Market Report Identifies Hiring and Sales as Top Challenges in Trucking Heading into 2023

Survey fielded by Rose Rocket finds leveraging technology to impact key challenges found to be a top 3 investment for both carriers and brokers

Rose Rocket, a cloud-enabled TMS software, today announces the release of its market research report featuring proprietary research data, market data, and aggregate Rose Rocket TMS usage data to inform a comprehensive outlook on trucking industry trends. A proprietary survey was fielded to carriers and brokers aiming to identify their experienced challenges and approaches to solving them, the industry’s most time-consuming tasks, top investments, top technology used, and the leading industry news and research sources.

Rose Rocket’s 2023 Challenges, Trends & Technology in Trucking: 2023 Outlook Report found that

• 53.5% of respondents from both carriers and brokers found hiring and retention to be a top challenge
  • 36% felt improving hiring programs was the preferred approach
  • 18% felt improving company culture was the preferred approach
  • 11% felt improving pay and incentives was the preferred approach

• When asked how they plan to remedy slower sales amid market volatility,
  • 29% felt that acquiring new customers through cold calling is the top approach to building business
  • 18% felt that better communication with existing customers will increase revenue
  • Nearly 10% are looking to retain current customers through improved service performance

Between labour shortages, global supply chain disruptions, and skyrocketing fuel prices, the trucking industry has experienced unprecedented volatility since the pandemic began. 53.5% of respondents from both carriers and brokers found hiring and retention to be a top challenge heading into 2023. While carriers are projected to face higher employee churn than brokers, turnover is not isolated to drivers. Aggregated product use data shows an increase in turnover in broker organizations, suggesting that companies are facing retention concerns in all positions, including sales and back-office.

“The similarity of responses seen from this diverse set of leaders makes it clear – most of us in trucking are encountering the same challenges,” said Alex Huras, Head of Market Research at Rose Rocket. “How we tackle these challenges could make the difference between struggling and thriving in this uncertain environment.”

Of the survey respondents who called out hiring retention as a top challenge heading into 2023, 36% felt that improving hiring programs is the preferred approach, 18% felt improving company culture would help, while 11% opted for improving pay and incentives. While the transportation industry has certainly felt the impacts of COVID and economic uncertainty, many of the top challenges have remained constant from pre-pandemic times.

In 2023, inflationary pressures and reduced market demand are significant considerations for sales teams. When asked how they plan to remedy slower sales amid market volatility, 29% of respondents feel that acquiring new customers through cold calling is the top approach to building business, followed by 18% feeling that better communication with existing customers will increase revenue, and nearly 10% are looking to retain current customers through improved service performance.

“Viewing technology as a sales engine rather than a cost is really the key to most of the challenges that both carriers and brokers are facing in 2023,” said Justin Bailie, Co-Founder and Chief Strategy Officer at Rose Rocket. “Much of the trucking industry is still uncertain about just how broadly technology can positively impact their business. Tools that allow for detailed and real-time reporting will strengthen visibility for customers, improve the employee experience, and ultimately provide all stakeholders with what they need to succeed.”

The resulting analysis provides a benchmark that teams can use to measure themselves against, understand the current market conditions, inform future technology decision-making, understand challenges with companies of various sizes, and better plan future technology investments.

Click here to access the entire Challenges, Trends & Technology In Trucking: 2023 Outlook Report.

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