Truckload Driver Turnover Tops 100 Percent
The Journal of Commerce says, 'The rapid increase in turnover heightens carrier concerns over the supply of qualified drivers and shipper worries about truckload capacity and pricing as they prepare for the fourth quarter and pre-holiday peak shipping season.'
The annualized driver turnover rate at large truckload carriers shot past 100 percent in the second quarter, rising above that percentage figure for the first time in more than four years, according to the American Trucking Association.
It’s not a milestone trucking companies will celebrate. A 100 percent turnover rate means truckload carriers need to replace the equivalent of their entire driver pool each year just to maintain employment and capacity at the same level.
At a 100 percent rate, driver turnover can cost larger truckload companies hundreds of thousands if not millions of dollars a year. If recruiting one driver costs $5,000, on average, a company with 500 drivers would pay $2.5 million a year.
More in the Journal of Commerce
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