Lyft Inc.

10/08/2024 | News release | Distributed by Public on 10/08/2024 04:06

New earnings improvements for traffic delays, long rides, and more

Lyft can't control the traffic or the weather. But we can make sure that every ride and every minute a driver spends on the road feels worth it. Our latest earnings improvements tackle drivers' biggest frustrations, and make it more rewarding than ever to get behind the wheel.

Our top priority is ensuring that drivers have a great experience every time they use Lyft. And they have told us that the most meaningful way to do that is to ensure every minute and every ride is worthwhile. Our latest earnings improvements are designed to deliver just that.

Highlights of what's new for drivers:

  • Earn more for being stuck in traffic, delays, and going out-of-your way

  • See the estimated dollar per hour rate upfront for each ride

  • Qualify as a Preferred Driver and get more rides for safer and more reliable driving

  • Save money on gas or EV charging and set aside earnings in a high yield savings account with Lyft Direct

  • Find affordable health insurance with Stride or a career in tech with Merit America

These improvements build on our industry-leading Earnings Commitment that ensures drivers always receive a fair percentage of their fares, and that they understand how those earnings are calculated.

"Drivers go the distance to get riders around safely, but want to know that each ride is worth their effort - especially if they hit a traffic jam or have a drop-off that takes them to a destination that is less busy," said Jeremy Bird, EVP of Driver Experience at Lyft. "Understanding your earnings shouldn't feel like navigating a labyrinth, and today's updates help drivers make better decisions, stress less about math, and feel confident that their time is valued fairly. These brand-new benefits make earning with Lyft easier and more rewarding than ever."

Giving drivers confidence that each ride is worth their effort

In surveys, focus groups and roundtable discussions, drivers said their top two concerns were not earning enough for rides where they encounter traffic and not earning enough for long rides; we're addressing those issues and more.

  • 5-minute-delay pay: Unexpected mid-ride delays - like traffic or detours - are frustrating for drivers. Now, they can count on their earnings being increased anytime a ride takes 5 minutes longer than estimated. In our pilot program, this improvement resulted in higher ride earnings for nearly 70% of drivers.

  • Out-of-your-way pay: We've heard drivers loud and clear that long rides don't always feel worth it - especially if they have to drive back empty. Now, if a ride ends in an area where driver's aren't eligible to pick up riders or are less likely to get a trip on the way back, it will be factored into the earnings they see for the ride upfront.

  • More transparent pay: We know drivers have developed a number of different strategies to help them decide whether a ride is worth their time. Now, we're making it easier by showing the estimated $/hour rate for the ride on the accept screen so drivers don't have to make the mental calculation.**

What drivers are saying

"I'm getting paid for things I can't control, and that's a game changer." - Richard, 2,499 rides

"I can't tell you how much of a load off that will be for drivers during rush hour." - Jack, 251 rides

"Getting paid to go out of my way makes the drive worth it. You feel like 'yeah…!'" - Monica, 3,542 rides

"I don't have to second guess anything. I just know this is the kind of money that I'll be making." - Javette, 10,279 rides

New tools to maximize drivers' time

Drivers decide when and how they drive. We're working to provide more and better information and recommendations for the time they plan to spend behind the wheel.

  • New earnings dashboard: Drivers can easily toggle between a daily, weekly and yearly view of their earnings. Soon, drivers will also see more personalized insights and stats about their earnings.

  • Preferred Driver: To encourage safer and more reliable driving, Preferred Drivers will see a boost in ride requests, keeping them busier and leading to more earnings. To qualify, drivers will need to maintain a smooth cruiser score - which tracks things like braking, turning and speed - above the threshold. They also need to keep their safety flags down, and, in some regions, meet criteria on reliability like acceptance rate and cancellation rate.***

  • Real-time demand: Drivers can see nearby drivers and recent rides on the map so they know where it's busy.

  • Stack scheduled rides: Now when drivers have a reserved ride, they'll receive recommended scheduled rides so they can easily add them to their route and create their own bundle a day or more in advance.

  • EV improvements: EV drivers can opt in to get matched only with rides that fall within their battery range. Plus, they can find and navigate to charging stations in-app and report broken stations.

Benefits on and off the road

Drivers come to the Lyft platform for many reasons. As mothers, fathers, caregivers, entrepreneurs and immigrants, they are looking for economic mobility and to fulfill their dreams. The latest platform improvements not only reward drivers more for their time on the road but also enable them to succeed off the road. We're providing access to benefits that can help lower their expenses, manage their finances, or even kickstart a new career path.

  • See what your Lyft Rewards are worth: Now drivers can see a breakdown of what they're earning and saving with Lyft Rewards, and how it compares to other drivers near them.

  • Grow your savings with Lyft Direct: With the Lyft Direct debit card and banking app, drivers can get cash back on gas or EV charging, set aside a portion of their earnings in a high yield savings account, and more.****

  • Find affordable health insurance: We teamed up with Stride Health to help drivers find the best plan for their needs at the lowest price.****

  • Kickstart a career in tech: We've partnered with Merit America to enable drivers to enter a free 14-week course that can help them start a career in UX design, project management, data science, cyber security, or IT support. Upon graduation, drivers receive personalized support including executive coaching, mentorship, and job placement assistance.

Building on Our Earnings Commitment to Drivers

Our Earnings Commitment gives drivers confidence that they are getting a fair share of rider fares each week. Drivers are the backbone of the Lyft platform and these new improvements will help give drivers more confidence that each ride is worth their effort.

*These features are not available in New York City, Portland, OR, and Washington state.

**This estimate shows how much a driver will earn if the ride was 1 hour long. It includes time spent picking up and dropping off only, and isn't a guarantee of actual hourly earnings.

***Preferred Driver availability and criteria vary by region, and are only currently available in select regions. Check your driver app for details.

**** Only available in the United States.