The American Trucking Assns. (ATA) said that driver turnover at large truckload carriers (defined as have more than $30 million in annual revenue) inched up in the third quarter of 2014. According to Bob Costello, the organization’s chief economist, turnover reached an annualized rate of 97%.
“Driver turnover, which is a good barometer of the driver market, remains high,” said Costello. “While it is not approaching its historic highs of the early 2000s, continued economic growth and increased freight demand will continue to exacerbate the shortage of drivers many sectors of the industry are witnessing.”
Driver turnover at less-than-truckload carriers also increased, rising to 13% from 11% in the second quarter. The turnover rate at small truckload fleets remained unchanged at 94%.
“It is interesting to note, historically, the turnover rate for small truckload fleets was much lower than for larger carriers,” added Costello. “However, with increasing pressure to recruit and retain good, experienced drivers, we’re seeing higher turnover rates at small fleets – with perhaps improving pay and benefit packages at large carriers being a reason.”