Improve independent contractor safety & retention
TrueNorth’s Independent Contractor Fleet Ecosystem is a suite of cutting-edge solutions designed to empower motor carriers and support their IC networks with seamless integration, operational efficiency, and tools for growth.
The Center for Financial Well-being is a key feature of the ecosystem, providing comprehensive financial wellness resources designed to improve independent contractors' well-being, enhance retention rates, and mitigate misclassification risks for motor carriers.
Impact of financial concerns
One area that often gets overlooked for independent contractors is the overall health of the individual – including financial health. 77% of U.S. adults have sleepless nights due to financial concerns, impacting both their physical health and performance on the job¹.
These concerns can contribute to:
- Increased turnover
- Higher levels of distraction
- Decreased productivity
- Safety risks
Safety improvements
When financially distressed, it’s more likely to be distracted, leading to higher accident rates and other traffic and safety violations.
By providing a solution that alleviates financial stress, motor carriers can actually reduce safety risk. One study showed an 87% decrease in driving citations for those who participated in an emergency savings program². With the Center for Financial Well-Being, individuals have access to numerous financial resources, including emergency savings, that have the potential to significantly reduce risk for motor carriers.
The Center for Financial Well-being
The Center for Financial Well-being, powered by FinFit, is a platform that provides personal financial education, budgeting and investing tools, and short-term loans to improve stability and cash flow during market challenges.
Features of the platform include:
- Assessments: Individual health financial checks
- Action Plans: Customized tools, resources and 1:1 coaching
- Engagement: Educational resources and budgeting tools
- Real-Time Insights: Notifications and incentives for financial goals
- Lending: Short-term lending options, reducing motor carrier risk
Additional benefits to motor carriers
✅Higher retention: 28% increase in retention at companies who use FinFit³
✅Improved productivity: Decreases the distractions ICs are dealing with, allowing them to focus on the task at hand
✅Mitigate misclassification risks: Reduction in workforce misclassification, with lending taking place through The Center for Financial Well-Being
✅Financial Savings: The average cost of a class action lawsuit due to misclassification per member exceeds $5,000⁴
Quality of life
Tim O’Neil, Senior Workforce Solutions Specialist at TrueNorth, shares “The financial hardships facing working Americans are staggering. TrueNorth has proactively developed a new finance tool necessary to thrive during the toughest of times.”
This platform has proven results helping people in times of financial hardship and sets them up with a stronger foundation moving forward. On average, participants experience a 43-point improvement in credit scores and a 50% reduction in retirement account loans³.
And, as noted above, these personal wins have a trickle-down effect and result in positive business outcomes for asset light motor carriers.
Sources:
¹ 77% of Us Lose Sleep Over Financial Worries. How Do We Earn It Back, www.sleepfoundation.org/sleep-news/77-percent-lose-sleep-to-financial-worries
² New research reveals clear ROI: How emergency savings improved job performance, www.securesave.com/blog/new-research-reveals-clear-roi-how-emergency-savings-improved job-performance
³ Data provided by FinFit
⁴ June 2019 Independent Contractor Misclassification and Compliance News Update, https://www.jdsupra.com/legalnews/june-2019-independent-contractor-65734/
