A major flatbed carrier has introduced three new driver pay initiatives.
TMC Transportation, the largest employee-owned flatbed carrier in the country, announced three new driver pay initiatives: increased holiday pay, increased tarp pay and the return of the continuous run program.
As of Memorial Day, TMC has increased its holiday pay. All company drivers will now receive $125 per day for six holidays each year: New Year’s Day, Memorial Day, Independence Day, Labor Day, Thanksgiving and Christmas.
“Our drivers work hard to maximize their paychecks,” says TMC President Travis Johnson. “As a company, we wanted to do our part to make holiday weeks a little easier for them.”
In addition, TMC has made another change that will affect many drivers’ paychecks: raising tarp pay. Drivers will now earn $40 for smoke and steel tarping and $50 for lumber tarping, an increase of more than 20% from previous rates.
TMC has also brought back its continuous run program, which enables drivers to increase their earnings by staying on the road longer.
Though TMC is known for its commitment to getting drivers home weekly, the company also recognizes that some drivers might prefer to take longer hauls and earn more. The continuous run program allows them to do just that.
The program builds on TMC’s performance-based percentage pay system. TMC drivers earn a percentage of each load they haul, determined by their efficiency, safety and other metrics.
Drivers who choose to stay out for more than one week at a time will earn an increased percentage of their loads: one extra percent after staying out one weekend, and two extra percent after staying out two weekends, up to a maximum of three percent after three or more weekends on the road. Drivers will keep that additional percentage until they go home again.
The company said tse initiatives mean that TMC now offers an even more competitive compensation package for drivers. Across the fleet, the average percentage earned is 30 to 31% of each load, with new hires starting as high as 30% in key markets. With smart driving, that percentage can increase to an industry-best 37%.
Under TMC’s percentage pay system, drivers don’t even have to wait for company policy changes to see their paychecks increase. As freight rates reach near-record highs, TMC drivers are already seeing the difference every week. Average weekly driver gross pay has increased 8% year-over-year, putting TMC drivers on track for average yearly earnings of almost $87,000.
