Trucking Industry Shows Record Turnover Rates
Every industry experiences a loss of employees. This can occur due to a number of reasons ranging from inconsistent hours to poor treatment of employees. While the trucking industry is known for faithful drivers ready to take to the roads at a moment’s notice to keep commerce going as normal, not even this industry is free from turnovers. In fact, recent numbers show that the trucking industry is showing record-setting turnover rates. Drivers are abandoning the industry either temporarily or altogether, and there are numerous theories about what could be causing this phenomenon.
In the fourth quarter of 2015, the annualized turnover rate for large truckload fleets rose two percentage points. This put the total at 102 percent, and marked the second consecutive quarter that the number remained in the triple digits. This type of noteworthy statistic has not been seen since 2012, and the number has many wondering exactly why turnovers still continue to be prominent in the trucking industry and how the process can be reversed. American Trucking Association Chief Economist Bob Costello noted that attracting and retaining talent remains a top concern for the industry, and that the elevated turnover rate shows that the driver market remains a challenge even for the largest truckload fleets.
Despite surging by 21 points at the end of 2015, the turnover rate for small truckload carriers (classified as carriers with less than $30 million in annual revenue), numbers are still six points lower than those shown in the fourth quarter of 2014. Many theorize that a lack of salary and benefit increases to compensate for longer routes have led drivers to seek other lines of work. While rising costs in the trucking industry have led many companies to cut back, it’s clear that even the most well-known company can’t operate without a roster of talented drivers.
While many areas like logistics and freight management have been given more attention in recent years, it may seem that a greater level of care should be given to training and working with employees to sure they feel comfortable and motivated on the job. While new technologies and corporate partnerships can create new opportunities in the trucking industry, nothing can replace the talented drivers who keep the entire operation moving.