Benefi manages driver signing and retention bonuses

by Today's Trucking

A Toronto start-up says it has a way to better manage driver signing bonuses, benefiting both fleets and drivers.

Benefi bills itself as an employer-driven program that offers a unique “vesting bonus,” issued as a 0% interest forgivable loan, giving employees access to cash with the loan element forgiving over a stipulated number of years.

Picture of truck driver giving a thumbs up
(Photo: iStock)

“This is a more powerful tool than a traditional bonus, as it allows employees access to cash up front, and protection for the employer should the employee leave the company,” the company announced in a release.

In addition to managing traditional signing and retention bonuses, the platform can also offer other use cases such as an “Upgrade my cab” bonus, which can be used to add upgraded mattresses and other in-cab luxuries.

Patrick Dunn, founder of Benefi, said industry stats show it costs nearly $10,000 to replace a driver.

“The bonds between employer and employee have been weakened over the past few years,” Dunn said. “Financial pressures and inflation have not only put upward pressure on salary, but have forced many drivers to change jobs rapidly. This creates expense and inefficiency for employers. Compensation needs to evolve to help address the financial situation of employees, but also help bring employment stability back to the workforce.”

More info can be found here.

Have your say

This is a moderated forum. Comments will no longer be published unless they are accompanied by a first and last name and a verifiable email address. (Today's Trucking will not publish or share the email address.) Profane language and content deemed to be libelous, racist, or threatening in nature will not be published under any circumstances.