Trucking companies have long been claiming a shortage of drivers in the labor pool. As we have discussed in the past, many companies are finally doing something about it – raising rates and offering bonuses. This is great news for truck drivers and those looking to enter the career.
One Maryland-based trucking company is proving to be a perfect example of this with a very generous signing bonus for drivers who join the company by October 1st, 2021. Let’s take a look.
Large Bonuses from Cowen
Cowan Systems is a transportation and logistics company currently employs about 1,700 drivers, but they are looking for more. To entice new drivers, Cowan offers all new drivers a signing bonus of at least $15,000.
Drivers with a year of experience with their current employer or the HAZMAT endorsement on their CDL will get $17,500 for their sign-on bonus. If a driver has both a year of experience and a HAZMAT endorsement, they can receive $20,000.
Steve Wells, the COO of Cowan Systems, promises that the payments will not be drawn out or delayed for years. He released the following statement:
New drivers to Cowan Systems will get more than half of their payout amount within the first six months. This isn’t a sign-on bonus that pays you tiny sums for years[.] Professional truck drivers who join us now will get their full payout in less than 18 months.
The Driver Shortage Debate
This move by Cowan Systems proves what drivers have long said about the trucking industry. Drivers have long argued that truck driving wages, like many jobs in the country, have declined and not kept up with the cost of living.
The shortage isn’t a lack of people willing to drive. The shortage is a lack of companies willing to pay high enough rates to make up for the fact that driving is a hard job with unique requirements that keep workers away from their families.
Fortunately, it looks like companies are realizing the true worth of truck drivers.