With inflation so high and the cost of living seemingly skyrocketing, the question on many minds is whether their salaries are going to increase too. While of course this will vary between companies, positions and situations, to find out what the industry standard raise will be this year we can look to a few organizations as examples to see what they are offering.
The Department of Transportation recently approved the largest driver pay increase in company history, per drivefordti.com. The raise works out to be about 7.5%, which is an average of $5,000 more per driver. Although the actual salaries vary because of different circumstances like schedule and job type, with this bump the average delivery driver for the Department of Transportation will earn $96,000 annually.
KLLM Transport Services is raising pay and compensation by up to 33% for some jobs, per Business Insider. This could put some first-year drivers in the $150,000 annual salary range. This large boost is designated for over-the-road drivers, while regional company drivers and independent contractors are looking at 10-16% raises. Walmart is also boosting it's average pay for drivers from $87,500 annually to $95,000-$110,000 annually, according to USA Today.
With the average American worker being offered a 4.8% raise this year, according to CNBC, the truck driving raises will exceed the average. Other incentives like sign-on bonuses and paying for commercial drivers licensing as part of training are being offered to new hires, even from businesses that previously didn't offer any training whatsoever. That's because not only are truck drivers facing the inflation and cost of living increases prevalent nationwide, but also a high turnover rate and a shortage of drivers to hire. In addition, the industry is facing supply chain issues and microchip shortages. There are also monthly bonuses and referral bonuses, designed to retain current drivers.
The hope is that people will see truck driving as a career that's appealing for those seeking a new job. These increases seem to be working, because according to Fox Business, the number of applications coming into trucking schools for new drivers are up. It generally takes five or six weeks of training to ultimately become a truck driver. Companies are now also putting thought into what a career path will look like and how to provide current drivers with opportunities to grow.
Keep in mind that the above information doesn't include benefits or the different variables between jobs like whether they're paid hourly, salary, or by task and activity (which is the majority). It should, however, give you a general idea of the average increases being offered in 2022.
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