TULSA, Okla. – Driver iQ announced today that carriers taking part in its Q1 2018 Recruitment & Retention Survey are raising driver pay to help improve recruiting and retention efforts.
“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. “By taking the pulse of truckload recruiters across the nation, this survey highlights trends and future expectations of driver applicants and recruits. That information leads to effective changes in recruiting activities, and better outcomes in retention.”
Among the details in the Driver iQ Q1 2018 Trends In Truckload Recruiting And Retention survey are the following:
More than 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. As well, 83% of carriers with more than $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.