Diversity In The Trucking Industry
The trucking industry is responsible for almost three quarters of the freight transported across the United States. It is largely responsible for the flow of our economy and daily essentials. As the economy continues to grow, diversity in the trucking industry is also growing. Diversity within the industryhas skyrocketed in recent years, with younger entrants made up of more women and minorities than ever before.
Who is transporting our goods?
According to the American Trucking Associations (ATA), there are over 3.5 million truck drivers in the United States – approximately 38%of them are minorities and about 8% are women, and they are spread across some 711,000 separately owned companies. Although diversity is looking up, shown in the graph below, the industry is still has a way to go.
So, what does this mean for you and your business?
We will leave that up to you to decide, but one thing is true, the industry is getting younger. Technology has finally started to make its way into the industry and understanding how to adapt and take advantage of these new advancements is key to surviving.
The younger generation is looking for looser schedules than previous generations which is why driving has become so appealing. Drivers can make their own schedule, have greater control over their income, and own their own business. When comparing the benefits to the US medium unemployment rate, 5.3%, truck drivers enjoy a 4.1% unemployment rate, not to mention their above average yearly income. Flexibility is the new generation’s game, and the trucking industry is providing it. However, we cannot leave out another important segment of the industry, this nation’s heroes. US Veterans make up 1 out of every 10 drivers on the road and are the bedrock of the industry. All of us here at OTR Capital would like to thank all our veterans for their service and are humbled by the opportunity work with a lot of them every day.
Diversity at OTR
OTR Capital is no exception to the changing industry and is making waves by implementing new diversity programs to help improve our industry. Our goal is to provide all companies with the respect, knowledge, and support they deserve.
While the number of minorities have been growing within the trucking industry, minorities have rapidly grown at OTR Capital as well! The minorities within our companies have grown by 75% in the last two years. We now have over 40 employees and hundreds of clients from different backgrounds that identify themselves as minorities within the trucking industry. By forming this group, we can better assist our minority carriers with additional resources for their businesses. We also hope to get involved with local and international social causes and events in and outside of OTR.
Times are certainly changing in the trucking industry and OTR Capital is 100% committed in empowering and supporting all our clients and employees! We are all an essential part of the industry and cannot wait to continue learning and expanding with Diversity in Logistics.