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.
“Its 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.”
The trucking industry overall, faces a critical driver shortage and a lack of new young entrants in the field, combined with a disproportionate number of older drivers. 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%. In comparison, studies by the American Trucking Association have placed the driver turnover rate for large carriers at 130%.
“We didnt achieve these results alone,” added Glen Parsons, partner and vice-president of marketing at CPX. “That’s why we feel so strongly about sharing these good fortunes. Every single person played a role.”
In addition, the company, which specializes in temperature-controlled and just-in-time delivery across North America, is also unveiling an enhanced benefits package for its owner/operators that will take effect in October.
The company will continue to profit share with employees each year it makes money, said Mickey.
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