Large truckload carriers report increase in second driver turnover

Large truckload carriers recently reported that they have experienced an increase in second quarter driver turnover rates, amounting to 87 percent; in spite of this three percent increase, the 87 percent is still less than the most recent average: this figure is at its lowest point ever since 2011’s second quarter, and it is also below the average of 95 percent from the year 2014.

For smaller truckload fleets, which have less than $30 million in revenue, their turnover rates decreased by seven points, plateauing at 76 percent. This is the lowest rates since 2013’s third quarter.

“While below recent averages, driver turnover is still high and a sign of a very competitive market for qualified drivers,” Bob Costello, chief economist at American Trucking Associations (ATA), said. “We repeatedly hear from carriers that they are unable to find enough qualified drivers, leading to fears of a growing driver shortage and these numbers reflect that.”

The ATA has reported that by the end of 2015, there will be a driver shortage amounting 48,000. This poses a significant challenge to the truckload industry.

“America’s trucking industry moves nearly 70 percent of the country’s freight and we need drivers to do it,” Costello said. “While turnover is not at historic highs, it is still high enough to merit concern. Fleets need to hire 89,000 a drivers a year to keep pace with retirements and projected growth, so ensuring an adequate pool of qualified drivers is critical.”