When Del Reeves sang about “Looking at the World Through a Windshield,” years ago, it was an ode to the truck driving way of life. It was one of many truck driving melodies that sang about the good times – freedom and traveling the country – and the bad times – missing family and loved ones – that was all part of driving an 18-wheeler.
The world has changed since then. In the U.S. and Canada, a massive truck driver shortage has hampered growth in the industry. For many transportation and trucking experts, the dearth of drivers is puzzling. With unemployment remaining high at least in some areas, it seems like more people would give truck driving a try. But with restrictive rules regarding drivers, long hours, and so-so wages (though this may be changing), fewer people today are turning to truck driving as a profession.
In Transportation, Funding Driver Recruitment Programs Is Key Priority
The lack of drivers is slowing down business for already cash-strapped trucking and logistics’ companies. The load capacity overall is reduced, delivery deadlines are missed and shippers are unhappy. More and more transportation companies are turning to freight bill factoring companies get capital to improve their financial situation. With freight factoring, trucking companies can get cash to:
- Increase truckers’ payroll in order to recruit new drivers
- Focus on retaining current drivers by investing in compensation packages that include sufficient time home, improved communications and a culture of driver respect.
- Pay for fuel costs. With reloadable freight factoring fuel cards, drivers can gas and go more quickly, and trucking companies can better manage their expenses.
- Purchase new workforce management technology that is being adopted more rapidly in the trucking and logistics industry.
Freight Bill Factoring Has Long History with Trucking Companies
Freight factoring will continue to work with companies to provide them with capital they can use to solve the driver shortage. Though it may be widely unappreciated, the trucking and transportation industry is the lifeblood of the nation’s economy. The need for truck drivers has become so great that many companies are offering truck driver training schools with generous tuition packages, military incentive programs, and job placement programs.