Yahoo Finance Knight-Swift Transportation (KNX) Peps Up Drivers Via Pay Hike
Mirroring the improved economic conditions in the United States with the gradual reopening of the economy, Knight-Swift Transportation Holdings KNX boosted its driver wages from the first week of April. Moreover, contract rates for independent contractors witnessed a raise.
Notably, Knight-Swift has increased the pay and incentives of its drivers more than once over the past six months as conditions limp back to normalcy in the United States. Under the latest increment, over-the-road drivers at Knight and Swift received the benefit of a 2 cent per mile pay raise. Under the new structure, experienced drivers can now begin earning above 50 cents per mile and in some regions of the country, a few jobs are made even more lucrative, starting beyond 60 cents per mile.
The lucrativeness of the package can be gauged from the fact that drivers who can train others to become successful professional drivers at the company can have income in excess of $100,000, annually. Moreover, pays of new recruits post training increased at least 40%. Also, students at Knight-Swift are being rewarded with incentives per week under the new program.
Additionally, the pay hike takes care of the over-the-road independent contractors. Their pays are also increased in the 3-5 cent band per mile from the first week of April.
Notably, driver shortage is a key headwind confronting the trucking industry, of which Knight-Swift is integral. To combat this challenge, Knight-Swift has been constantly looking to upgrade driver pays. Also, the company, currently carrying a Zacks Rank #3 (Hold), has been spending significantly on driver amenities and enhancing its fleet for a while now.
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