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A recent study revealed that the new hours of service requirements are taking a toll on truck driver pay. According to the findings, over 50 percent of drivers said that the change to HOS requirements enacted July 1 has resulted in pay decreases amounting to 5 percent or more.
Conducted by the American Transportation Research Institute, the Operational and Economic Impacts of the New Hours-of-Service study was released on Nov. 18. Results revealed that more than two-thirds of the 2,370 drivers surveyed (about 67 percent) noticed a decrease in their pay.
Operational and Economic Impacts of New HOS Requirements
Among the total number of respondents, about 16 percent reported a pay decrease amounting between 1 and 5 percent, while 19 percent said their pay dropped by 5 to 10 percent. Additionally, about 17 percent admitted that they encountered a more significant pay reduction, amounting to more than 15 percent.
According to the ATRI, respondents of the study contributed to the decrease in pay to several factors that were directly linked to the new hours rule. In order to abide by the restart provisions of the HOS requirements, many drivers were forced to make changes to their schedules.
As a result, restart times were longer, and many truckers had to use rolling schedules. Consequently, many of them lost loads and were less productive because of the 30-minute break mandate. Nevertheless, driver wages could potentially drop by $3.9 billion a year because of the new hours’ rules.
As the new HOS requirements continue to impact truckers, trucking companies must be able to handle financial obligations in order to retain experienced, talented drivers. With the help of truck invoice factoring, small to medium-sized trucking companies can ensure that truckers get paid in a timely fashion.
Truck factoring can be the key to increasing your company’s cash flow. Aside from improving cash flow, truck invoice factoring can help your trucking company handle day-to-day operational costs, ranging from rising repair costs to high fuel prices. Haul more loads and increase your revenue by requesting an online truck factoring quote today!
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