Executive pay is a hot topic in all industries and sometimes even newsworthy. We have all seen the trade press articles about the large bonuses paid to the most senior employees in organisations.
Spinnaker’s shore-based salary benchmarking service has been reporting Executive salaries since our conception in 2007. Since then, the job family has expanded to incorporate the shift in an organisation’s priority towards the Environment, Technology, and HR and in 2022 we introduced Chief Technical Officer (CTO), Chief People Officer (CPO), Chief Information Officer (CIO) and Chief Environmental Officer (CENO) job codes.
Earlier this month we released our supplementary report on Executive pay to be read alongside the salary survey reports released in October.
Gender Distribution
This year, 16% of all Executive positions were filled by women, a 1% increase on the data published in 2022. Chief People Officer is the only role to employ a higher percentage of women than men.
COO’s, CEO(A)’s CCO and CTOs all had less than 20% female representation.
Salary increases
This year 18% of Executives didn’t see an increase in base pay when compared to 2022. And only a quarter of Executives received more than a 10% increase.
Demographics
British, Danish, and Norwegian nationals are most heavily represented in the Executive leadership team, accounting for 36% of the data. Unsurprisingly over 80% of positions reported in Denmark and Norway are filled by local nationals.
However, in Singapore, less than 20% of Executive positions are filled by Singaporean nationals.
Executive benefits
Nearly 30% of executives received a Company Car / Car Allowance and Long-Term Incentive plan. Only 7% received a housing allowance, not linked to an expat package.
For more information on Executive pay and to become members of the Maritime HR Association please contact [email protected].
