Low labor, an aging workforce, along with supply-chain pressures, have led to creative (and expensive) solutions
"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 a (signing bonus) at the problem until it gets filled."
-Fleet Operations Manager
Compensation Evolved
A better way to attract and retain talent has arrived.
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Benefi allows companies to acquire and retain the best talent on the market, all while reducing churn costs.
We do so by issuing and managing a better kind of signing and retention bonus, putting more money in the hands of employees, and de-risking the investment for employers
23%
Average annual fleet turnover
$5-$10k
Average cost to replace driver
80%
Of large fleets are unable to fill all desired roles
#1
Rank of pay for reason for driver turnover (followed by 'more home time', 'issues with dispatch/supervisors)
You might already be issuing signing bonuses.
Here's why you need Benefi:
You might already be issuing signing/retention bonuses.
Track signing and retention bonuses better than ever.
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.
This means hundreds of thousands of dollars of unearned bonuses walks out the door every year.
You'd rather focus on the strategic aspects of your business - not the administration
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
Great fiscal management
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.
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It's generally not worth it to pursue these debts in small claims court individually - but collectively, these losses can be substantial.
Remain compliant with labor laws
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.
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