TELETRAC NAVMAN SURVEY REVEALS LABOR SHORTAGE’S WIDESPREAD IMPACT ON THE CONSTRUCTION INDUSTRY
Finding and retaining talent jumped 13 percent over 2017 as a top business challenge
Glenview, IL, October 11, 2018– Teletrac Navman, a global software-as-a-service provider that leverages location-based technology for GPS tracking solutions, today announced findings from its 2018 Telematics Benchmark Report: Global Construction Edition. The survey found that with 42 percent of organizations experiencing a talent shortage, more are taking action to address it, including increasing pay (50%), offering better benefits (35%) and providing flexible work arrangements (29%).
The survey also found companies are seeing benefits from GPS tracking and investing in their fleets. Key insights from the survey include:.
Organizations’ top business challenges and goals reflect their largest expenses
- 49 percent said managing costs was their top business challenge, while 41 percent named increasing profits and reducing operational costs as their top goals.
- 35 percent said retaining and developing talent was their top challenge, with payroll as their biggest expense (53%).
- Equipment/vehicle maintenance (34%), purchasing new equipment/vehicles (32%) and fuel (30%) were companies’ other largest expenses.
GPS tracking and big data analytics use on the rise as fleets see cost and safety benefits
- 85 percent of organizations either currently use GPS fleet tracking or plan to in the next year, citing equipment tracking as the most common use (76%), followed by speed (62%) and driver hours (58%).
- 55 percent have seen lower fuel costs since implementing telematics, with 21 percent trimming costs by 11 percent or more.
- Top safety benefits realized by using GPS tracking include speeding prevention (37%) and improved driver behavior (34%).
- 21 percent say they’re applying big data analytics to business operations, up 12 percent from 2017.
- 37 percent expect big data analytics to be the technology that will most greatly impact business in the future, over autonomous vehicles (24%) and smart cities (12%).
Organizations are investing in their employees and equipment, reflecting positive industry outlook
- 42 percent are investing in finding, retaining and developing talent.
- More than 50 percent of organizations experienced equipment failure in 2018, prompting 72 percent to invest in new vehicles.
- Driver warning/alerting technology (24%) and drones (12%) are the top two emerging technologies being considered for implementation this year.
“There is definitely excitement around autonomous vehicles and artificial intelligence, and while these topics do come up with our customers, per our survey it seems that the wider audience is not yet investing in these emerging technologies this year,” said Mika Majapuro, senior director, product management, Teletrac Navman. “It appears that the majority of companies are seeking more practical, safety-oriented solutions like driver alerting technology that will improve operations immediately and are perhaps easier to adopt. In this case, the technology they’re investing in is also a powerful talent retention tool, as operators want to work for companies that invest in their well-being.”
To download the report, please visit www.teletracnavman.com/benchmark/construction.
The 2018 Teletrac Navman Benchmark Survey includes responses from more than 2,400 fleet operations and fleet management professionals from around the world. Of the total survey respondents, 646 indicated their primary industry was construction, mining or oil or gas. The results described in the report were compiled from those respondents. This report provides an understanding of best practices and fleet management trends in business, general telematics, emerging technology, transportation, external factors and talent. Results may not amount to 100 percent due to questions with multiple selections. For reporting purposes, all statistical values have been rounded to the nearest whole number.
About Teletrac Navman
Teletrac Navman is a leading software-as-a-service (SaaS) provider leveraging location-based technology and services for managing mobile assets. With specialized solutions that deliver greater visibility into real-time insights and analytics, Teletrac Navman helps companies make better business decisions that enhance productivity and profitability. Its fleet and asset management technology uncovers information that would otherwise go unseen, helping customers reduce risk and confidently move their business forward with certainty. It tracks and manages more than 500,000 vehicles and assets for more than 40,000 companies around the world. The company is headquartered in Glenview, IL, with additional offices in the United States, United Kingdom, Australia, New Zealand and Mexico. For more information, visit TeletracNavman.com.
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