Singapore Maritime Foundation (SMF) and Faststream Recruitment Group recently unveiled their report assessing employee retention and satisfaction trends across the maritime industry. The second edition, “The Talent Market in Transition Report 2024”, underscored noteworthy trends across various aspects such as retention, attraction, culture, wellness, AI, training and development, reward, and leadership based on the Singapore Maritime Employer and Employee Surveys 2024.
The surveys were held in July and August 2024 and gathered responses from over 600 participants, providing an understanding of workplace dynamics. Moreover, the research offers beneficial talent management advice to help businesses stay competitive and flexible. Notable findings included:
Employee retention is of high significance, with less employers looking to recruit this year—59% compared to 76% the previous year. The challenge of hiring the right talent remains, mainly due to skill shortages, compensation and external factors.
Two-thirds of the current employees are job hunting, indicating the necessity to focus on key drivers like competitive pay and career progression. Job security issues and discrepancies between what keeps employees loyal and employer’s understanding amplify the need for improved backup and communication to enhance retention.
The study also revealss that 64% of employers are open to hiring outside the maritime sector, although there is a 94% preference for hiring within the maritime industry. The industry’s attractiveness is questioned by 56% employees and 41% employers, mainly due to competitive pay issues. Employers are now contemplating new strategies to appeal to a diverse workforce, by catering to a ‘click for everything’ movement, adding candidate personas and transparent job advertisements.
The importance of workplace culture is evident as 83% value their organisation’s purpose. Employees increasingly seek work with a purpose, and 56% want their roles to positively impact society and the environment. Employers are noting this trend, with 98% giving precedence to value alignment during recruitment.
For employee well-being, work-life balance and flexibility are important. This was a year of increased employee happiness. There is still however, a gap in the perception of work-life balance between employers and employees. Employers must strike a balance between the requirement for a physical presence at the workplace and a supportive culture that augments well-being.
With 26% of employees already using AI in their jobs, a shift towards digitalization is evident in maritime companies. Even though there are anxieties about job displacement, the integration of AI is expected to create new jobs and improve existing roles. This suggests a need for AI skill development and training.
94% of employees want their employers to invest in training. Although 65% of employers provide training to all employees, a perceptions gap persists on what counts as training. Given the demand for AI and sustainability training, employers who don’t plan on providing such opportunities may face a potential loss of employees to industries that offer comprehensive training programmes.
Pay and benefits remain key motivators for employees considering job changes. Increases in salaries have slightly dropped with 59% of employers confessing the rising pressure of offering more frequent hikes. Bonuses, annual wage supplements and private healthcare are the most wanted benefits. The increase in bonuses and the emerging trend of loyalty bonuses highlight the importance of improving retention strategies.
In conclusion, the report underlines key areas that need attention from employers for employee retention and satisfaction. Addressing these will not only help businesses stay competitive and adaptive but also ensure their growth in the long run. To foster such an environment, the focus should range from upskilling to fair pay practices and from work flexibility to better communication between employers and employees.
