Demand for products, employees driving wages higher at big-box retailer

In a media splash this spring, a retail giant announced it is increasing its truck drivers’ pay significantly, as well as starting its own driver training program to help combat a national driver shortage.

Reports say the retailer claims drivers can earn up to $110,000 in their first year – double what many other truckers typically make.

Benefits & Compensation Regulatory Alert

This quick-read resource — loaded with applicable best practices and real-world case studies — highlights today’s most pressing HR topics to help you ensure ongoing compliance.

GET FREE ACCESS MORE INFO

What about other employers?

While most other employer segments are bumping up against inflation and its impact on wages, workers’ wages in the transportation and warehouse industries are keeping pace, according to market data. Leisure and hospitality jobs were the only other segments showing more wage growth, according to the Bureau of Labor Statistics.

What’s driving higher wages?

Job hopping, turnover, churn ... whatever term employers want to use, the unprecedented coming and going of employees across all segments is contributing to higher wages and increased benefits. Employees are in search of greener grass elsewhere, and companies are willing to roll out the turf torecruit them.

With the transportation industry seeking to fill 80,000 driving roles, according to the American Trucking Association, motor carriers are one of the industries desperate to attract and retain employees. Thus, the aforementioned lucrative recruitment campaign to attract drivers.

But what about employers that can’t compete at a mega-retailer level? Those who cannot fork out the kind of money and benefits large employers can need to consider what perks, such as flexible work schedules, can be offered to remain competitive.

The bottom line is, it’s going to cost employers more money to attract and retain workers, no matter what industry. And some drivers are already on the road to financial gain.