Maritime HR Association members received an early Christmas present on 21st December; the Market Analysis report was sent to all participating members that took part in the 2015 Salary Survey earlier in the year. This report provides further insight into the data that was published in October by comparing the data by region, vessel type and company type as well as by marine and technical roles. By breaking down the data in this way we were able to review this year’s market trends in the maritime industry and see how it may effect pay and bonuses worldwide.
Data was collected from 92 countries provided by 90 members. Having introduced new breakdowns of regions in this year’s Salary Survey report, we were also able to dissect regions such as Europe by North, East, South and West as well as Asia Pacific by Developed and Emerging countries. See graph ‘A.’ where the Lower Quartile, Median and Upper Quartile of the base salaries for a professional operations role are divided by European regions.
The outcome of the analysis revealed several highlights for this year:
• A review of 2015’s pay increases and 2016’s pay projections from members suggests little upward pressure on pay within the shipping industry suggesting that HR departments look to be anticipating restraint for this year.
• As possibly anticipated with the decreased demand in the Dry Bulk sector, we have seen a sudden decrease in bonuses across all job families in this sector. Whereas employees in the Tanker sector see a stable bonus from last year.
• Base salaries and total compensation across all job families seem to be affected by the member’s company type. Analysis has revealed that oil majors consistently pay the highest, followed closely by commodity groups and shipowners remaining slightly higher than shipmanagers, who on average offer the lowest. See graph ‘B.’ where the Lower Quartile, Median and Upper Quartile of the base salaries for a senior professional operations role are divided by company type.
• By dividing Superintendents by Marine Superintendents (HSE, Quality and Safety) and Technical Superintendents we were able to see the differences in pay and therefore demand across the globe for both types of roles at the superintendent level. See graph ‘C.’ where median salaries are displayed by marine and technical superintendent roles for different regions/ countries.