Swift stock is crashing, blames it on them losing drivers and driver shortage

Just got the news. Coupla cents bump for first year drivers. I got 2.5 cent raise. Back to the weeds now.

 

Some estimates have said losing a good driver is about a $30,000 dollar loss to a company. Just think about for every 10 good drivers you lose you replace them with 10 newer drivers, and 1 in 10 of those newer has a really bad accident or load loss or whatever. For example take that Walmart driver, they will probably lose 50 million+ just on one guy.

 

Thanks man. I'm up north of you near Ocala, and the pay scale does kinda suck here, but the country/rural living is nice. I might have to bite the bullet and commute to Orlando or Tampa to find something decent paying, or (gasp) head back out OTR.......

 

Good on you Miss patty. I've actually laughed over the phone to employers for the ridiculous low wages. With 30 yrs and a clean record I demand a fair living wage. Or find some yahoo willing to work for a miniscule wage.

 

Famous stock crashes

Enron:


WorldCom:


Lehman Bros:




and of course, the biggest stock crash of them all, SWIFT Transportation:

 

So much for Swift making up to 1 billion dollars in profit quarterly through intermodal in the next 5 years. JB Hunt stock at the time of me typing this is $76.24 where Swift is $20.47. Biggest trucking company or not they are definitely not doing very well.

 

They just bought out central refrigerated too. Taking on too much at once.

 

As long as people are willing to accept low wages, that's what they will get.

 

Yes, truckload carriers especially, do not value drivers much. Partly that's because we're so easy to replace, they get so much more pop using their dollars for incentives to hire on. 18,000 seats is a lot to keep filled. If you raise each driver $5/day, drivers'll hardly notice.

If you take $5/day for each seat for sign on bonuses, whaddya get??

$5/day x 18,000 ($90,000/day) to lure drivers in to the 'new-improved' Swift pay program.

That's $630,000 week to spend on orientation/sign-on bonuses.

Where would you go with your $$ if you were Swift??

Knowing that a $5/day raise won't cause most ANY driver to stay rather than leave...

And look how fast you go into the hole raising driver pay just $5/day.

$630,000/week out the door, each $5/day increment!!

Glad it's Swift's problem and not mine.


//On way to Prairie du Chien. Stopped I-74 westbound Farmland Rest Area. First $1.25/bag Doritos did not drop. Second $1.25, only got the first $1.25 bag to drop. As I laughed and put in another $1.25, crowd gathered. Nope, NEITHER bag dropped.

Big guy stepped up and gave the machine a good jiggle for me.

Got 'em all after all!! :0)

 

The BIGGER THEY ARE the HARDER THEY FALL