Most employed participants in the recreational boating industry — no matter their tenure — likely have read about, heard about or discussed the importance of the workforce to the continued health of the sector. It’s a conversation that’s pervasive in the segment, which, according to the National Marine Manufacturers Association, contributes $230 billion to the U.S. economy each year.
Folks often think of the “grunt” jobs first: service technicians, fiberglass laminators, bottom painters, detailers and mechanics. These positions are clearly essential in servicing the boaters who fuel the marine industry economy, but they don’t tell the full story about the large cross section of humans in the business who do everything from manage large corporations to repair boat trailers.
Recognizing the importance of this dynamic workforce, the Soundings Trade Only Group launched a global study to better understand the many pieces of the marine industry workforce pie. The study was sponsored by Imtra, MarineMax, Volvo Penta, the Marine Retailers Association of the Americas, the International Council of Marine Industry Associations, Yamaha, the National Marine Manufacturers Association and Marine Industry News.
The study’s goal was to determine if the marine industry is doing what is required to attract, retain and develop the talent that will be needed to ensure its success moving forward.
“This study is truly groundbreaking,” says Soundings Trade Only Group vice president Michele Goldsmith. “For the first time, an international coalition of leading companies, associations and professional research services came together to examine the marine industry workforce. It marks the first instance where employees across various disciplines, functions and geographic regions have shared their perspectives on working in this industry. The result is a wealth of data that reveals the current state of the workforce, what attracts talent to the industry, what motivates them to stay or leave, and their career aspirations. This valuable insight will enable the industry to develop talent strategies that will drive its future success.”
The global survey, done in April, was completed by more than 700 people working in the marine industry who were 18 or older. Overall, participants were 60% male and 40% female. Of the respondents, 20% were international, while 80% were from the United States. Job functions included those working in sales, customer service, marketing, operations, engineering, technical and many other areas. Additionally, the study employed insights from two focus groups conducted in July.
Overall, the study allowed the isolation of four identifiable characteristics of the marine industry workforce that describe respondents’ work satisfaction, age, gender gaps in employment and salary growth, along with other detailed data that is accessible via an online hub.
Job Satisfaction
Overall, 71% of those surveyed strongly agreed with the statement, “I enjoy working in the marine industry,” and 75% strongly agreed or agreed with the statement, “I am very happy in my current job.” Job tenure had an average of 14.4 years. Forty-two percent of marine industry workforce participants reported tenures of 20-plus years.
These satisfaction rates are higher than levels recorded among the global workforce, according to data from Gallup, which found that 52% of the overall workforce is looking to leave their current position, and that only 23% feels engaged at their job.
Despite the high satisfaction rates, the marine study did identify lower job satisfaction among women versus men, suggesting a possible need to discover and address the factors driving those rates.
Workforce Age
The survey data shows that the marine industry workforce leans older, with positions mainly concentrated in leadership. Of the respondents, 28% specified that they were age 45 to 54, while 26% were age 55 to 64.
Most notable is the large percentage of respondents, 37%, over the age of 55 who likely will age out of the industry naturally in 10 to 15 years. This has the potential to create a skills and experience gap that will need to be filled, but also provides an opportunity for career growth and advancement among younger workers.
Concerning is the legacy knowledge these individuals will leave with, some with 30-plus years of experience, according to a respondent who is a boatbuilder director with 16 to 20 years in the industry.
Gender, Pay and Inclusion Gaps
According to survey data, the salary for women in the industry is 18% lower than their male counterparts. The overall average for male professionals in the industry was reported as $116,300 versus $95,100 for women.
Some women reported feeling excluded or having less access to promotions and advancement compared with their male colleagues.
Salary Growth Is a Concern
The median salary reported in the survey shows that the average is high ($107,300) compared with global cross-industry averages, but the largest percentage of respondents (25%) reported earning $50,000 to $75,000, with 55% reporting earnings of less than $100,000.
A number of respondents expressed frustration that marine industry jobs pay less than other industries. “Compensation in the marine industry is much lower when compared to outside industries,” a coordinator at an engine manufacturer said. “Marine industry employees often work more weekends, longer days, heavier travel, etc., and could be compensated higher for their continual inputs to their employers.”
Conclusion
Overall, the survey respondents overwhelmingly report having a passion for the marine industry, though the survey seems to indicate that there are challenges, frustrations and opportunities for improvement that will help move the industry forward.
This is only a small piece of the overall data gathered, which includes sections on attracting, retaining and developing talent, as well as recommendations to the industry. To review the report data in detail, visit tradeonlytoday.com/workplace-study.
This article was originally published in the October 2024 issue.
