Turnover at truckload carriers with more than $30 million in yearly revenues rose from 97 percent to 99 percent on an annualized basis from the first to the second quarter, according to the American Trucking Associations’ Trucking Activity Report
The rate during the second quarter is the highest since the 104-percent rate seen during the third quarter of 2012.
ATA has measured the rate at fleets with less than $30 million in yearly revenues at 82 percent, which is unchanged from the first quarter. The turnover stood at 76 percent in the fourth quarter of 2012.
LTL carriers saw their turnover drop to 6 percent during the second quarter — the lowest number in two years, according to the ATA — from a first-quarter result of 15 percent.
“Continued high turnover shows that the market for qualified, experienced drivers remains extremely tight,” ATA’s Bob Costello stated. “The continued improvement in the freight economy, coupled with regulatory challenges from the changing hours-of-service rule and CSA, will only serve to put a further squeeze on the market for drivers.”
Hoping to reverse the trend uncovered by ATA, Iowa-based CRST Expedited recently announced that it will invest $10 million to increase pay for new and existing drivers regardless of experience level. According to company officials, drivers will see their weekly pay increase depending on tenure, and the type and length of routes driven.
“Our investment in our drivers is intended to help attract new drivers to the industry, as well as retain our existing drivers for the long term,” CRST Expedited President Cameron Holzer said in a statement. “Unfortunately, all of the government regulations placed on the industry are having a negative impact on professional truck drivers. Our increase is necessary to protect them from the regulation that is impeding their ability to make a competitive salary.”