👩 Being a Woman in Freight

Good Monday morning. Today, we focus on the reality women face in the freight industry, as well as the importance of attracting and keeping female talent. Also, we give a logistics analysis of the largest private companies in the U.S., a closer look at Florida's freight brokerage decline, and insights from Black Friday sales trends.

In today's email:

• Three Freight Headlines: Naming the largest private companies in the U.S., Florida's trucking plummet, and a Black Friday recap.
• The Realities of Being a Woman in Freight
• Around the Freight Web: Road salt's global route, Old Dominion's gains, Coca-Cola's electric fleet growth, plus more.

TOP LANE MOVERS POWERED BY GREENSCREENS.AI

*Greenscreens.ai, forecasts real-time truckload buy prices that are suited to each freight brokerage's purchasing power using AI and machine learning. Its engine takes into account over 130 attributes and data points in each rate forecast.

🐔 WHAT’S COOKIN’ IN FREIGHT

💰 The Largest US Private Companies. The largest U.S. private companies, according to Forbes, are Cargill, leading with $177 billion in revenue, Koch Industries with $125 billion, Publix with $54 billion, Mars with $47 billion, and H-E-B with $44 billion. Both Publix and H-E-B are known to be challenging for freight brokers and trucking companies due to their strict delivery schedules and the difficulties that arise when rescheduling deliveries. Perhaps they should reinvest some of that capital into creating a more streamlined offloading process.

🌦️ Sunshine State's Trucking Industry Gets Stormy. While trucking is seeing a downturn nationwide, Florida is seeing one of the biggest impacts. Key permits for brokers and carriers dropped 10.6% and 13.75%, respectively, in 2023, as demand shifted from goods to experiences. This trend is echoed by declining enrollments in truck driving schools and numerous small trucking businesses closing across the state.

🛒 Black Friday and Beyond. The 2023 Black Friday sales in the U.S. soared to a new high of $9.8 billion, a 7.5% increase from the previous year, with a shift to flexible payment methods like 'Buy Now, Pay Later'. Retailers are reevaluating their credit strategies as interest in-store cards decline due to high rates and changing consumer loyalties. Concurrently, a significant retail discount of 15% across various consumer categories indicates a clearance of surplus inventory, suggesting upcoming adjustments in inventory.

TOGETHER WITH RAPIDO

Rapido is a top nearshore staffing company providing logistics and supply chain talent to companies in the United States. Based in Guadalajara, Mexico, Rapido offers a unique combination of cost savings and access to a skilled workforce, making it an attractive option for American logistics businesses.

See what makes nearshoring to Mexico an attractive option for scaling a logistics company and how partnering with Rapido Solutions Group simplifies the whole process.

Being a Woman in Freight

The freight industry, historically male-dominated, is witnessing a gradual yet significant influx of women, impacting its cultural and operational landscape. This piece explores the challenges and triumphs of women in the sector.

The Current State of Women in Freight

The freight industry is one of the most male-dominated sectors globally, with approximately 92-94% of roles traditionally occupied by men. However, recent trends indicate a shift. According to the 2023 Women in Trucking Association (WIT) index, there is a growing presence of women in various roles:

• C-Suite executive roles held by women: 31.6%
• Company Leadership positions: 36.9%
• HR & Talent Management: Predominantly women at 74.6%
• Dispatcher roles: 43.5%
• Professional female drivers with a Class A license: Increased to 12.1% in 2023 from 7.9% in 2018.

Women’s Experiences

Last week, a FreightCaviar follower shared a screenshot with us that spotlighted some of the messages women have to deal with. We also received many other messages from women who have had to deal with certain uncomfortable situations. An Instagram account (@thatfreightbitch) highlighted this problem last year and acknowledged the number of messages she received.

Insights from Leaders

Nicole Glenn, CEO of Candor Expedite, shared her two-decade journey in freight on a recent FreightCaviar episode. She discussed the challenges, including being overlooked for opportunities and facing bias in predominantly male environments. Glenn also hosts the LLC (Ladies Leadership Coalition) Podcast, which aims to empower women in freight.

The Importance of Women in Freight

Dennis Brown, owner of FreightBrokerBootcamp.com, emphasized on his YouTube channel the unique attributes women bring to the industry, such as emotional intelligence, creativity, and negotiation skills.

Anecdotes from industry professionals reinforce this, highlighting the exemplary skills of female brokers in building relationships and conducting business. That's why we see women often overrepresented in HR roles.

Why Women Are Crucial for Industry Growth

Incorporating women into the freight industry is not just a matter of equality; it's a strategic imperative for growth. Studies have shown that diverse teams are more innovative and effective. Women bring unique perspectives and skills that are essential. By fostering an inclusive environment, the freight industry can tap into a wider talent pool and enhance decision-making.

Research from McKinsey & Company shows that gender-diverse executive teams see improved operational performance, showing:

• Organizations in the top quartile for gender diversity on their executive teams were 21% more likely to experience above-average profitability than their industry peers.

The journey towards a more inclusive freight industry is ongoing. The experiences of women in this field, from the C-suite to the roads, reflect a resilience and capability that challenge stereotypes and pave the way for a more equal and dynamic industry future.

This article was written with a contribution from Kaja Kusińska and Paul-Bernard Jaroslawski.

THE WORLD'S MOST POPULAR TMS

AscendTMS is the world's most popular & best-rated TMS. Use our referral code RA-FreightCaviar! to receive 3 months of AscendTMS Premium for free. It only takes 20 seconds to sign up and no credit card is required. Click here to learn more.

AROUND THE FREIGHT WEB

❄️Winter Supply Chain. As snow blankets regions across the country, the salt that keeps roads clear has a global reach. This key winter commodity is produced by one of the world's salt giants, Exportadora de Sal, and travels by sea to meet seasonal demands.

📈 Investment Growth. A $1000 stake in Old Dominion Freight Line from 2013 would have grown to $11,959.42 today, sans dividend.

🔋 Electrified Fleet. Reyes Coca-Cola Bottling energizes delivery with 20 zero-emission Freightliner eCascadias aiming for 30% emission cuts by 20

🌊 Spot Rate Slide. Container lines brace for a challenging 2024 as falling spot rates may signal a reset to lower annual contract rates in shipping.

⚖️ Legal Uncertainty. The freight industry awaits a pivotal U.S. Supreme Court decision on broker liability that could redefine operational responsibilities.

FREIGHT CONFERENCES WE'RE ATTENDING

Manifest Vegas, February 5 - 7, 2024, is the world's largest global supply chain & logistics tech event, bringing together Fortune 500 global supply chain executives, logistics service providers, cutting-edge startups, venture investors, and technology leaders.  Join 4,500+ supply chain innovators to foster new strategies and relationships. Receive $200 off your ticket with our exclusive link.

FREIGHT MEME OF THE DAY

Want to get your brand noticed by freight brokers? FreightCaviar can help. Work with us to get your services featured in our newsletter, podcast, and more. Plus, we write great articles about what you do. Get in touch with Paul at pbj@freightcaviar.com to learn more.