One of the most challenging aspects of setting up a rewards program at any carrier is funding it. Where does the money to invest in one of these programs come from? Let’s say you’ve read our case for a rewards program, and you’re convinced. How do you find the money to make it happen?
The answer might surprise you: You probably already have it.
We’ve identified three potential sources of funding for a rewards program that may already be line items in your budget. In some cases, carriers have so many of these sources already in place that adding Tenstreet Rewards is not a new expense but a greater return on investment than your current spend on the following categories.
Gifts
A common practice at motor carriers and in other industries is giving gifts to mark special milestones. This might be a gift given to celebrate 5, 10, 25, or more years with a company. It could also be a gift given to all drivers during National Driver Appreciation Week each September.
If your carrier provides drivers with any of these kinds of gifts, then you’ve probably discovered it’s difficult to shop for hundreds, if not thousands, of people. While often well-intentioned, everyone has their own likes and dislikes. A television or grill might not resonate with every member of your fleet.
To solve this problem, consider shifting the expenses that would go into these driver gifts into a program like Tenstreet Rewards, which grants drivers points that can be instantly redeemed for gift cards at more than a dozen popular online retailers like Walmart, Amazon, Target, Bass Prop Shop, Home Depot, Pilot Flying J, and more. Giving drivers the ability to choose their reward and shop for something they’ll actually love makes it more likely they’ll actually feel appreciated by the gift and feel more positively about your carrier as a result.
Funding from Increased Compliance
Keeping track of drivers’ CDL and medical card renewals is one of the most difficult regulatory challenges carriers face. How much time would you say your carrier spends tracking drivers down to ensure they complete these important tasks on time?
What if, instead, drivers were incentivized to renew early? How much time would this give back to your office staff? The adage “Time is Money” holds true in this case, as if your team has more time to focus on other areas, you have also saved money.
This is just one example of how Rewards points can incentivize positive driver safety behavior. Carriers can also grant points for actions like getting clean CSA inspections, completing online training, going long periods of time without any accidents or incidents, and more.
Awarding drivers points for completing actions that contribute to a culture of safely saves staff valuable time and keeps your company compliant, making it more likely you’ll still be operating for years to come.
Shifting Sign-On Bonuses and Increasing Driver Responsiveness
Sign-on bonuses are a meaningful incentive to attract hires, but shifting how you award these bonuses with the help of a rewards program can promote long-term retention and help you better understand your hiring process.
This is easiest to understand with an example. Imagine your carrier awards a $3,000 sign-on bonus. What if instead of rewarding the payment in one lump sum, a driver received $500 at every major retention milestone – 30 days, 60 days, 90 days, 180 days – after they filled out a survey rating their experience and sharing any issues they have? Incentives like these still reward driver longevity but also tie bonuses to positive actions like sharing feedback that help you to address any problems a driver might be having and increase the odds they’ll keep driving for you longer. These rewards can also be automated once a survey response comes back, making this a streamlined process with no delay in a driver’s experience of getting rewarded.
Getting Started with Tenstreet Rewards
Many carriers will find that much, if not all, of the funding they need to implement a driver rewards program like Tenstreet’s can be found by looking into these three areas. Their purposes are still served but your investment is amplified and you build a healthier culture along the way with the addition of a rewards program.
Ready to learn more about Tenstreet Rewards? Request a demo to learn more.
