Finding and retaining maritime professionals is no easy feat. In fact, figures today show that there’s an estimated shortage of around 26,240 STCW-certified officers and by 2026 we can expect to need an additional 89,510 officers to operate the world merchant fleet1.
Competition for talent in this niche industry is fierce. Skilled professionals are in demand but companies often struggle to meet the standards they require due to the scarcity of competent personnel.
Furthermore, the introduction of increasingly sophisticated technologies onboard ships is adding pressure on seafarers to rapidly acquire new skills and competencies to operate them.
Poorly trained or unmotivated individuals present a huge risk to organisations. Whether through action or inaction, they are less likely to run a safe, well-maintained ship or to have the same goals as the business.
Ultimately, this leads to an organisation with a high turnover. In time, a revolving door of people coming and going creates risks that are both hard to define and hard to control.
Recent research undertaken by maritime research firm Thetius and commissioned by Ocean Technologies Group (OTG) has found that deploying an effective Human Capital Management (HCM) strategy is critical to securing a talented and loyal workforce, reducing organisational risk and minimising turnover.
In a nutshell, HCM takes a holistic approach to managing people, the human capital. It encourages leaders to treat people as critical assets of the organisation that need to be invested in and considers their long-term development married with a data-driven approach with the culture and values of an organisation.
HCM requires finding and recruiting talented people, supporting them with an effective onboarding process, providing them with the opportunity to learn and develop their skills, managing their performance, and rewarding excellence. This ensures that the right people are selected for the right roles and that they are motivated and engaged in the work that they do, ultimately securing and retaining top talent.
While many elements make up a successful HCM strategy, there are three key points that are worth noting:
Once you’ve decided that an HCM strategy is for you, where and how do you start? Thetius recommends visualising the organisation you want to be and the employee experience you want to shape. Crucially, this vision must be communicated to your employees to ensure alignment of the vision and values across the organisation.
Regular check-ins with your people to gauge the overall mood, engagement, morale, and well-being of employees are also recommended. This will help to determine if your vision and messages are landing with the people who are performing the work.
Winning hearts and minds is also key. With the implementation of any new tool or process, there is likely to be some reluctance from employees. By preparing and readying those who will be affected by the change, the chance of achieving organisational-wide buy-in, and therefore successful deployment, is heightened.
If you’d like to know more about HCM and how an effective strategy can help you achieve your business and performance goals, download The Bottom Line.