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Can working capital help you combat the truck driver shortage?

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April 25, 2022

While working capital can not solve all of the problems the trucking industry faces today, it can help provide additional resources needed to meet truck driver demand.

In 2021, the trucking industry saw a spike in freight demand. As a result of this, The American Trucking Associations estimated that in 2021 the truck driver shortage would hit a historic high. If this trend continues, they estimated that the shortage could surpass 160,000 drivers in 2030.

The shortage of truck drivers can be attributed to several different factors including labor and supply chain problems. Almost all trucking companies have felt the impact of the trucker shortage in one capacity or another, and while working capital can not solve all of the problems the trucking industry faces today, it can help provide additional resources needed to meet driver demand.

Address driver retention

Shortages in the trucking workforce means more pressure to retain the drivers you currently have, this could mean investing in new technology to optimize driving routes or providing better working conditions, or offering additional training to younger drivers. The benefit of working capital is that it can be used to improve driver conditions in anyway you see fit.

Use Working Capital to pay workers

One of the early truck driver shortage contributors was the low pay associated with truck driving jobs. In the past year, industry leaders have addressed this by increasing overall pay. According to reports, truck driver salaries were up 11% from 2020, raising the average truck driver's pay to nearly $70,000. Increases in pay can help acquire new drivers and prevent drivers from leaving but not without increasing payroll costs. Working capital can help supplement any payroll increases you may incur as the industry continues to shift.

Protect your drivers

Similarly to driver retention, the safety and well-being of your truck drivers during short or long-haul driving is paramount. Big trucking companies use tactics such as seats with reduced pressure points and enhanced ergonomics to ensure driver comfortability and reduce highway fatigue. Additional funds spent wisely can help you create better working conditions for your employees.

How do I acquire working capital?

Working capital can help you navigate more turbulent times like these, and sources like Good Funding are here to help. We have made applying for funding for up to $500,000 fast, easy, and streamlined. We offer same-day decisions and no hard credit pull. All you have to do is apply here and a funding specialist will contact you to find the best financing options for your business needs.

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