Carriers taking part in Driver iQ's 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 the salaries will continue to increase," co-president of Driver iQ Lana R. Batts says.
The survey also found:
- Over 60 percent of responded indicated they have increased their cents per mile, while 51 percent have increased performance bonuses.
- Changes in pay programs varied greatly by size of carrier, including that 67 percent of the largest carriers were more likely to offer more cents per mile.
- Larger carriers were also more likely to offer soft bonuses than smaller carriers.
- Medium size carriers were more likely to offer performance bonuses than increasing cents per mile.
Nearly 72 percent of driver recruiters expect that compensation, including pay and benefits, will increase in the second quarter of 2018. Also, 83 percent of carriers with over $100 million in gross operating revenues expect future compensation will increase compared to 50 percent of smaller carriers. Carriers of all sizes expected that compensation wouldn't decrease.