ATA: truck driver turnover up slightly in Q3 2014

Turnover rate among large U.S. truckload carriers increased 1 percent to an annualized rate of 97 percent in the third quarter of 2014.    The American Trucking Associations reported Wednesday that the turnover rate among large truckload carriers increased 1 percent to an annualized rate of 97 percent in the third quarter of 2014.
   “Driver turnover, which is a good barometer of the driver market, remains high,” said ATA Chief Economist Bob Costello in a statement. “While it is not approaching its historic highs of the early 2000s, continued economic growth and increased freight demand will continue to exacerbate the shortage of drivers many sectors of the industry are witnessing.”
   Costello noted in addition to the increase in truckload driver turnover for large carriers, or fleets with more than $30 million in annual revenue, the turnover rate at less-than-truckload carriers also rose to 13 percent from 11 percent in the second quarter. The turnover rate at small truckload fleets remained unchanged at 94 percent, according to ATA.
   “It is interesting to note, historically, the turnover rate for small truckload fleets was much lower than for larger carriers,” Costello said. “However, with increasing pressure to recruit and retain good, experienced drivers, we’re seeing higher turnover rates at small fleets – with perhaps improving pay and benefit packages at large carriers being a reason.”