From increasing labor costs as a result of a severe skilled worker shortage to higher material costs due to the recent trade war, the construction industry has had a challenging year. Telematics can help organizations control costs and make the most of their workers by tracking metrics like asset utilization and fuel costs, but our report found most fleets are not using telematics to its full capability.
Here are the top 10 need-to-know stats from our 2018 Telematics Benchmark Report: Global Construction Edition:
On the talent shortage:
1. Finding, retaining and developing talent was the second top organizational business challenge this year, increasing by 13% (35% in 2018 up from 22% in 2017 - the biggest year-over-year increase reported), behind managing costs (49%).
2. Of the 42% of fleets experiencing driver and/or operator shortages, 50% have increased pay to address the issue.
3. 53% cited payroll as the biggest cost for construction organizations, topping the list of largest expenses for the second year in a row.
4. 45% of organizations offering rewards to drivers for better performance experienced improved driver retention.
5. Organizations looking to grow their workforce mainly rely on referrals (59%) to recruit new employees, while fewer than half (47%) use online job boards.
6. 59% of organizations are still planning to increase fleet size this year, despite the worker shortage.
On telematics usage:
7. Of the respondents who implement telematics in their fleets, vehicle tracking (76%), speed (62%) and hours of service (58%) led the metrics they monitor.
8. 65% of respondents either already offer, or plan to offer (within the next year), mobile technology to drivers and equipment managers for fleet and asset management.
9. 54% of construction organizations recognize “peace of mind of knowing where equipment is located” as the top benefit of telematics, with improved operator behavior second at 34%.
10. The application of big data analytics into business operations increased by 12% since 2017.
To learn more data trends and challenges in the construction industry, click here to download our 2018 Telematics Benchmark Report: Global Construction Edition.