It is possible that as many as 50% of people in the maritime industry are paid a below average salary for their position
If you want to negotiate your salary from a position of strength, then you really need to know what you are worth 💰💰💰
But for many senior commercial roles in maritime there are only a handful of people with the skills and experience required – it’s not like generic jobs where there is a “market rate” that is easy to research online
Some companies can afford to engage consultancies to carry out research and analysis providing them with market data to help set salaries. And of course, they know what everyone else in the business is paid. This information asymmetry puts companies in a strong position to negotiate.
But what can an individual do? How do you as a commercial shipping professional know your worth?
👉Check Glassdoor salaries of competitor companies – for commercial shipping roles there is limited data but you may get lucky and find something relevant
👉Ask a head hunter – if they are active in your market they can provide a guesstimate to help you guage your worth
👉Talk to your peer group – if they are comfortable sharing salary information (not everybody is) this can be highly informative
👉Added value – what do you personally contribute to the organisation and how much does it cost them to have you do this (non-employment costs). You can try and work backwards from this to assess your true worth
👉The 10-15% rule – some companies will set new hires salary by paying them up to 10-15% more than their current employer does. Not necessarily the ideal way to set salaries but it is how some parts of the market works. If you are not sure what to ask for then 10-15% uplift is a reasonable place to start. Keep in mind this figure can be higher in “hot” markets
Understanding your worth is the first step towards a successful negotiation. Unlock your potential and secure the compensation you deserve!