As you may already know, the American Trucking Industry is experiencing a truck driver shortage. The American Trucking Association (ATA) estimates that the U.S. is short 30,000 truck drivers, with the demand for more drivers only getting greater as the trucking industry continues to grow.
There a variety of factors that are driving the shortage, include increased government regulations, relatively low pay, and less interest from young people. According to a study by the ATA, ninety percent of carriers said they couldn’t find enough drivers who met all the department of transportation regulations. Trucking seems less attractive to young people looking to get into the job market because of long hours, low pay, and lots of time spent away from home. Drivers wanting more time at home have also caused changes within the industry as drivers move demanding over-the-road jobs to more flexible construction or less-than-truckload jobs.
There is also a declining driver turnover rate, meaning there are not enough drivers to replace the ones that retire or move to another industry. With stricter compliance safety accountability regulations, it is difficult for new inexperienced drivers to pass the pre-employment driver screening programs facilitated by the government.
Another factor exacerbating the truck driver shortage are the changes to the hours of service regulation made last year. By reducing the amount of time any one driver can spend on the road, carriers are forced to add more trucks and drivers to haul the same amount of freight.
To combat the problem and attract more truck drivers to the industry, major trucking companies such as Swift Transportation, the largest truckload carrier in North America, are bolstering the amount of pay and benefits they provide their drivers. The company is committed to investing in their truck drivers with the hope that higher wages and greater benefits will attract younger people to the industry.
If you own a trucking company and business is struggling because of the truck driver shortage, freight bill factoring can help. Submit your freight bills to a transportation factoring company and receive immediate funding in return. More working capital frees your trucking company from being held back by the truck driver shortage by allowing you to take on larger, more lucrative loads.