Truck Driver Salary
A truck driver salary can depend on many factors like training, licensure, transported goods, distance covered etc. Nearly every product in the world has to be transported from the manufacturing center to the delivery location or to retail centers all over the world. As production and companies increase their turnover, the trucking industry is expected to undergo an 8% increase in hiring. As a result, trained and experienced truck drivers are in high demand due to the large range of transportation jobs and they can ask for better truck driver salary. On the other hand, the numbers of trained drivers who have entered the field have decreased. As a result, trained drivers can and do jump from one job to another or to another field completely in search of higher truck driver salaries and perks. The truck driver turnover rates easily reached the high 100’s.
Statistics by the American Trucking Association
The American Trucking Association which is responsible for tracking trends in the trucking industry was the first to notice this dangerous trend. By the early quarter of 2011, there was an almost 75% increase in driver turnover. By the second half of 2011, the driver turnover percentage rose to 92% and peaked at 115%. According to the association, there are two major reasons for this turnover rate-
1. Truck drivers quit the industry to move to a better truck driver salary paying job or less stressful field that allowed them to be near to their families. This percentage of truck drivers was interested in a better truck driver salary that helped them care for their families with the better truck driver salary while still being close to them.
2. The other reason for a higher turnover rate was that drivers shifted companies in the same industry due to competitive salaries or even to local regional firms that paid lower salary ranges just so that they could be close to their families.
According to trucking managers, the high turnover rate of drivers hopping companies resulted in a loss of about $500-$5,000 per driver. This did not include the advertising rates that the company incurred to find the driver, the hiring bonus that was paid for the driver at the time of signing, the monthly cost of driver and truck insurance, the orientation cost for lodging the drivers during the time of training, new training costs, and referral bonuses that were paid to the existing drivers for bringing more staff. The cost of turnover to the company is thus very high even when a single driver leaves. The company has to spend an equivalent amount to find a new driver and go through the process all over again. According to the American Trucking Association, there are an estimated 340,000 truckers in the US. But the high turnover rate is costing the industry about $2.8 million a year. This cost is them transmitted to the consumer in the form of raised food costs.
Better futures possible?
Although there are several reasons for the high turnover rate, there is a rainbow on the horizon. Trucking companies are now willing to hire students that have passed out from training associations within three months of training. The trucking companies are willing to competitive truck driver salary ranges, perks, and overtime and placement fees to ensure that truckers stay with them for the long term.
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