The world’s largest big-box retail chain recently made splashy headlines after raising its fleet driver salaries to upwards of $110,000, a move that could raise the bar for CDL professionals across the board.
“We want to make sure we continue to attract drivers, but also retain,” human resources vice president Karisa Sprague reportedly said. “You can pull up job postings, and there are lots of sign-on bonuses and shiny objects out there, and we want to make sure our associates are taken care of.”
Walmart has not been shy about competing for the most experienced truckers who possess excellent safety records. Year-over-year, the corporation increases benefits and driver pay to stave off competitors such as Costco, BJ’s Wholesale, and Target, among others. In 2022, the inexpensive products and grocery giant garnered revenue north of $572.75 billion, a 2.4 percent increase over fiscal year 2021.
Its massive profits allow Walmart to offer among the highest starting and top pays for positions. Truck drivers will now reportedly earn $95,000 to start, a salary that far outpaces the company’s previous average of $87,000. Doubling down on its ability to attract top-tier tractor-trailer operators, the retailer plans to offer an internal 12-week training for employees to transition into certified truck driving positions.
Walmart hired 4,500 drivers last year, the most during any 12 months in the organization’s history. Over the past two years, it added 7,000 to swell its fleet ranks to 12,000 CDL holders. According to the Bureau of Labor Statistics, the 2020 median annual pay for heavy-truck and tractor-trailer drivers hovered at $47,130. More recent estimates peg trucker annual average salaries higher.
“The average salary for a long haul driver is $56,491 a year,” a Walmart infographic indicated. “Walmart’s starting wage can nearly double that.”
The recent increase in truck driver pay addresses a significant industry problem. Many OTR truckers consider mileage rates and hourly salaries insufficient. Those concerns appear statistically accurate when considering the impact on salaries following the Motor Carrier Act of 1980. After Pres. Jimmy Carter signed the deregulation law, consumers reportedly saved billions. Unfortunately, truck driver salaries stagnated and declined by as much as 21 percent on average.
“This was a conscious decision to make the trucking industry a dog-eat-dog industry,” Economic Policy Institute distinguished fellow Larry Mishel reportedly said. “The prices of trucking got cheaper, but the ability to make a living evaporated.”
Some regions saw pay drop by 50 percent when adjusting for inflation. The increase in truck driver salaries by Walmart sets a new ceiling that companies competing for drivers will need to consider.
“We’re witnessing unprecedented pay increases across the industry, with weekly driver earnings surging at a rate more than 5x their historical average — up more than 25 percent for long-haul, truckload drivers since the beginning of 2019,” the American Trucking Associations reportedly stated.
In many respects, Walmart’s pay scale represents a giant step toward restoring the lucrative salaries of yesteryear. Securing a CDL and driving truck was already a good-paying job that did not require a college degree. The persistent driver shortage and fierce competition to hire truckers are expected to continue to increase earnings.
Sources: nbcnews.com, wsj.com
but if ure a women u need to bring ure own pants
Notice words like “upwards” and “reportedly” to describe pay increase. If it’s in writing, have an attorney look at it.
I contracted for Wally and did very well with them on a power unit only basis . I negotiated my contract yearly and had a weekly adjustable fuel surcharge starting in 2005 . You must dance to there tune , no swearing or instantly fired , dress neatly and overall don’t be a fool . I was a dedicated small carrier for 10 years and then sold the contract and trucks in 4 days and set myself for life at age 45 . I also bought there stock at $52 then $56 then $58 , now trading and paying dividends at $152 ! Just one guys experience .
I think this is great. It puts pressure on the other fleets by attracting the better drivers. Look for another round of ‘raises’ from all but the bottom feeders..
Camera watching you, slip seating, no thanks!
Large gross income may look great on the outside, but you will also be paying more taxes and other expenses while you become part of the socialist way. Socialist and communist do the same.
So, to prevent socialism and communism, everyone should be living in poverty?
How much better do think you’ll be living under socialism or communism charlie boy??
America is the largest communist government in the world, Americans just believe it! If you think for once that a Capitalist system offers freedom then you a fool. The Republic that the forefathers setup and intended for this country wasn’t with a capitalist view in mind. This is what they were trying to keep from happening because capitalism breeds slavery by way of a DEBT BASED economy and money system! You guys should really study beyond whats in the HIS-TORY books i the U.S. school (indoctrination) system! There is no reason for poverty to exist there is more than enough for all! Argue with yourself!
Excuse any typos….fill in the blanks and correct anything thats typed incorrectly.
Right! smh is that guy serious. Company drivers should make 6 figures. Owner operators should make at least twice as much.
People have no clue what we deal with and what all goes into what we do.