Truckload giant J.B. Hunt Transport Services Inc. has added 2,383 van, dedicated contract services and intermodal drivers to its “$50K Club,” designed to recognize drivers whose total compensation exceeds $50,000 dollars annually.
The company, which added that its top driver pay has surpassed $87,000, inducted 2,172 drivers in 1999 and 1,930 drivers in 1998.
J.B. Hunt credits its 1997 driver management program, which involved a 33% pay increase for increasing the supply of new applicants and reducing turnover, for providing its drivers with the opportunity to exceed the industry pay average. According to an American Trucking Assns. study, the average truck driver earns $40,883 per year, which represents a pay increase of 15% over the last 3 years.
J.B. Hunt also said it has experienced significant cost-savings since it boosted driver pay. Accident frequency has fallen 48% since the pay package was implemented four years ago, according to Jerry Walton, executive VP and CFO. Workers' compensation claims have also dropped by nearly 50%.
Since its creation in 1995, the "$50K Club" has recognized nearly 6,300 drivers at J.B. Hunt, with the number of drivers reaching this plateau increasing more than 600% during this time, the company said.
Based in Lowell, Ark, J.B. Hunt Transport Services, Inc., has annual revenues of more than $2 billion and operates more than 10,000 trucks and approximately 40,000 trailers and containers.