Yellow Corp.'s sudden closing and filing for Chapter 11 bankruptcy earlier this month caused problems for the company's laid-off 30,000 employees and its customers who scrambled to ensure their shipments were delivered properly.
And, a recent survey also found the shutdown of the 99-year-old less-than-truckload giant also took a toll on other truckers.
Lance Surety Bonds' survey of 332 professional drivers discovered fully 72% of them felt Yellow's closing affected their mental health, and 69% said they had concerns for their own job security. Additionally, 37% of respondents said they were actively seeking new jobs, and 75% are considering shifting to industries other than trucking for employment.
Other takeaways from the survey found:
- 83% said the average consumer would feel the effects of Yellow's closing
- 54% said Yellow's closing had the potential to cause instability in the trucking sector
- 53% said it would increase competition for available jobs
- 47% said it would cause disruption within the supply chain
- 47% also said Yellow's shutdown would create opportunities for local trucking companies
- 45% said it would create demand for other carriers
- 44% said they felt sadness over Yellow's closing
- 42% said they were shocked by it
- 40% said it would create better working conditions and benefits for drivers
Additionally, one in six drivers said they were concerned about the fate of their employer.
The survey also found that most truckers are also looking to improve their own situations markedly. A total of 87% were seeking a pay increase this year, and on average were seeking a raise of 42%.
Yellow announced Aug. 6 it was closing and filing for Chapter 11 bankruptcy. Since then, both Old Dominion Freight Line and Estes Express Lines have bid to buy Yellows' network of terminals.
