The market for drivers and supply-chain professionals is cutthroat.
The labor shortage for drivers, shippers, and qualified logistics professionals has created incredible challenges across the supply chain.
We help improve the quality and quantity of your applicant pool, reduce churn, and de-risk your investment in great people.
"We honestly have no idea how many signing bonuses walk out the door early. If we're going to have a truck on the dock, we'll just throw money at the problem until it gets filled".
-Fleet Operations Manager
You might be issuing signing bonuses now.
Here's why you need Benefi:
You don't track the bonuses well
It's a pain to administer your bonuses on an excel sheet. It's time consuming for your admin staff, and if they're being honest, it's easy to forget if someone has left the organization, meaning hundreds of thousands of dollars of unearned bonuses walks out the door every year.
You're not in the business of lending
If your team is honest, they'd rather not spend valuable time managing, tracking, and trying to collect on outstanding debts owed by ex-drivers. There's a lot of other time-sensitive tasks they'd rather focus on
You're letting money walk out the door
Even in situations where your team remembers to ask for a signing bonus back if an employee leaves early, you have no recourse if the ex-employee decides not to repay the obligation.
It's generally not worth it to pursue these debts in small claims court individually - but collectively, these losses can be substantial.
For an industry that is increasingly scrutinized for taxes related to owner-operators, firms need to conform tightly to tax and regulatory requirements.
If you want to be able to deduct signing bonuses from other wages owing to the departing employee, you will need to document the bonus as forgivable “loan” to comply with Employment Standards restrictions on deductions from wages. Chances are you aren't doing this, due to the complexities of managing this process.
Feb 14, 2023
High driver turnover? Spoiler Alert: It could be the pay
When Glen Parsons purchased Alchemist Specialty Carriers in Langley, B.C., he knew he had his work cut out for him. The former owner of Coastal Pacific Xpress (CPX) was enjoying retirement mode. When I spoke to him about his latest venture he was wintering in Mexico.From Truckingnews.com
Aug 10, 2022
Fleets gave drivers big raises in 2021: ATA
A bipartisan bill in the U.S. House of Representatives aims to improve the nation’s supply chains by recruiting more drivers to the trucking industry. It’s called the Safer Highways and Increased Performance for Interstate Trucking (SHIP IT) Act and is sponsored by Reps. Dusty Johnson, R-S.D., and Jim Costa, D-Calif.