Driver Hiring
If you are hiring drivers or any other position in your transportation company, you have felt upward wage pressure! “Can I raise wages fast enough?” has crossed your mind. The researchers at Korn Ferry (Linked Here) suggest there may be hope.
As motorcoach companies navigate evolving market conditions, job-market data indicates a détente between employers and potential hires, providing a glimpse into a more balanced recruitment landscape.
For motorcoach companies, the demand for skilled professionals has driven wage inflation as companies competed fiercely to attract and retain top talent (especially drivers). The evidence from Korn Ferry suggests companies must compete not only on wages but also on other factors. When candidates sense there is little negotiating room on wages, they will turn to other areas such as schedule flexibility, training and development opportunities, career advancement potential, and remote work options. In an industry tied to a traditional approach of “how we do business,” collaboration with candidates will become vital to attracting top talent.
Secondly, there is a noticeable decline in job openings, indicating a potential shift in employer strategies. It causes one to wonder if operators have accepted a certain level of driver shortage in their operations. The nagging, persistent driver shortage at a company can have impacts beyond revenue loss. Safety, job fatigue, and dissatisfaction can be silent headwinds to a company.
Finally, the welcomed news is that the era of rapid wage inflation appears to be subsiding. This moderation in salary growth could result from employers aligning their financial strategies with the current economic landscape and focusing on sustainable long-term growth. Whatever the cause, any easing of wage pressure is welcomed by operators!
As motorcoach companies navigate these changes, adopting a strategic and holistic approach to talent acquisition will be pivotal in ensuring sustained success in the evolving labor market.
Transportation Consultant Group specializes in recruiting for the motorcoach industry and partnering with companies to fully staff for drivers, sales, operations, maintenance, and management. For more information, visit the TCG website.