The Weekly Report brings you updated data on recruiting metrics including click, search, and spot rates, plus a new story of the week. This week’s story – Ask Questions and Reduce Turnover. PLUS we talk to Michigan State University Associate Professor, Jason Miller, about what he is currently seeing with inflation.
New episodes of the Weekly Report premiere every Wednesday at 10 AM CT on our YouTube channel and Talent Intelligence Resource page.
We provide the Weekly Report in numerous formats every week. Which one is right for you? Watch the latest reports on our Talent Intelligence Resource page or YouTube channel, use our Numbers at a Glance section for quick visual references, download the Weekly Report PDF (available below), read the transcript, or listen to the audio version of October 19, 2022, Weekly Report below.
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Numbers at a Glance
|WOW: ■ Flat|
|Spot Rates by Segment|
|WoW: Dry Van ■ Flat|
|WoW: Refrigerated ▼ Down 4¢ per Mile|
|WoW: Flatbed ▲ Up 1¢ per Mile|
|Load Posting Volume|
|WOW: ▼ Down 8%|
|Load Volume by Segment|
|WoW: Dry Van ▼ Down 6%|
|WoW: Refrigerated ▼ Down 5%|
|WoW: Flatbed ▼ Down 13%|
|WOW: ▲ Up 4%|
|Truck Driver Searches|
|WOW: ▼ Down 13%|
|MoM: ▼ Down 10%|
|YoY: ▼ Down 35%|
|Clicks on Truck Driver Postings|
|WOW: ▼ Down 16%|
|MoM: ▼ Down 15%|
|YoY: ▼ Down 16%|
October 19, 2022 Driver Recruiting Insights
Would you like to have your own copy of the trucking industry data? All of the information covered in this week’s report for October 19, 2022, is available for your convenience in PDF form below. Click the image to view and download your copy of the Weekly Trucking Insight.
More from Jason Miller
Follow Jason Miller and View His Original LinkedIn Post
Watch and Share Our Discussion with Jason
Sign up for Jason Miller’s Monthly Economic Updates
Read Max Farrell’s Full CCJ Article Covering Common Turnover Issues
Click the Image Below to Read the Full Article
Weekly Report Transcript – October 19, 2022
Hello everyone and welcome to the Weekly Report. For Randall Reilly, I’m Joshua Miller. If you like our videos don’t forget to like, share, and subscribe so you never miss new driver recruiting content. We’ve got a lot to get to today including a bonus segment with Michigan State University Associate Professor of Supply Chain Management, Jason Miller, where he goes a little into what he’s seeing in regard to inflation. It’s great information and I think you’ll find it really interesting so stick around. But first, the report.
THIS WEEK IN JOB BOARD SEARCHES AND CLICKS
All red all the way around. Searches were down 13% WoW, 10% MoM, and 35% YoY. For clicks, there were declines of 16% WoW, 15% MoM, and 16% YoY. If you’re keeping track this is the first time in more than a year that the weekly click count is lower than the previous year by comparison.
THIS WEEK IN FREIGHT
Load postings fell 8% WoW and the volume was 49% below the same week in 2021. Dry van loads were down 6%, refrigerated fell by 5%, and flatbed loads were down 13% WoW.
Truck availability increased WoW as the load-to-truck ratio fell to its lowest level since May of 2020.
For spot rates, the overall totals were unchanged WoW. Dry van rates were also flat but refrigerated fell by 4¢ and flatbed increased by 1¢ per mile WoW.
STORY OF THE WEEK
Proactive communication could be the key to helping your fleet avoid high turnover rates. According to Workhound CEO and co-founder, Max Farrell, it’s poor communication that leads to excess turnover and to fleets struggling with retention rates.
For instance, while pay is a chief reason many drivers are searching for a new job, many times it comes down to confusion about pay rather than the actual pay rate itself. One way to combat miscommunications like this is by allowing anonymous driver feedback to allow drivers to voice their opinions and concerns. And don’t wait for exit interviews when it’s too late to address a problem, we’re talking real-time check-ins with drivers before it gets to that point.
If you’d like to hear even more of Max’s takeaways turnover issues you can find more details in the downloadable PDF made available and I’ll include a link to a full story covering several more issues he and Workhound have discovered.
That’s it for our story of the week, but as I mentioned in the open this week we have a bonus treat for you. Yesterday I was able to sit down and talk with Jason Miller about his take on what he’s currently seeing with inflation and how it could affect trucking.
(JASON MILLER ECONOMIC VIDEO SEGMENT)
That’s our report for today, thanks for joining us. Just a reminder you can download a full PDF of our report in the description on YouTube or in the main body of the page on our Randall Reilly site. I’ll also leave links to the full CCJ story covering turnover issues, an isolated video of my talk with Jason Miller, and the link to his LinkedIn post which spurred the conversation. Jason posts a lot of great stuff so if you haven’t read any of his work he shares with us before or were unaware of him, he would be a great follow.
We’ll see you next week when we take another look back to help you move forward. Until then, have a great week everybody.