Trucking Industry Challenges
Truckers are the unsung heroes of the American marketplace. Virtually everything one can buy has spent some time on a truck. But today's trucking companies face daunting challenges—high turnover, cash flow issues, and rapidly changing regulations among them.
If this sounds familiar, partnering with a Professional Employer Organization, also known as a PEO service, is a smart solution.
What is a PEO?
A PEO company is essentially your outsourced payroll and HR department. They streamline your operations by taking most of your administrative paperwork off your hands. This means you not only save time, but get peace of mind knowing that dedicated professionals are keeping your books in order.
PEO companies offer trucking companies a number of other money-saving benefits as well.
Affordable Workers' Compensation Insurance
Workers' comp can take a big bite out of your budget. These providers can save trucking companies serious money on workers' comp insurance because they provide policies for multiple businesses. This gives them the buying power to get you great policies for less than you can get on your own.
Even better, PEOs offer easy pay-as-you-go workers' compensation plans, eliminating burdensome quarterly payments while giving you more control over your cash flow.
Group Health Insurance Options
Truck drivers commonly face health challenges such as diabetes or obesity. This isn't just bad for them, but also for you as an employer. Drivers waylaid by illness aren't helping your bottom line.
PEO companies can help keep your drivers healthy while saving you money with affordable group health insurance plans. In addition, some PEO providers offer additional affordable benefits such as wellness programs to further promote healthful lifestyles.
Regulatory Compliance Assistance
Keeping up with fast changing safety, labor, and environmental regulations can be challenging even for trucking industry veterans. PEO providers help trucking companies by working with them closely to ensure they're always in compliance with the latest regulations.
With PEO company support, you can enjoy the confidence of knowing you're doing things right.
Higher Employee Retention Rates
Trucking is a tough job, so turnover in the industry is notoriously high. These companies help you hold on to good employees by offering the full human resources support you need to build a strong team.
Your provider handles everything an HR department does, from recruiting qualified job candidates to helping you develop fair, transparent employee policies. With their expertise, you can ensure your policies and company culture tell your team members they're valued.
A recent study about PEOs by McBassi and Company found that PEO clients have employee turnover that is 10 to 14% lower than non-PEO clients.
Company Safety Plans
With the rising number of vehicles on the road, driver safety has become a growing concern for trucking companies. A PEO service can help you ensure the safety of your fleet by making sure all safety regulations are followed. It can also educate you about best practices for safety, as well as help you implement safety-minded procedures.
Find the Right PEO for Your Trucking Business
If you want to learn more about what a PEO company can do for your trucking company, ELQ is ready to help. With over two decades of experience as a PEO broker, we have the deep industry knowledge to match your company with a provider who understands the unique demands of trucking companies.
We work only with carefully vetted, licensed PEOs to ensure you receive the service you deserve. Call us or fill out our quote form today to learn more.
