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Benchmarking Shipping Salaries in 2024

Spinnakers’ Maritime HR Association has been benchmarking shore-based salaries within the maritime industry since 2005.

Over 100 shipping companies participate in the annual survey, including ship owners, ship managers, and oil majors.

The survey represents over 50,000 employees working in the maritime sector and in roles such as Technical Superintendent, Operations Manager, and Charterer.

Data collection for the 2024 survey has begun with final reports being made available in October.

Salary benchmarking is a way for businesses to compare their pay and benefits with those of their competitors and has many benefits, including:

  • Being able to attract top talent with competitive packages – particularly important when new roles are evolving, or skills are scarce;
  • Improve retention – by reducing the risk of losing employees to competitors with more attractive packages, and the associated impacts of staff turnover generally (e.g. cost of hire, lost productivity and knowledge transfer);
  • Increase employee motivation – through reward schemes that link to performance, reflect their value within the business and support career progression;
  • Identify areas for improvement – to stay aligned with market demand and trends; and ultimately
  • Provide reliable information – from which to review pay structures and set pay levels (as part of annual and ad hoc pay reviews)

If you’re interested in taking part in the 2024 survey then please contact the team via email [email protected] and you can find out more on the website.

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