Over the past several years, Schneider Downs has partnered with the Ohio Trucking Association (OTA) to publish the annual Business Outlook and Economic Survey report. This resource, drafted based on the responses of OTA members, was historically aimed at helping trucking companies operating within the State of Ohio become more operationally efficient and profitable.
Response rates were down this year, likely driven by the ongoing pressures facing the trucking industry, and we did not feel the volume of responses was sufficient to yield meaningful, broad-based conclusions. However, determined to produce something of value, we instead set our collective focus on drafting a series of white papers aimed at addressing the most critical issues currently facing the trucking industry.
Exploring the Driver Shortage Issue
At the OTA Annual Conference on September 13, 2021, we issued the first white paper in the series, focused on the #1 issue currently terrorizing trucking companies – the truck driver shortage. Coordinated attraction and retention efforts and incentives are more necessary now than ever. Increasing age, along with the effects of the lingering pandemic, have pushed many seasoned drivers from the workforce. With new attitudes of the Millennial generation—workers desiring more work-life balance and flexibility—age limitations and a strong job market, companies are struggling to develop younger talent. This white paper highlights multiple considerations for retaining and recruiting drivers. Following these topics, this white paper looks at some less obvious business strategies you should consider, including unique retirement benefits programs and several tax strategies.
Over the next six months, we will be researching the topics below and providing you with relevant, real-time information you can use to make strategic decisions in your trucking company.
Driver Shortage................. September
Lease Topics...................... October
Economic Update............... December
Tax Update......................... January
Our Transportation and Logistics professionals possess the most current knowledge of transportation issues, regulations and trends. We work with you to seek innovative ways to reach your strategic goals. For more information visit our dedicated Transportation and Logistics page.
You’ve heard our thoughts… We’d like to hear yours
The Schneider Downs Our Thoughts On blog exists to create a dialogue on issues that are important to organizations and individuals. While we enjoy sharing our ideas and insights, we’re especially interested in what you may have to say. If you have a question or a comment about this article – or any article from the Our Thoughts On blog – we hope you’ll share it with us. After all, a dialogue is an exchange of ideas, and we’d like to hear from you. Email us at [email protected].
Material discussed is meant for informational purposes only, and it is not to be construed as investment, tax, or legal advice. Please note that individual situations can vary. Therefore, this information should be relied upon when coordinated with individual professional advice.