Contrary to popular belief, 'Millennial' drivers are only slightly more likely than middle-age Gen X drivers to leave their carriers.
SOUTH BEND, Ind. (PRWEB) May 31, 2018
Stay Metrics, the leading provider of evidence-based driver feedback, engagement, training, and retention solutions for the transportation industry, released a new study that correlates driver age with early job turnover.
The study comes at a critical time as motor carriers are looking for solutions to ease the driver shortage, estimated by the American Trucking Associations to be 50,000 with the potential of reaching 174,000 over the next decade.
In March 2018, a bill supported by the ATA was introduced in Congress to help bring younger CDL drivers into the industry. The DRIVE-Safe Act, if passed, would allow drivers between 18 and 21 years to operate across state lines if they meet rigorous training requirements.
One of the perceived drawbacks for carriers to recruit and develop younger drivers is higher turnover. Ongoing research by Stay Metrics shows nearly 60 percent of all drivers will leave their carriers in the first six months of new employment and 35 percent will leave within the first 90 days.
A Stay Metrics research team led by Chief Scientific Officer Timothy Judge, Ph.D., recently analyzed six years of historical data to understand if youth determines early driver turnover.
The average driver age in the study is 45.6 based on a sample size of 103,652 drivers from 140 carriers through Feb. 14, 2018. The overall turnover rate is 59 percent.
The study shows drivers between 21 and 45 years old have a higher turnover rate than the average. Notably, younger drivers in this group (21 to 40) exit at a similar rate as middle-age drivers between aged 41 and 45.
“Contrary to popular belief, ‘Millennial’ drivers are only slightly more likely than middle-age Gen X drivers to leave their carriers,” said Tim Hindes, Chief Executive Officer of Stay Metrics. “The study shows age is a factor, but we don't see that impulsive decision making we often associate with youth as a leading cause of early driver turnover.”
The lack of professional experience may be the most significant influence on turnover rates of younger drivers under the age of 25. Drivers in this age bracket may have fewer driving job alternatives. Their turnover rate of 64 percent is lower than all drivers between 26 and 40 years old.
The study shows driver turnover peaks between age 26 and 30 years (69 percent) and decreases by two to three percent in successive age groups in 5-year increments. The turnover rate is the lowest for drivers in the 56 to 60 group at 49 percent.
About Stay Metrics
The Stay Metrics driver engagement platform helps trucking companies engage, reward and keep their best drivers. Carriers see improved driver retention by using a unique custom-branded loyalty rewards program to recognize driver performance, in combination with driver feedback interviews, surveys, and related research. The platform includes a driver communication and resource hub, in addition to safety and wellness training. Stay Metrics is based at Innovation Park at Notre Dame in South Bend, Indiana. Learn more about Stay Metrics at http://www.staymetrics.com