Three Ways to Navigate Increased Driver Compensation

Increases in driver pay rates are top of mind for fleet managers than ever before. The onset of the COVID-19 pandemic accelerated this trend, and today supply chain issues and fuel prices make balancing the budget harder than ever. What can fleet managers do to offset the costs of increased driver compensation? Here are three ways to help. 

1. Become Fuel Efficient

One of the first changes you can make is to look at spending less money on fuel. Fuel expenditure is at the top of the annual expenses for transportation companies. With rising gas prices, it is more important than ever to become fuel efficient. One way to make your fuel go further is to train drivers to conserve fuel. It’s also important to perform regular inspections and daily maintenance on your vehicles to make sure they’re using an optimal amount of fuel helping offset the increased cost of driver compensation.

2. Bring Tasks In-House 

Fleets typically hire third-party services to handle business operations such as accounting and human resources. Why not look at the services you are outsourcing and see if any of these tasks can be taken on by your current staff? If your staff is not skilled in any of these areas, it can be cost efficient to offer them online training classes. 

3. Accept Help from Partners

On the other hand, insourcing can be another great way to offset costs. When certain setbacks happen, third-party services are often better equipped to handle them. One overlooked method of administrative cost-cutting is toll management. Managing toll accounts and bills can be headache-inducing and take time out of managing other core parts of your business. Using an external organization such as Bestpass with the expertise to take them on can save you in both toll fees and administrative hours managing toll.

The trucking industry is no stranger to obstacles and periods of uncertainty. By using  the methods listed above, you can move beyond short-term solutions to a solution that can get you through the long haul and offset the increases in driver compensation.

 

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