BENCHMARKING & MONITORING
Officer and Crew Retention
Introduction
It is now vital to hire and retain the right talent, and this ability is also often regarded as one of the greatest predictors of organisational success. Retention rates can be important in determining both performance and workplace culture.
Now widely recognised and used by the industry, the definition and formula for calculating Officer Retention rates was developed by INTERTANKO through the work of its Vetting Committee.
This Crew and Officer Retention Rates formula has been modelled upon the “Abelson adjusted turnover rate”, which is referenced in “Abelson M 1996 turnover cultures and turnover culture” in Human Resources Management.
The formula has been modified by INTERTANKO to ensure that the output is a measure of the company’s ‘retention rate’ (shown as a percentage) as opposed to a ‘turnover rate’, the corrected (March 2008) formula and explanatory notes can be viewed by clicking here.
The Officer & Crew Retention Benchmarking database enables Members to input their own results based upon the formula, and then measure their officer retention rates against the collective of the INTERTANKO fleet – all on a fully confidential basis.
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