Spearheaded by the Soundings Trade Only Group in collaboration with sponsors MarineMax, Volvo Penta, IMTRA Corporation, Yamaha, NMMA, MRAA, global industry partners ICOMIA and Marine Industry News, and research partners Category One and P20, the 2024 Marine Industry Global Workplace Study explores what draws today’s workforce to their roles and companies, what motivates them to stay or leave, and their career development aspirations.
The objective of the study is to ensure that the industry understands the needs, opportunities, and challenges of the workforce, identifies ways to expand, cultivate and strengthen the talent base, and is doing everything possible to attract, retain and develop the top tier talent needed to propel the industry into the future.
The global quantitative survey was deployed in April 2024, targeting professionals currently working in the marine industry who are 18 years or older. More than 700 participants (60% male, 40% female, 20% international, 80% U.S.) from diverse sectors, disciplines, and locations completed the survey. In addition to the quantitative data, the study also includes qualitative insights gathered from two focus groups conducted in July 2024.
For a more comprehensive analysis, complete with detailed charts and graphs, we invite you to download the full report and explore the insights and trends in greater depth.
STATE OF THE MARINE INDUSTRY WORKFORCE
Four key characteristics of the marine industry’s workforce emerged from the research, representing key focus areas to ensure continued growth.
Key Characteristic 1: Overall, job satisfaction and retention are high, though certain segments of the workforce report higher levels of satisfaction than others.
The study reveals that engagement and job satisfaction in the marine industry are notably high. An impressive 71% of respondents strongly agreed with the statement, “I enjoy working in the marine industry,” while 75% either strongly agreed or agreed with the statement, “I am very happy with my current job.”
Key Characteristic 2: The industry’s workforce is predominantly older, so continued growth will depend on building a robust talent pipeline and developing proactive succession planning within companies.
The higher median age (49.5) in the marine industry study presents both challenges and opportunities for organizations. The challenge lies in the fact that a significant portion of the workforce, particularly those in leadership roles, will be retiring within the next 10-15 years, potentially creating a skills and experience gap. However, this also presents an opportunity for career growth and advancement for the current workforce, as well as the chance to recruit new talent with diverse perspectives, backgrounds, and skill sets.
Key Characteristic 3: Salary growth remains a significant concern for the workforce, and a perceived competitive disadvantage compared to other industries.
Respondents identified wages and wage growth as a significant weakness in the industry, creating challenges for both recruitment and retention. Many voiced frustrations over wage disparities between the marine industry and other sectors for similar roles and responsibilities. The largest group of respondents earn $50K-$75K, and 55% of respondents earn less than $100K per annum.
Key Characteristic 4: There are noticeable gender gaps and divisions within the industry, highlighting the opportunity for improvement in attracting, retaining, and developing female talent.
The industry exhibits a wage gap that reflects broader global trends: despite similar distributions across hierarchical levels, women’s salaries are 18% lower than those of their male counterparts. This disparity is more pronounced at the highest leadership levels (20+ years of tenure), where the gap is 18%, compared to an 8% gap at the mid-level leadership stage.
Please download the full report to view more in-depth information about survey respondents, comparatives of salaries and job functions by gender, further context with other industries, and actionable recommendations.
Attracting Talent
Prioritize attracting the next generation of talent by adopting new strategies for recruitment, including rethinking how, who, and where we seek candidates.
Across all generations, salary and compensation packages were identified as the top priorities, followed closely by company stability and job security. Regarding company culture, supportive and effective leadership emerged as the most critical factor, followed by mutual respect among employees, recognition and appreciation of employees, and a commitment to fairness and equal opportunities.
To explore talent attraction across different demographics, including Millennials, Gen Z, and gender, as well as a detailed analysis of age-related impacts on the marine industry workforce, we invite you to download the full report. It features direct insights from industry respondents and offers actionable recommendations.
Retaining Talent
While respondents generally report satisfaction within the industry, burnout, lack of inclusion, insufficient resources, and unsupportive leadership were identified as areas for improvement.
Throughout the study, respondents consistently highlighted the critical role of supportive and effective leadership in shaping workplace culture. They emphasized that leadership is the source from which workplace culture flows. This underscores the need for organizations to invest more time and resources into leadership development, particularly as a significant percentage of current leaders are expected to retire within the next 10-15 years.
For a deeper understanding of employee satisfaction and dissatisfaction by age and gender, insights into who is considering a job change and why, as well as the challenges and biases affecting both men and women in the industry, we encourage you to download the full report. It also includes direct feedback from industry professionals and provides actionable recommendations.
Developing Talent
The opportunity lies in proactively cultivating and equipping the workforce with essential skills to ensure the industry’s future readiness.
There is a high level of commitment and ambition across the industry…61% of marine professionals strongly agree that their work is more than just a job, while 40% strongly disagree with the notion that they work solely for the money, reflecting the passion and enthusiasm present in the industry. Additionally, the marine industry demonstrates a high level of ambition, with 40% of professionals eager to be promoted and 64% considering themselves more ambitious than their peers.
…however, respondents highlighted the need for better communication around career growth paths and planning for employees. Throughout the study, respondents identified the lack of clear growth and career paths as the main barrier to career advancement, followed by burnout and lack of mentorship.
To learn more about the barriers to career advancement and ambitions by gender, along with how companies are nurturing talent, industry insights, and actionable recommendations, we invite you to download the complete report.
This in-depth analysis provides exclusive insights into the key drivers of employee satisfaction, retention, and career development aspirations, alongside essential strategies for navigating the evolving workforce. Designed to equip business leaders with valuable insights and actionable approaches, this report is a vital resource for driving sustainable growth, success, and future-readiness in the marine industry.
The full report provides comprehensive insights into the survey respondents, salary comparisons and job functions by gender, and benchmarking with other industries. It also covers key aspects of attracting, retaining, and developing talent across age and gender, workplace challenges and biases, barriers to advancement, how companies are fostering talent, and offers industry insights with actionable recommendations.
Don’t miss the opportunity to equip your organization with the knowledge to thrive—get your full report today!
We would like to thank the following companies, associations, and people who assisted with this research study. Acknowledgments: Category One, the International Council of Marine Industry Associations (ICOMIA), IMTRA Corporation, Marine Industry News, MarineMax, Marine Retailers Association of the Americas (MRAA), the National Marine Manufacturers Association (NMMA), P20, Volvo Penta, Yamaha, the Women in the Industry Council Members (Abbey Heimensen, Angela Pilkington, Kristen Frohnhoefer, Liz Keener, Malin Schwartz, Michelle Dauchy, Stephanie Vatalaro, Susan Bonivich), Ellen Bradley, Melina Cordero, all of the respondents to the survey, the focus group participants, sponsors, partners, and supporters within the industry.
