Carriers are raising driver pay to help improve recruiting and retention efforts, according to a new survey by Driver iQ.
“Not only do recruiters believe that pay must be increased, companies are already raising pay and recruiters expect that salaries will continue to increase,” said Lana R. Batts, co-president of Driver iQ.”
Among the details in the Driver iQ Q1 2018 Trends In Truckload Recruiting And Retention survey are the following: Over 60% of respondents indicated they have increased their cents per mile, while 51% have increased performance bonuses
- Changes in pay programs varied greatly by size of carrier, including that 67% of the largest carriers were more likely to offer more cents per mile
- Larger carriers were also more likely to offer soft bonuses, such as more home time, than the smaller carriers
- Medium size carriers were more likely to offer performance bonuses (55%) than increasing cents per mile (23%)
The survey results also showed that 72% of driver recruiters expect that compensation, including pay and benefits, will increase in the second quarter of 2018 compared to their lower expectations in 2017.
In addition, 83% of carriers with over $100 million in gross operating revenues expect that future compensation will increase compared with 50% of smaller carriers. Regardless of size, no one expected that compensation would decrease.
The survey represents the views of recruitment managers who operate over 75,000 trucks and the majority of the responses came from carriers with over $100 million in gross operating revenues.