Driver turnover rate for large truckload carriers dropped by 9 percentage points in the fourth quarter of 2018. Large truckload is defined as having over 30 million in annual revenue. However, small truckload fleets with less than 30 million turnover rates continue to climb.
ATA Chief Economist Bob Costello attributes the decline in turnover at larger fleets to a few factors, including the general slowdown in freight demand seen in the last months of 2018.
“The driver market continues to be tight, but not quite as much as the middle of 2018. The overall trend late last year was that turnover is slowing,” said ATA Chief Economist Bob Costello. “There can be various reasons for this – either freight volumes are decelerating and as such fleets pulled back on recruiting efforts or fleets’ efforts to increase pay are paying dividends in the form or reduced turnover. The truth probably lies somewhere in between, but it is a trend that bears watching.”
Year over year, the turnover rate at large carriers was 10 points lower than the same quarter of 2017. Turnover at smaller fleets was down 3 points from the final quarter of 2017.
At LTL fleets, turnover was unchanged quarter to quarter at 10 percent and averaged 11 percent on the year.