The driver shortage has been the topic of many conversations in the trucking industry lately.
With trucks delivering nearly 70% of all freight annually, they undoubtedly help drive the economy with the movement of everything from raw materials to manufactured goods. Without an adequate number of truck drivers, our economic future is not as bright. As such, recent data about driver turnover rates proves interesting.
According to the American Trucking Association (ATA), the annualized turnover rate for large truckload (TL) carriers skyrocketed by 13 points in the 3rd quarter of 2015, bringing the turnover rate to 100%. On the other hand, the rate for smaller TL decreased to 68% which is the lowest since 2011. Finally, coming in with steadier figures, the less-than-truckload (LTL) fleets saw a 3% 3rd quarter decrease, which returns them to the previous nine- month average of 10% turnover.
Given the mixed nature of this news, the ATA is waiting until the 4th quarter to make any overall trend assessments. Even so, any decreased availability of capacity and drivers for TL or LTL carriers will generate increases in the rates for moving product and those extra dollars will be tacked onto the price of goods. In times like these, companies should look for ways to ensure they are not being overcharged on their transportation costs.
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