South Bend, IN. Feb 19 — Stay Metrics, the leading provider of driver retention tools, announces today a new indicator for trends in early-stage driver turnover.
The new Stay Days Table serves as a “survivor” chart that shows the number of drivers hired by carriers each month and the percentage remaining at specific milestones after their date of hire—30 days, 60 days, 90 days, etc. This table allows Stay Metrics to follow specific cohorts of drivers and to show how well carriers are retaining them over time.
As the table makes clearer than previous models, early driver turnover is a massive, industry-wide problem. Approximately 60% of the more than 3,000 drivers from 89 carriers hired in January 2018 did not make it one year with their carrier. Retention trends seem to have remained consistent throughout the year so similar results are expected for each month’s cohort.
These statistics come at a time when the driver shortage is of critical concern to motor carriers. According to the American Transportation Research Institute’s 2018 Top Industries survey, the driver shortage is the number one issue faced by carriers. Unsurprisingly, driver retention is also high at the number three spot. Together these concerns are causing significant problems for even the best carriers in the industry. They work exceptionally hard to find drivers in today’s market. If 60% of these drivers leave within one year, the driver shortage is not just an issue; it is a crisis.
We believe the new Stay Days Table demonstrates the depth and pervasiveness of the early driver turnover problem.
“We believe the new Stay Days Table demonstrates the depth and pervasiveness of the early driver turnover problem. Our clients consistently beat industry averages for overall retention and this is their Stay Days Table. It represents some of the best in the industry,” said Tim Hindes, Co-founder and Chief Executive Officer. “With drivers leaving so early, the driver shortage cannot be effectively countered. Our current version shows data for 2018 and we plan to update the metric for 2019 and beyond to continue monitoring the industry’s progress.”
The Stay Days Table saw a slight increase in overall retention for drivers hired in September and later. One possible explanation is that these drivers wanted to avoid changing carriers during the upcoming holiday season. The data from the next few months will show if these fourth quarter hires match other groups’ retention percentages when they hit later milestones.
Stay Metrics has a number of products that enable motor carriers to proactively address the root causes of early-stage driver turnover. Its orientation survey, typically given to drivers after a week on the job, serves as an effective way to measure if recruiters are setting realistic expectations and the quality of the orientation experience. An early driver experience survey, most often taken between 6-8 weeks after orientation, identifies areas of early disconnect and job dissatisfaction.
If a driver’s response to any survey questions indicates an elevated risk of leaving, Stay Metrics sends their carrier immediate alerts to follow up and address the concern. Stay Metrics’ client-facing website also gives carriers full visibility to individual survey responses with reports that identify changes in driver attitudes or perceptions towards their jobs based on early experiences. Even a driver’s refusal to take a survey is a signal of potential turnover. On average, drivers who do not take the surveys are 10 percent more likely to leave their carrier.
About Stay Metrics
Stay Metrics helps motor carriers realize Retention. Not Regrets. Its industry-leading retention toolkit includes onboarding, exit, and annual satisfaction surveys as well as a fully featured online rewards platform. Robust reporting tools, targeted driver intervention opportunities, and insightful client support teams all give carriers actionable data on what is causing turnover in their driver workforce and what changes might reduce it. These tools help drive down expenses, foster fleet growth, and improve the lives of drivers.
Stay Metrics is based at Innovation Park at the University of Notre Dame in South Bend, IN, and was recently named a “Best Place to Work in Michiana” by the South Bend Tribune.