Smarter compensation for logistics and transportation

According to a study conducted by the American Trucking Associations (ATA) in 2021, the trucking industry faced a shortage of approximately 80,000 drivers, and this number is expected to increase in the coming years.

“Attrition is a major issue in logistics. Many of the roles don’t require a lot of previous experience, you can get trained and be ready to start work in 24 hours. So, there’s no blocker for people to change jobs. And right now, there are so many jobs out there.”

- Jenny Heflik, Vice President of Global Accounts for Logistics at the Adecco Group

Worker Shortage

29% of workers in this sector want to quit their job in the next 12 months.

Of those, 51% say it’s to have a better salary, 25% say it’s to gain flexibility.

High Turnover

Demanding work conditions and long hours lead to high turnover for this sector.

The annualized turnover rate for truck drivers was 92% in 2020 (Stay Metrics).

Keep-Financial-Healthcare-Lost-Productivity

Incentivization

Compensation packages that align with employee expectations while considering organizational constraints can be complex.

And 63% of workers in this sector worry that salary is not high enough to deal with current rates of inflation.

Collections

Clawbacks are expensive to enforce and many end up unenforceable.

Tax Complexities

Paying taxes up front leads to countless hours wasted on preventable W2 corrections.

Manual Tracking

Many track sign-on and retention bonuses manually, making automation and scalable edits difficult.

Automate compensation

A fully automated system to deliver upfront compensation tied to time-based and performance-based vesting

Track milestones

Enable employees and employers to track & celebrate milestones

Improve finances

Improve providers’ credit and help remove their financial roadblocks

Flexible and modifiable

Include flexible components like performance challenges, easily modify arrangements

Optimize cash flow

Optimize cash flow & AR management, defer taxes & automate collections

Reduce manual effort

Save time and money by automating manual tasks like bonus tracking, clawbacks, W2 corrections, and more.

Turn-key product and no IT support required

Bonus dashboard with employer and employee views

Employee self-service portal to view milestones and withdraw bonus

Governance and compliance built-in

Finance-friendly, with robust auditing and reconciliation features

Logistics + Transportation

Accelerate recruiting and retention of drivers with smarter, more valuable compensation.

The challenge

There is a severe shortage of resilient workers

Worker Shortage

High Turnover

Incentivization

Traditional retention-based compensation creates administrative headaches and unnecessary expense

Collections

Tax Complexities

Manual Tracking

There are 10.9 million logistics + transportation job openings and only 6.9 million available workers.

The solution

Custom, scalable sign-on and retention bonuses

Automate compensation

Track milestones

Improve finances

Flexible and modifiable

Optimize cash flow

Reduce manual effort

Keep Financial features

“Keep has been an important tool in our employee retention program at Bestow, and we’re eager to utilize Keep Performing to better align performance objectives with significant compensation events.”

Claire Martin | CFO at Bestow Inc.

See Keep in action.