Q2 turnover at trucking firms increases to 99 percent
Annualized driver turnover at truckload trucking companies increased 2 percentage points in the second quarter to 99 percent, according to the American Trucking Associations, a national trade and lobby group for the trucking industry.
“Continued high turnover shows that the market for qualified, experienced drivers remains extremely tight,” ATA Chief Economist Bob Costello said in a statement on the group’s website. “The continued improvement in the freight economy, coupled with regulatory challenges from the changing hours-of-service rule and (safety monitoring programs) will only serve to put a further squeeze on the market for drivers.”
That turnover rate for truckload companies is the highest it’s been since the third quarter of last year and slightly above the 2012 annual rate, according to Virginia-based ATA.
Driver turnover at smaller companies is much lower. Truckload fleets with less than $30 million revenue had turnover rates unchanged at 82 percent, according to ATA. Turnover rates at less-than-truckload fleets dropped nine points to 6 percent, the lowest level in two years.
High turnover rates puts a strain on company finances, ATA said.
“A tight market for drivers will push costs higher for fleets as they work to recruit or retain quality drivers,” Costello said.