Sign up for our daily briefing

Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on the day's biggest business stories

Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Stay on top of the latest market trends

Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sports news worthy of your time

Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Tech news worthy of your time

Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Get the inside stories

Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Denver news?

Get a daily digest of the most important stories affecting your hometown with Axios Denver

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Des Moines news?

Get a daily digest of the most important stories affecting your hometown with Axios Des Moines

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Twin Cities news?

Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Tampa Bay news?

Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Charlotte news?

Get a daily digest of the most important stories affecting your hometown with Axios Charlotte

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Nashville news?

Get a daily digest of the most important stories affecting your hometown with the Axios Nashville newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Columbus news?

Get a daily digest of the most important stories affecting your hometown with the Axios Columbus newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Want a daily digest of the top Dallas news?

Get a daily digest of the most important stories affecting your hometown with the Axios Dallas newsletter.

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Sign up for Axios NW Arkansas

Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Please enter a valid email.

Please enter a valid email.

Subscription failed
Thank you for subscribing!

Illustration: Shoshana Gordon/Axios

Employers are doling out some serious cash as they scramble to fill open jobs.

Driving the news: Maryland-based trucking company Cowan Systems announced a new five-figure signing bonus incentive for new drivers.

Why it matters: Businesses across most industries are missing out on revenue opportunities due to labor shortages. This is also occurring in the logistics industry, which includes trucking, where lack of labor is exacerbating supply chain issues.

State of play: All new Cowan Systems drivers are automatically eligible to earn at least $15,000 through the incentive plan, the company said. Drivers with some experience and credentials can earn $17,500 or even $20,000.

  • In the announcement, COO Steve Wells explained that more than half the bonus would be paid within six months with all of it getting paid out in less than 18 months.

The big picture: "The trucking industry has a shortage of more than 60,000 drivers, worse than it was pre-pandemic," American Trucking Associations chief economist Bob Costello tells Axios. "As is the case whenever there is a shortage, carriers are offering many incentives, including sign-on bonuses, increased pay, improved equipment and more flexible schedules in order to attract talent."

What they’re saying: "While $20,000 is a huge signing bonus for any sector, I'm not surprised that it's happening in trucking," Indeed economist AnnElizabeth Konkel tells Axios.

  • And Cowan's not alone. As of Aug. 13, 15.8% of driving-related job postings on Indeed were advertising a signing or cash bonus, Konkel says.

Yes, but: Signing bonuses are flashy, and represent one-off costs that tend to be less risky and less costly for employers than raising salaries or hourly pay.

The bottom line: Whether it’s a big signing bonus, a higher wage or some other incentive, companies with open positions will have to keep getting more generous if they’re looking to stay competitive.

Go deeper

Workers are worried about COVID

COVID concerns are keeping a growing number of Americans out of the labor market.

Why it matters: The wave of Delta variant infections over the past two months has renewed worker fears, which threatens to exacerbate ongoing labor shortages.

"Atmospheric river" swings parts of Pacific Northwest from drought to flood

Satellite view of the bomb cyclone swirling off the coast of the Pacific Northwest and the atmospheric river affecting California on Oct. 24. Photo: CIRA/RAMMB

A series of powerful "atmospheric river" storms are delivering historic amounts of rainfall across parts of drought-stricken California and the Pacific Northwest — triggering widespread power outages, flooding and mudslides.

Why it matters: The atmospheric river, packing large amounts of moisture, was causing Northern California to whiplash from drought to flood, as it slowly moved south overnight. The storm system claimed the lives of two people in Washington state after a tree fell on a vehicle amid powerful winds Sunday.

In photos: Drought-ravaged California lashed by major storm

Workers try to divert water into drains as rain pours down on Oct. 24 in Marin City, California. Photo: Justin Sullivan/Getty Images

A major storm system was pummeling Northern California and parts of the Pacific Northwest with heavy rains overnight.

The big picture: "Atmospheric river" storms, associated with a record-strong "bomb cyclone" offshore from the Pacific Northwest, have brought flooding and mudslides to parts of California that were razed by recent wildfires and in severe drought. It's also caused widespread power outages in California, Oregon and Washington state.