It’s no secret that the market for truck drivers continues to be extremely tight. As pay is always an incentive to join a profession, companies are upping the ante.
The American Trucking Associations released data on March 27 from its latest Driver Compensation Study, showing driver pay has climbed as rising demand for freight transportation services has increased competition for drivers.
“This latest survey, which includes data from more than 100,000 drivers, shows that fleets are reacting to an increasingly tight market for drivers by boosting pay, improving benefit packages and offering other enticements to recruit and retain safe and experienced drivers,” said ATA chief economist Bob Costello.
According to this most recent study, the median salary for a truckload driver working a national, irregular route was over $53,000 – a $7,000 increase from ATA’s last survey, which covered annual pay for 2013, or an increase of 15%.
A private fleet driver saw their pay rise to more than $86,000 from $73,000 or a gain of nearly 18%.
In addition to rising pay, Costello said fleets were offering generous signing bonuses and benefit packages to attract and keep drivers.
“Our survey told us that carriers are offering thousands of dollars in bonuses to attract new drivers,” Costello said. “And once drivers are in the door, fleets are offering benefits like paid leave, health insurance and 401(k)s to keep them.
“This data demonstrates that fleets are reacting to concerns about the driver shortage by raising pay and working to make the job more attractive,” he said. “I expect that trend to continue as demand for trucking services increases as our economy grows.”