Yahoo Finance These Busy Workers Would Consider Looking for New Career Without Holiday Bonus — How It Could Impact the Greater Economy
It’s not easy working during the holidays. Some people have it harder than others, though. Retail workers, waitstaff, delivery drivers and truckers may work extra hours to accommodate crowds or an increased workload. But, while the extra pay is no doubt welcome during the holidays, some workers have indicated it’s just not enough.
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Truck drivers, in particular, are feeling the crunch this holiday season, and want to be compensated accordingly, based on a new survey from Lance Surety Bond Associates.
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How Much Do Truckers Work During the Holidays?
Based on the survey, truckers anticipated working an extra 15 hours per week for the holiday season, with 38% expected to be working on Christmas.
Even with the economic uncertainty facing the U.S., Americans are still spending during the holidays. The role of truckers to keep things moving across the country remains crucial. Of those polled, 44% of truckers believe this holiday season will be busier than last year, while 36% believe it will be about the same. Only 20% indicated they expect the holidays to be less busy.
All this time on the road wreaks havoc on truck drivers’ stress levels, social and family lives, and their ability to get things done during this busy time of year. The survey found that 73% of truckers found it hard to make time for holiday shopping, while 65% said their extended hours strained family relationships this time of year.
Truckers Expect Holiday Bonuses
Many small businesses and larger companies alike expect to reduce or eliminate holiday bonuses this year, GOBankingRates recently reported. A survey from PublicSquare and RedBalloon indicated that 42% of business owners who usually give out bonuses will skip that particular perk this year. Another 28% said they will still give out bonuses, but they will be smaller. Only 5% said they will increase holiday bonuses this year.
Truckers are just one demographic who might be disappointed by their employers’ decision regarding holiday bonuses. While 92% of truck drivers polled believe they deserve a bonus or extra pay, only 51% are expecting one. Half of that 51% said that if they don’t get a bonus, they’d consider looking for another job.
Another 25% aren’t waiting to find out if they will get a bonus or not; they are already considering another job, with 23% considering an entirely new career.
How Truckers Leaving the Industry Could Affect the Economy in 2024
The U.S. has faced a truck driver shortage for years, although the severity of the shortage has diminished following the pandemic. According to a report by trucking company Warrior Logistics, published by Issuu.com, the truck driver shortage was predicted to decrease by 20% in 2023. However, this prediction relied on a recessionary economy, which hasn’t occurred yet, according to most economists.
If the economy keeps rolling along, and inflation slows, achieving the “soft landing” that Fed Reserve Chair Jerome Powell is aiming for, trucker demand may increase again. This would lead to an even greater shortage — compounded by truckers quitting after the holidays.
The need for truckers could increase to 160,000 positions that need to be filled by 2028, Warrior Logistics wrote.
Overall, the trucking industry contributes more than $700 billion annually in revenue to the Gross Domestic Product. If 23% of truckers leave the field in early 2024, this could, once again, create supply chain issues, product shortages, and a drop in our GDP as consumers can’t purchase the goods they want or need.
Trucker shortages could reduce the availability of goods, which would increase inflation in spite of the Fed’s best attempts.
On the other hand, if truck drivers receive the holiday bonuses they are looking for, ranging from $500 or less up to $2,000+, these workers would pump that money back into the economy, giving the GDP a boost in the new year.
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This article originally appeared on GOBankingRates.com: These Busy Workers Would Consider Looking for New Career Without Holiday Bonus — How It Could Impact the Greater Economy
