Driver Turnover Rate Drops in September
During times of sluggish economic conditions and major changes in the trucking industry, holding onto talent is often difficult. When routes and costs grow in comparison to stagnant wages and longer routes, many drivers are force to seek other lines of work. But the month of September marked a noticeable drop in trucker turnover rates.
According to data compiled by the American Trucking Associations, September marked a slight but substantial drop in turnover rates. This move was somewhat expected, as the second quarter of 2016 also showed similar numbers. Large truckload carriers experienced a six percent drop whereas small truckload carriers experienced a nine percent drop.
The continued uncertainty of the present freight economy makes this type of data extremely pertinent. As new changes are made in both hiring practices and the industry as a whole, big names in the industry are looking for patterns that would help them learn how to retain talent.
With inventories dropping slowly throughout the year and freight demand increasing, the demand for truck drivers has also increased. Though this may lead to more turnover rates in the future, carriers are pleased with the lower turnover rates in the present.
Hiring numbers in general showed improvement over the summer, with employment rising after a consistent five-month drop period. Hiring new drivers is a costly endeavor, and retraining them often takes time away from other aspects of business. Carriers are working diligently to hire more drivers, as times are still tough within the industry. With economic growth comes a need for more drivers, so carriers are looking to onboard skilled employees and keep them in the long-term.