While the turnover rate at large fleets sank to a two-year low, turnover at small carriers jumped a bit, according to American Trucking Associations' latest numbers.
In the fourth quarter of 2018, the turnover rate at fleets with over 30 million in revenue fell by nine points to 78% - 10 points lower than it was in the same quarter of 2017. In 2018, the average rate for large fleets was 89%, two points higher than the average in 2017.
At small carriers turnover rose five points to 77%. Despite the increase, it was still three points lower than in the same quarter of 2017 and the average rate for 2018, 73%, was at its lowest point since 2011.
“The driver market continues to be tight, but not quite as much as the middle of 2018. The overall trend late last year was that turnover is slowing,” said Bob Costello, ATA chief economist. “There can be various reasons for this – either freight volumes are decelerating and as such fleets pulled back on recruiting efforts or fleets’ efforts to increase pay are paying dividends in the form or reduced turnover. The truth probably lies somewhere in between, but it is a trend that bears watching.”