FreightWaves LIVE: An Events Podcast Wavestalk: The driver wages rollercoaster
For-hire truck drivers are mostly staying with their employers at current pay during the coronavirus pandemic. They are eager for stability in an uncertain time.
That is the finding of the National Transportation Institute, which tracks driver pay and retention through surveys of hundreds of fleets.
“Turnover is at record lows at most fleets we survey,” Leah Shaver, CEO of the Institute, said during a WavesTalk on the second day of the virtual FreightWaves Carrier Summit on Thursday.
Unlike 2018, a banner year for driver pay as spot rates soared amid super-heated freight demand, 2020 shows “no meaningful upward movement” in driver pay. Sign-on bonuses are unnecessary because fleets aren’t doing a lot of recruiting. Two years ago, many drivers jumped from carrier to carrier to collect the cash. Driver turnover reached 100%.
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