Stay Metrics has created a new driver retention tool that serves as an indicator for trends in early-stage driver turnover.
The Stay Days Table is a "survivor chart" that breaks down turnover by showing how many newly hired drivers remain throughout the year at specific milestones after their date of hire. The chart shows the percentage of drivers remaining in 30 day increments up to a full year and allows Stay Metrics to follow specific cohorts of drivers and how well carriers are retaining them over time.
The table makes clearer than previous models that early driver turnover is an industry-wide problem. For example, as many as 60% of drivers hired in January 2018 did not make it a single year with their new carrier. As shown in the chart, retention trends remained consistent throughout the year so similar results are expected for each month’s hiring group.
Carriers spend a lot of time and effort finding drivers in a difficult hiring environment and with only 40% remaining after a year, the shortage of qualified drivers is a serious issue for the trucking industry, according to Stay Metrics.
One trend uncovered by the Stay Days Table was a slight increase in overall retention for drivers hired after September. One possible explanation offered by Stay Metrics was simply that drivers wanted to avoid changing carriers during the holiday season. As data is gathered on hiring in 2019, Stay Metrics will be able to see if the drivers hired in the later part of the year eventually match up with other groups’ retention percentages when they hit later milestones.
“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.”