Private Fleet Driver Turnover Averages 14%
According to a recent report from the National Transportation Institute, driver turnover reached an average of 14% for private fleets last year, but it was not uncommon to see individual private fleet turnover numbers as low as 4%.
The bulk of turnover at a private fleet,according to the group, is primarily due to drivers retiring, safety termination, and new driver expectations. The update noted that over the past twelve months, private fleet turnover numbers approached 19% on average.
What’s more, companies with the lowest turnover typically pay their drivers an hourly wage, frequent home-time, have unique activity-based pay components, incentives, as well as understanding and addressing driver concerns.
Naturally, compensation is key. 2015 driver wages increased approximately 6.4%. However, three full quarters in 2016, driver pay is relatively stationary. Most private fleets do not have a sign-on bonus.
On a more granular level, though driver wages increased in 2015, the gross median annual income gap is currently $16,958 higher for Private fleets vs For-Hire fleets. Reviewing the same time last year, the gap was $19,140. This means For-Hire fleet driver wages are catching up to Private fleets.
Category: Driver Stuff, Featured
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