THE Maritime HR Forum is currently conducting a survey of its 43 member companies to establish benchmarks for pay rises and bonuses in 2011.
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Some 40% of companies froze salaries two years ago, 13% last year and it is estimated that only around 4% will do so this year.
A number of surveys have been conducted recently, suggesting that the highest rises this year will be in India / South Asia at around 9%, followed by the CIS & S.America at 7%, Africa at 6.5%, Latin America at 5.5%, South East Asia at 5%, Middle East at 4.5%, EU & N.America at 3%
There are strong hints that the trend, which has emerged over the recession, to target pay review budgets at high performers, will continue.
As far as bonuses are concerned, a lot of employers seem very uncertain about plans for 2011. There is caution in the air in terms of 2010 having been neither spectacularly good nor bad for many and 2011 holding many uncertainties, particularly in terms of the impact of over-supply on freight rates.