Shore-based Maritime Salary Survey Case Study: Globally recognised Shipping Company specialising in Dry Bulk and Tanker Operations
Business Type: Globally recognised Shipping Company specialising in Dry Bulk and Tanker operations
Locations: Dubai (UAE), Melbourne (Australia), Shanghai (China), Singapore and Vancouver (Canada)
Roles covered in the Salary Survey: Accountant, Legal Shipping, Laytime Analyst, Bunker Analyst, Chartering (Dry and Tanker), and Operations (Dry & Tanker)
Key stakeholders: Human Resources Business Partner (HRBP) and Head of Dry Cargo (Asia)
Faststream Recruitment Representatives: Lorenzo Agatiello, Director of Asia Pacific, Nic Jones, Group Marketing Director, Sasha Josri, Lead Consultant, and Jan Enevold, Lead Consultant
Attracting and retaining top talent is a constant challenge in the competitive shipping industry. Without clear salary benchmarking data, businesses risk overpaying, underpaying, or losing key employees to competitors. When our client saw an increase in departures despite their strong brand reputation, they needed a solution to understand their market position, optimise pay structures, and strengthen retention strategies. By conducting a tailored salary survey, we provided them with the insights needed to make data-driven compensation decisions—ensuring they remained competitive while balancing cost efficiency.
The Challenge
Our client's primary challenge was retaining top talent, as they faced increasing departures despite their strong brand reputation. A key issue was the lack of salary benchmarking data, making it difficult to assess whether they were underpaying or overpaying employees.
By conducting this benchmarking exercise, our client aimed to:
Understand their market position in terms of compensation.
Ensure competitive pay structures to improve retention.
Justify salary decisions effectively during reviews.
This initiative was crucial for enhancing retention, internal pay equity, and overall talent strategy in a competitive market.
The Solution
The salary survey was conducted using a data-driven and market-focused methodology, leveraging recent database insights and real-time market intelligence gathered through direct engagement with industry professionals.
Key components of the approach included:
Database Analysis: Reviewing recent salary data from proprietary databases, industry reports, and historical compensation trends.
Real-Time Market Insights: Conducting targeted outreach to candidates and professionals actively working in relevant roles to obtain up-to-date salary expectations, benefits, and market trends.
Customisation: To meet our client’s specific needs, the salary survey was tailored to focus on direct competitors, ensuring relevance and accuracy in benchmarking their compensation structure.
The Results
The survey revealed that commercial and operational roles were above market average, while junior-level support roles were on par with the market. This allowed our client to optimise their compensation strategy, ensuring competitive pay without unnecessary salary inflation.
With commercial and operational salaries already exceeding market rates, resources could be redirected toward non-monetary retention initiatives. These insights also strengthened the client’s market positioning and enabled data-driven decisions to refine retention efforts, balancing cost efficiency with talent retention.
Client Testimonial
"The salary benchmarking exercise provided us with invaluable insights into our market positioning. It not only confirmed our competitiveness in key roles but also helped us refine our retention strategies. With this data, we can now make more informed compensation decisions to strengthen talent retention and optimise costs."
Human Resources Business Partner (HRBP)
Conclusion
The salary benchmarking survey provided our client with critical market insights, enabling them to optimise their compensation strategy, strengthen talent retention, and ensure cost efficiency without overpaying.
By aligning their salaries with industry standards, they gained the confidence to make data-driven decisions that enhanced their competitive positioning.
This exercise directly supported their goal of improving retention and pay equity, equipping them with the necessary tools to attract and retain top talent in a competitive market.
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