According to Bloomberg News, Walmart Inc. is increasing pay for the truckers as the retail giant is seeking to foster staffing amidst a crisis of drivers, a scenario that is prevailing in the country.
Increase in pay to attract the drivers
The truck drivers on the retailer’s in-house rolls will be able to earn any amount between $95,000 and $110,000 while they are in the company in the first year, as stated by a Walmart spokesperson on Thursday. Considering it at a higher-end, 26% higher than the earlier average for the new drivers. As per a company statement, the veteran drivers that have been associated with the company have opportunities to earn even higher.
Walmart is putting in all efforts to retain and attract truckers across the country; the employers are facing a tough time keeping the 18-wheelers rolling. According to the American Trucking Association, Bloomberg News reports, the United States has a shortfall of 80,000 drivers. Over the past two years, Walmart had to recruit 7000 drivers. The retailer already employs 12,000 truck drivers. In 2021, it hired a record 4,500.
The hike in pay has pushed these truck drivers further compared to the typical levels in the United States. According to the Labor Department, the median pay for tractor-trailers and heavy vehicle drivers was $47,130 in 2020.
The Bentonville retailer based in Arkansas also drew up an imparting training plan for employees interested in becoming drivers. So far, for this 12-week program, as many as 17 employees have earned a commercial rivers’ license in Texas and Delaware.
Bloomberg News reports that the company hopes that it will be able to train 400-800 new drivers in the current year, as per the company’s spokesperson. This in-house training program helps the commercial truck drivers by assisting them in saving the hard-earned cash they would have had to spend on the commercial driving program. The cost of this program can be between $4000 and $5000 for the ones that prefer to enroll in it independently.
Bloomberg News reports that Walmart climbed less than 1% at 12.40 pm in New York to $156.12. The stock was found to gain 7.1% this year on Wednesday compared to a 6% drop in the S&P 500 index.
