What Is The War For Talent?
Do you want your company to be known as “a good place to work”? How do you gauge your employee satisfaction? These areas are of real concern when it comes to retention and recruiting. The struggle to retain top talent in the trucking industry has always been difficult. Drivers are prone to high turnover rates, consistently hovering at about 90%. These high turnover rates coupled with the high cost of onboarding and training result in a tremendous hit to profits. It also sullies a company’s reputation as a good place to work.
Drivers present a unique segment of transportation employees. Long hours on the road alone, they often feel siloed and feel a lack of connection to their company. Drivers are highly stressed, struggle with health issues and suffer from a frighteningly short lifespan due to the circumstances of their jobs.
The “War for Top Talent” has become a big issue in almost all US companies:
- 3% of companies say retaining employees is harder than hiring them.
- Employers in the US now spend $2.9M per day looking for replacement workers (https://www.zenefits.com/).
- 71% of executives say that employee engagement is critical to their company’s success.
How can you improve your position to attract and retain good drivers and employees?
Welcome to ‘Wellness‘ and ‘well-being’ as the new metrics that can help you:
- Better improve your employee’s experience with your company
- Help you to better empathize and understand your employee’s needs and concerns.
- Improve your retention rates. A focus on employee wellbeing can have a tremendous effect to help support your recruiting, hiring and retention goals.
Why Is Well-Being So Important?
What exactly is well-being? The CDC defines well-being as “judging life positively and feeling good. For public health purposes, physical well-being (e.g., feeling very healthy and full of energy) is also viewed as critical to overall well-being.”
- Human Resource Executive reports that “If HR leaders had to choose one word to define their focus over the last year, “wellbeing” likely would rank near the top”.
- Employees stay at companies where they feel valued and cared for. According to Workhuman creating a positive work experience resulted in 52% of employees being less likely to leave.
It might be time for you to join the trend. This year many companies are expanding their investment in wellness programs to compete in the “War for Talent”, improve employee experience and sharpen their recruiting and retention rates.
This is a hot trend. Check out these numbers: (Human Resource Executive)
- 94% of companies made significant investments in their wellbeing programs
- 85% increased support for mental health benefits
- 50% increased support for physical wellbeing
- 38% increased support for financial wellbeing
Truck drivers present some unique challenges in creating a positive work experience. Because they are out on the road, drivers are often lonely, isolated, and disconnected. It’s time to build a culture where they feel they belong, and their physical and mental health needs are respected and cared for and they are recognized as a vital part of your workforce.
Join the trend. Start creating a better experience for your employees and reap the benefits.
Download our Creating a Culture of Wellness Guide, and book a short demo to discuss how we can help you better address your employee’s concerns and help you win the War for Talent.
By:
Cindy Luisi, WHE, WHC, CCP Health Coach
CDL Wellness Content Creator