High self-employed driver turnover rates can be detrimental to the success and stability of a courier business. Understanding the reasons behind this turnover is crucial for addressing the issue effectively.
Poor driver perks and rewards
A key reason for a high driver turnover rate is inadequate driver perks and enticing rewards. If drivers feel that their pay does not meet the demands of their role or the standards of the logistics industry, they may start looking for work elsewhere. Offering incentives and perks can help attract and retain skilled courier drivers.
At Wise, we work with over 260 UK courier businesses to allow them to provide their self-employed drivers with perks that historically have never been available within this type of work.
Driver perks available through Wise
1. Digital GP Services
Wise provides self-employed drivers with Digital GP services, enabling them to have prompt and convenient access to healthcare. By promoting a healthier workforce, courier businesses are able to help drivers stay physically and mentally fit for their roles.
Additionally, the on-demand nature of Wise’s Digital GP service saves drivers valuable time; drivers can connect with medical experts at a time that best suits them, eliminating the need for time-consuming visits. By reducing the time and effort required for doctor’s appointments, delivery business owners are able to help their drivers find a better work-life balance and reduce the potential frustration or stress that could contribute to high driver turnover.
2. 24/7 Mental Health Support
In partnership with Health Hero, Wise provides 24/7 mental health support to self-employed drivers, ensuring they can access help whenever and wherever they need it.
The timely nature of this service is crucial in addressing drivers’ mental health concerns promptly, preventing them from escalating. By providing constant access to mental health support, courier companies can encourage their drivers to seek help at their convenience, reducing the likelihood of unresolved issues that could contribute to high driver turnover rates.
Also, as a delivery business, offering 24/7 mental health support to self-employed drivers demonstrates that their mental well-being is a top priority for their courier company. This can foster a sense of belonging, trust, and loyalty among drivers. When drivers feel that their delivery business genuinely cares about their mental health, they are more likely to remain working for the delivery firm and be motivated to perform at their best.
3. Discounts
Self-employed drivers can access a discounts portal with Wise, helping them save money on their everyday purchases. The discounts portal offers money off hundreds of brands, including major retailers, restaurants, and supermarkets. The cost savings provided by the Wise discounts portal can contribute to increased job satisfaction and financial stability, reducing the need for drivers to seek higher-paying alternatives.
4. Accountancy
With Wise, self-employed drivers have access to the very best accountancy advice. Through this service, drivers may be recommended to register for the government’s Flat Rate VAT Scheme to help maximise their take-home pay.
The Flat Rate VAT Scheme was introduced in 2002 as a way for small businesses to simplify VAT returns. This allows eligible self-employed drivers to charge VAT at the full rate while paying HMRC at a lower rate. Our expert accountancy has already helped thousands of drivers boost their take-home pay by an average of £20 per week – that’s almost £1,000 per year!
By offering self-employed drivers perks through Wise, delivery businesses are able to address inconvenient health care support, mental health challenges, and financial concerns, enhancing the overall well-being of drivers. In turn, this significantly contributes to the reduction of driver turnover rates by increasing job satisfaction, financial stability, and loyalty to the courier firm.
