responses seen from this diverse set of leaders makes it clear—most of us in trucking are encountering the same challenges,” Alex Huras, head of market research at Rose Rocket, said in a press release. “How we tackle these challenges could make the difference between struggling and thriving in this uncertain environment.”
Respondents cited some ways they expect to address hiring and retention this year: 36% said that improving hiring programs is the best approach, 18% said improving company culture will help, and 11% said improving pay and incentives is the best way to address the problem.
Inflationary pressures and reduced market demand will plague companies in the year ahead, too--and respondents said they have plans to tackle those issues as well. Nearly 30% said that acquiring new customers through cold calling is the top approach to building business, 18% said better communication with existing customers will increase revenue, and nearly 10% said they hope to retain current customers via improved service performance.
Visit the Rose Rocket website for more information and to download the report.