Good news! There’s a 77% chance that you’re going to get a pay bump this year! At least, that’s what companies are saying. When polled, 77% of companies surveyed stated that they expect to raise driver pay this year. In the poll done by Transport Capital Partners, about 50% of companies said that they expect to raise driver pay by 2% to 5% this year. Nearly 25% of carriers plan to raise driver pay by less than 2%, and only 3.3% of carriers said that they would raise pay by 6%-10%.
The pay hikes that they say are coming likely have something to do with trying to get drivers to stay with a company for longer. While paying drivers more is a obvious way to incentivize drivers to stay, even the 5% increase that some companies say they will offer may not be enough. A 5% increase on a $40,000 salary is only $2,000. An extra $2k can go a long way, but that’s as much as some companies will offer you as a sign-on bonus if you switch over to driving for them.
Yes, a pay hike will help keep a driver where they are, but CPM is only one of the reasons that a driver can be unhappy. Not getting enough loads, outdated or unsafe equipment, and pushy dispatchers demanding unsafe and illegal driving hours are all just a few of the major reasons drivers decide that it’s time to move on.
By all means, raise drivers’ pay, but companies should also consider listening to their drivers and making changes that will keep them happy and on the road.