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salary benchmarking

The importance of salary benchmarking

Do you want to know what technical superintendents should be earning in Singapore? Or what bonus to pay your chartering staff in the US?

There are many reasons why salary benchmarking is important; employers don’t want to risk losing some of their top talent and important c-suite team to competitors because they couldn’t offer a competitive salary. Salary benchmarking is also a great way of stakeholders keeping up to date with what’s going on in the industry – what are the trends? How are competitors reacting to the current economic climate? Salary benchmarking is also a good way of showing the value of your staff – if they’re top performers, you can justify their place in the business and make sure you’re paying them what they deserve.

Shore-based salary benchmarking

Since 2005, Spinnaker has been benchmarking shore-based maritime salaries.

The types of roles captured in the shore-based survey include maritime specialisms for 19 job families and 150+ jobs: C-suite, commercial/chartering, operations, marine & technical, newbuildings, health & safety, crewing, purchasing & bunkering, shipbroking, accounting and finance, HR, legal, claims & insurance, sales & marketing, logistics, customer service & documentation and risk & compliance.

Participants to the shore-based salary survey come from all trades: oil, bulk, cruise, liner, offshore.

In 2019, 90 companies participated in the survey, reporting data for more than 30,000 maritime industry professionals in 100 countries.

We have found it a true benefit over time to be part of the Maritime HR Association. The shared experience within the maritime sector is second to none.

Maritime HR Association member

Seafarer wage costs

From 2016 Spinnaker has also been benchmarking seafarer wage costs for members of the Seafarer Employers’ Association.

Since the inception of this membership body, the daily cost has been identified as the best way of comparing companies with each other. This takes into account things such as leave pay and enables members to identify the cost of employing particular seafarers on particular vessels, whether for a day, a month, a tour of duty, a year and so on.

P&I salaries

Spinnaker publishes a P&I Club Salary Survey Report every 2 years. The report includes roles in claims, both legally qualified and non-qualified, underwriting and loss prevention from junior to director level, as well as roles in corporate services and the senior leadership team.

Alongside the benchmarking of base salaries, total compensation and bonuses, the report also includes analysis of common benefits such as pensions, healthcare, leave benefits and also pay review budget projections.

The last P&I Club salary survey took place in 2019 and included over 1,600 incumbents, enabling us to report more than 100 P&I roles in the UK, Greece, Hong Kong and Singapore.

“We have a better understanding of salaries in shipping industry and Spinnaker help us to pay fair salaries and benefits around the globe.”

Maritime HR Association member

Sharing data with confidence

Reports are generated in accordance with US anti-trust regulations, meaning salary data is only reported where there are at least five companies providing data for any given role in any given location. This enables employers to share their data with confidence and ensures the findings reflect a meaningful sample. The results can be used to support annual pay and bonus decisions, as well as for recruitment purposes or in response to ad hoc requests.

If you are interested in finding out whether you pay your shore-based or seagoing staff too much (or not enough) please email us for more information.

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