New hires lead the way in 2023 salaries, according to Spinnaker’s annual pay report.
Spinnaker’s annual salary report which benchmarks over 100 shore-based jobs in the maritime industry has been published.
A total of 104 global shipping companies provided their employee’s annual salary and bonus figures to Spinnaker who then analysed the data, carrying details of more than 50,000 employees, and compared the salaries for roles such as technical superintendents, operators, and charterers in all major shipping hubs including Singapore, the UK, and the US.
“2023 has seen companies face an employee-driven market with the talent shortage being felt globally across all industries, not just shipping,” said Lucy McQuillan, who heads up Spinnaker’s HR consulting division. “Add to this the cost-of-living crisis and high inflation rates, has made a tough year for HR teams who want to make sure they fairly compensate their employees and can attract and retain staff with competitive remuneration packages. The importance of accurate and reliable salary data has never been so highly valued.”
An observation from this year’s reports is that larger compensation packages seem to be being paid to new hires. Remuneration packages have increased from 2022 when it comes to new hires. This may be in the form of sign-on bonuses or higher base salaries, although this is visible across all job families and locations, the most notable are the salaries of new hires in the commercial operations job family in the big shipping hubs, such as Singapore.
Matt Cornelius, head of the commercial recruitment desk at Spinnaker, said: “We are seeing a higher volume of candidates being offered sign-on bonuses, especially in Singapore. These can be up to 100% of their base salary. This is not something that has been the common practice up until the last couple of years, and not something I foresee happening throughout 2024. It’s certainly a sign that organisations are willing to offer incentivised packages for the best candidates.”
