Large TL fleet driver turnover rate hits 102%
The annualized turnover rate for large truckload fleets rose two percentage points in the fourth quarter of 2015 to 102%, the second straight quarter it was at least 100% –the first such streak since 2012.“This elevated turnover rate shows that the driver market remains a challenge for truckload fleets,” said ATA Chief Economist Bob Costello. “Obviously, attracting and retaining drivers remains a top concern for the industry.”The turnover rate at small truckload carriers – fleets with less than $30 million in annual revenue – surged 21 points to 89% in the final quarter of 2015. Despite this surge, churn at smaller fleets is still six points lower than during the fourth quarter of 2014 and averaged just 79%.“The rising turnover rate, coupled with anecdotal reports from carriers, shows what a premium there is on experienced, safe drivers,” Costello said. “And those drivers have and will continue to benefit from rising wages and benefits.”The turnover rate at less-than-truckload carriers rose one point to 11% in the final quarter, and averaged 11% for all of 2015.