Truck driver staffing a challenge due to driver turnover
The ATA reported on truck driver turnover, showing that turnover at large truckload fleets continues to be high — 88%. Less-than-truckload turnover remains very low by comparison. There has been much discussion about a coming driver shortage as the economy recovers. With 12.7 million Americans still unemployed, one wonders what must happen to make trucking an attractive career choice. The big difference in turnover rates between large truckload fleets and others does point to the importance of one factor in particular — home time. ECON 101 teaches us that prices are bid up to allocate scarce resources to their most efficient use. While driver wages are one element of compensation, home time and scheduling are also forms of compensation. Trucking companies have long had to do complex math to schedule routes (“Calculus for Truckers“). It’s not easy to schedule freight traffic. Can motor carriers also include home time considerations in their formulas?