The annualized turnover rate at larger truckload fleets rose again in the second quarter of 2013, settling at the 99 percent mark, according to the American Trucking Associations’ Trucking Activity Report.
Turnover at large truckload fleet had dropped to 90 percent in the fourth quarter of 2012, tumbling from the prior quarter’s level of 104 percent.
However, turnover rebounded in the first quarter of this year, jumping to 97 percent. ATA classifies fleets with more than $30 million in revenue as a large fleet.
ATA’s Chief Economist Bob Costello said contributing factors like an improving freight market and tightening federal regulations will continue to put upward pressure on turnover rates.
“Continued high turnover shows that the market for qualified, experienced drivers remains extremely tight,” Costello said. “The continued improvement in the freight economy, coupled with regulatory challenges from the changing hours-of-service rule and CSA will only serve to put a further squeeze on the market for drivers.”
Turnover at truckload fleets with less than $30 million in annual revenue remained flat in the second quarter from the first at 82 percent. The turnover rate at less-than-truckload fleets dropped from 15 percent to 6 percent, its lowest level in two years.
“A tight market for drivers will push costs higher for fleets as they work to recruit or retain quality drivers,” Costello said.