Do I hear $5,000? Who will make it $15,000. . . $20,000? The echo across the trucking industry sounds like a live auction, and qualified CDL-holders are going to the highest bidder. In fact, companies are more than willing to dole out bonuses ranging from $5,000 to $20,000 right now.
“As is the case whenever there is a shortage, carriers are offering many incentives, including sign-on bonuses, increased pay, improved equipment, and more flexible schedules in order to attract talent,” American Trucking Associations chief economist Bob Costello reportedly said.
Job listings for experienced flatbed truckers offer a $5,000 sign-on bonus portioned out over about 14 months. The incentive can generally pay off any lingering trucker driver training expenses, effectively making career education free. Attracting skilled drivers doesn’t end with cash. Many are throwing in the type of benefits people in corporate American enjoy, such as a 401(k), health insurance, dental, and increased time off. Some OTR opportunities offer 2-3 weeks on-duty followed by the same time at homes.
Those seemingly game-changing inducements barely hold a candle to the big money bidding wars that are transpiring. For example, one Maryland operation with upwards of 1,700 truck driving team members has reportedly gone on the record saying they will pay experienced men and women up to $20,000, plus benefits, to join its fleet.
“New drivers to Cowan Systems will get more than half of their payout amount within the first six months. This isn’t a sign-on bonus that pays you tiny sums for years,” CEO Steve Wells reportedly stated. “Professional truck drivers who join us now will get their full payout in less than 18 months.”
According to reports, truckers with a minimum of one year’s experience or a hazardous materials endorsement earn $17,500 for joining Cowan’s fleet. Any qualified driver with both gets bumped up to $20,000.
Part of the competition may be driven by massive corporations such as Walmart securing the services of top-tier truckers. The retail giant garnered splashy headlines over the last few years as salaries soared into the six-figure range. However, the $5,000 to $20,000 bonuses may only provide smaller organizations with temporary relief. Walmart reportedly forks over $4,000 in bonuses when a truck driver passes onboarding and is ready to haul goods and materials. Then, another $4,000 shows up in their paycheck after working for the big box store chain for only six months.
Outfits such as Cowan, Walmart, and Dollar General, among many others, are using increasingly higher bonuses to lure truckers. As of mid-August, online jobs platforms saw more than 15 percent of diving positions offer bonuses and other incentives. The supply chain logjams and product backorders appear to have corporations in survival mode. And the fittest employees hold heavy-duty vehicle operating licenses.
Sources: freightwaves.com, truckinginfo.com
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