A pay increase worth $10 million overall is accompanying what CRST Expedited, Inc. – the largest of eight divisions within trucking conglomerate CRST International – describes as a company-wide “culture overhaul” implemented in mid-2014.
Cameron Holzer, president of CRST Expedited, said this latest pay increase – which went into effect back on Jan. 15 – follows a previous $10 million driver pay hike 15 months ago.
“The raises are designed to reward experienced drivers and incent driver tenure in a highly competitive marketplace,” he noted in a statement. “As the driver shortage worsens the competition for qualified, experienced drivers continues to increase. As CRST continues to grow, we need to invest in our drivers to retain and grow our fleet.”
He added that CRST is also implementing a “culture-changing initiative” focused on improving the driver experience and reducing driver turnover.
Dubbed the “Gold Rules,” the new initiative emphasizes a corporate culture that centers on meeting all driver needs, which centers on providing regular driver home time and increased pay.
Since the initiative began eight months ago, driver turnover has declined by 20%, Holzer emphasized.
“We believe that the combination of our culture-changing ‘Gold Rules ‘initiative, plus the pay increase will make CRST a great place for drivers to build their careers” he stressed. “Additionally, we believe, the entire industry will need to increase wages for drivers in order to ease the perpetual driver shortage.”
CRST as a whole currently employs 7,000 company drivers, independent contractors, and office personnel across the U.S. and is projecting revenues will top $1.5 billion this year.