The Journal of Commerce says, 'The rapid increase in turnover heightens carrier concerns over the supply of qualified drivers and shipper worries about truckload capacity and pricing as they prepare for the fourth quarter and pre-holiday peak shipping season.'
It’s not a milestone trucking companies will celebrate. A 100 percent turnover rate means truckload carriers need to replace the equivalent of their entire driver pool each year just to maintain employment and capacity at the same level.
At a 100 percent rate, driver turnover can cost larger truckload companies hundreds of thousands if not millions of dollars a year. If recruiting one driver costs $5,000, on average, a company with 500 drivers would pay $2.5 million a year.