CRST Expedited Inc. announced plans to spend more than $10 million over the next year for pay increases to attract new drivers, compensate drivers for recent productivity losses and provide performance-based bonuses for top drivers.
The pay increase, which takes effect Oct. 15, is the largest in the 58-year history of Cedar Rapids, Iowa-based CRST International, the company’s statement said. The Expedited unit is its largest subsidiary, counting $520 million of revenue last year.
“The new government regulations that have gone into effect since July 1 have decreased our drivers’ income,” CRST Expedited President Cameron Holzer told TT, referring to hours-of-service rule changes. “We felt we needed to put more funds back into the hands of the drivers, who are the heart and soul of our organization.”