Competitive Market Boosts Truck Driver Pay and Benefit Packages

(September 10, 2018) — Data from the American Trucking Associations’ (ATA) latest Driver Compensation Study shows driver pay has climbed as rising demand for transportation services has increased competition for increasingly scarce drivers. “This latest survey from more than 100,000 drivers shows that fleets are reacting to an increasingly tight market for drivers by boosting pay, improving benefit packages, and offering other enticements to recruit and retain safe and experienced drivers,” said ATA chief economist Bob Costello.

According to the study, the median salary for a truckload driver working a national, irregular route is more than $53,000, a $7000, or 15%, increase from ATA’s last survey, which covered annual pay for 2013. Private fleet drivers saw their pay rise to more than $86,000 from $73,000, a gain of nearly 18%.

In addition to raising pay, Costello said fleets are offering generous signing bonuses and benefit packages to attract and keep drivers. “Our survey told us that carriers are offering thousands of dollars in bonuses to attract new drivers,” he said. “And once drivers are in the door, fleets are offering benefits like paid leave, health insurance, and 401(k)s to keep them. This data demonstrates that fleets are reacting to concerns about the driver shortage by raising pay and working to make the job more attractive. I expect that trend to continue as demand for trucking services increases as our economy grows.”

(SOURCE: The Weekly Propane Newsletter, September 10, 2018)