K-Limited Carrier, a Toledo OH-based liquid bulk carrier, recently announced a new wage structure designed to attract and retain elite drivers.
Under the new structure, both independent contractors and company drivers will receive a 2% increase in their take-home pay with a 4% increase for weekend work. The new pay structure officially went into effect April 1.
“Professional drivers are our most valuable asset,” said Dean Kaplan, chief executive officer, K-Limited Carrier. “It’s well-known that the industry is experiencing a critical driver shortage that likely isn’t going away anytime soon. We are committed to attracting and retaining the best drivers and believe increasing the percentage, which ultimately results in more money in their pocket, is the best way to do that.”
The percentage changes will accompany an increase in the drivers’ safety bonuses, which have been increased from 1% to 2% and will now be paid quarterly rather than at the end of the year.
In addition, drivers will have increased bonus opportunities under the new structure. For the remainder of 2019, the driver referral bonus will be $5,000. In 2020, the referral bonus will settle at $2,500. All new hires will receive a sign-on bonus of $4,200, paid out in monthly installments of $350. New hire training pay will be guaranteed at $800 per week during the training period, predicated on training at least five days per week.
K-Limited is committed to offering drivers a percentage of the line-haul revenue they generate for the company. Kaplan says increasing the payments available in a model already working for K-Limited will give the company a competitive advantage.
“A lot of companies pay by the mile or the hour, which is affected when dwell time is a factor. Percentage pay takes that out of the equation,” Kaplan said. “I believe the combination of changes we’re making to pay and bonuses, along with our current 401K, benefits package, paid-time-off and life insurance offerings, will continue to be attractive for drivers who are looking for a career as well as help keep our current drivers happy.”