The best truck driving jobs will have a strong total compensation package. That includes direct and indirect forms of compensation. Consider the total compensation package before accepting a job offer.
1. Direct Compensation
When you think of pay, many people are really talking about direct compensation. Direct compensation includes the pay that comes as dollars and cents. That said, it’s more than just your CPM or salary. Direct compensation also includes the money you earn from bonuses and savings programs.
Base Pay
Base pay is the money you see in your paycheck. There are many different ways to get paid (CPM, salary, per load), but these base numbers don’t tell the whole story when it comes to compensation. Base pay also includes per diem if your company offers it. Even within base pay, it’s important to consider the bigger picture. If you’re paid in CPM, find out how many miles drivers average. Is there a minimum number of guaranteed miles? A high CPM rate does no good if you can’t get enough miles to pay the bills.
Base pay makes up a large part of a total compensation package, but there are several other types of direct and indirect compensation to consider.
Bonuses
Bonuses are another form of direct compensation. They aren’t guaranteed money, but you will probably earn many in your time as a driver. Some of the most frequent bonuses offered are for recruitment, retention, referrals, performance, and safety. Some of the bonuses come upfront with no strings attached and others are dispersed over a period of time. In both cases, these bonuses make up a part of a total compensation package.
Savings Programs
Savings programs are the third form of direct compensation. For example, a 401k match from your company is a huge investment in your future! Even if you only put away a little money each year, your company will add to your savings. Not all companies offer 401k match programs, but any savings program will set you up for better finances down the road.
2. Indirect Compensation
If you are reading CPMs and then deciding the pay is too low, you might be missing out! Base pay is important, but the highest base pay is not always the best job. Look for a job that gets you the pay you need AND compensates you in your time, benefits, and equipment.
Home Time
When you evaluate home time in a new job, there are three things to consider. The company is paying for your time, so this is part of your total compensation package. First, look at weekly home time. This will vary based on your run, but compared to similar positions, how do they stack up? Is the schedule consistent? Next, look at vacation time. If a company offers slightly lower CPM, but good, paid vacation, that could be a good offer. If you get paid vacation, that’s money you earn without rolling a single tire on the road.
Healthcare Benefits
The more healthcare your employer covers, the less expensive it will be for you when you need medical care. Factor in whether your employer starts benefits right away or after a trial period. Similarly, does your employer offer any health and wellness benefits? Free gym memberships and smoking cessation programs are big health benefits that you won’t pay a dime for.
As a driver, you won't see the money you save in your paycheck, but it would be a huge out-of-pocket cost if you were responsible for it. Medical benefits are a big part of total compensation.
Equipment
The equipment you drive is also a consideration for total compensation. Newer and well-maintained equipment keeps you moving and makes sure you get the miles you need. In any recruitment conversation, ask about the make, model, and year of the truck you would be driving. It’s also a good idea to ask about an EZ Pass and fuel card. Even cab perks such as radio and ride-along programs have value. None of these perks make up for terrible base pay, but they are worth considering as a part of total compensation.
3. Company Culture
Sometimes the most important things in life so hard to put a number on. There are no numbers to talk about the value of your family or pride in a job well done. Company culture is like that. Company culture isn’t part of total compensation, but the best truck driving jobs all have a good company culture. Drivers are respected and value for the critical work they do. That shows up in everything from pay to home time to how drivers and dispatchers interact. Find a company that respects your work and time, and you’ll find a job worth keeping.