As we move towards the last quarter of the year you might be starting to focus attention towards undertaking the pay review of your crew. Do you know your company’s current crew costs? Are you paying crew at the right level?
Have you checked what your competitors are paying their Chief Officers? Do you know what you need to pay a 2nd Engineer in order to retain them within your company? Some companies are experiencing difficulties recruiting certain nationalities or ranks. Some crewing professionals are simply looking to get sign off for a pay increase, and need further information to support such a request. In order to make the right strategic decisions for your company, you need to be armed with the right information.
In a highly competitive market, it is difficult to imagine that you might pick up the phone to your competitors to discuss such matters. Furthermore, how can you guarantee the information you receive is accurate?
This is where Spinnaker can help. We are the maritime HR experts who are in our third year of sea-based wage cost benchmarking, as well as having 13 years’ experience of shore-based salary benchmarking with over 100 members benefitting from the information we publish.
Having recently published our 4th Seafarer Daily Wage Cost Report to members of the Seafarer Employers’ Association, we are delighted that we have been able to produce detailed wage cost benchmarking reports for ranks of different nationalities on all major vessel types (Bulk, Container, General Cargo, Chemical Tanker, Crude Tanker, Product Tanker, Cruise, Ferry & Ro Ro, LNG and LPG) helping members make informed decisions about what to pay their crew.
By providing wage cost percentiles, members can see the cost of a seafarer of a specific nationality / rank and position their pay structures accordingly. Or simply have the comfort that what they are paying crew is at the correct level to remain competitive.
In graph 1 (right) we can show data for three Filipino ranks operating on a Bulk carrier.
Our full reports are comprehensive, tailored specifically to the individual company, so you can see exactly how your costs compare with other shipowners / ship managers in your market. The report is based on data representing both Salaried seafarers (paid irrespective of at sea or ashore) and Unsalaried seafarers (paid only whilst at sea) and of course the differing rotation patterns that may apply.
Our data is growing rapidly, having recently reviewed pay structures covering over 90 different nationalities and 50 different seafaring ranks, representing over 250,000 seafarers globally. The July 2019 report contains over 4,700 lines of real data from wages scales / payroll information global shipowners and shipmanagers.
We are making progress in reporting more and more nationalities each time the report is issued (see graph 2) and expect this growth to continue for our next report due in January 2020.
If you think that your company could benefit from receiving these reports, or you would like to understand how we might be able to support payroll decisions for either sea based or shore based roles, please get in touch.
Email us at [email protected]
Tel +44 1702 481660