The first quarter of 2015 closes with a surprising announcement to the trucking industry: a major decrease in driver turnover. Companies with more than $30 million in revenue are down to 84% turnover and smaller companies are down to 83%. This a 12% decrease for both! What happened in this quarter to cause such a change?
We’ve found 4 major reason why turnover has fallen:
Will this decrease in the turnover rate last?
With freight loads increasing this quarter and sign on bonuses becoming a standard for most organizations, this low turnover rate will most likely begin to increase once again. The retention efforts and pay raises may help delay the rise back to the 97% industry average. In Transport Topics, Costello mentions that retention issues are still going to be a major problem for the industry. If companies want to keep their numbers stagnant, they will have to work extra hard on their retention efforts. Communicating with drivers about why they are staying and what could make them stay longer will be beneficial for carriers, especially while turnover rates are low.
What are you doing to lower your driver turnover rates? Tell us!
Keep on Truckin’!