Data Shows Changes in Trucking Turnover Rates
Turnover rates have been a hot topic within the industry for quite some time. While it has always been worth noting when drivers leave the industry in larger numbers than normal, recent studies show that turnover is still down. American Trucking Associations reported that the current turnover rate within the industry at truckload fleets exceeding $30 million in annual revenue dropped six points. The figure dropped to 83% in the second quarter. This is the lowest point since the second quarter of 2011.
ATA Chief Economist Bob Costello spoke about what caused this number, saying: “The continued decline in the turnover rate reflects the continued choppiness in the freight economy. As we hopefully approach the end of this period of elevated inventories later this year, freight demand will pick back up leading to increased demand for drivers and higher turnover rates in the future.”
The turnover rate at smaller truckload fleets dropped nine points to 79%, which was also a record low. This number was the lowest since the third quarter of 2016. However, the data for less-than-truckload carriers showed a different trend – a rise of four points, bringing the total to 12% overall.
Trucker turnover rates will continue to be a topic that is analyzed constantly by those within the industry. Understanding how this rate is affected and what factors contribute to a rise or fall in turnover rates can help carriers recruit and retain talented drivers.
As noted, inventories and general economic conditions may be some of the chief causes of these changes. Analysts will continue to study how turnover rates are affected throughout the end of the year.