SURREY, B.C. – Employees of Coastal Pacific Xpress will receive more than $400,000 in bonuses for their part in increasing company revenue by 41%.
The B.C.-based long-haul carrier is sharing its profits with its 475 employees and independent owner/operators for the second consecutive year. The privately owned CPX recorded revenue of $100 million for the fiscal year ending on May 31, a substantial increase from the $71 million in revenue posted a year prior.
“It’s easy to just say ‘thank you’ to your employees and owner/operators for a job well done,” said Jim Mickey, general manager and partner at CPX. “We believe in giving back to our people what they have given to us: committed, loyal and hard work through the past year that led to tangible results.”
To help attract and retain drivers, CPX gave its owner/operators two pay raises since last October, resulting in an increase in take-home pay of 45%. CPX’s employee loyalty has paid off as the company’s turnover rate dropped over the course of the year by two percentage points to 20%. The American Trucking Association have placed the driver turnover rate for large carriers at 130%.
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