I hear raises are being done but some of the percentages seem unbelievable, like 25%+. Is this just scuttlebutt? If it’s true I don’t see how some of the newer company will be able to keep up.
I am a Chief Mate with Pacific, and that would be excellent. However, have not heard anything of that nature. Would be nice though.
Atwood Oceanics gave us a 3% raise across the board.
Seadrill hires an outside research firm to present a report around April-May that helps them determine market value of employees based on retention and current rates. The also look at demand from all the new builds, industry wide. Late spring, Seadrill is known to give raise. Pacific does the same thing, but in the fall. Pacific gave multiple raises last year and are doing a decent job in retaining employees. The demand is going to skyrocket by late summer, and I would think companies may want to preempt this increased demand with raises pretty soon. Why wait for people to leave?
Raises are always welcome in my book… I can remodel the house sooner!
Sent from my iPhone using gCaptain
Actually pay is evaluated twice a year at both Seadrill and Pacific. And retaining people currently at Pacific hasn’t been as solid as mentioned. And Seadrills problem is they have done away with retention bonuses.
[QUOTE=PDCMATE;65715]Actually pay is evaluated twice a year at both Seadrill and Pacific. And retaining people currently at Pacific hasn’t been as solid as mentioned. And Seadrills problem is they have done away with retention bonuses.[/QUOTE]
I am a Chief Mate at Pacific as well, just going by what I was told at the office recently. I told this to one of my friends, that’s an OIM at Seadrill and he said the same thing, but done in the spring. I’m sure salary is evaluated often, but the 3rd party used to help determine rates is a yearly thing. The market will certainly drive salary evaluations - regardless of time of year.
People have left the company - like all, but try to get someone a job right now and see if Tony/Cindy has an opening…chances are nothing is currently available (marine), but with a fleet expanding 75% in the near future, it will get real interesting by late summer. When all is said and done, 25% may be on the bottom range of being realistic.
The only reason I could think there would be around a 25% increase would be they are not going to re-up any retention bonuses come August. One issue that worries me, is that there are certain people in the office and other offices that are saying they expect 30-40% of personnel will leave this year, and they are ok with that. If thats the case, I wouldn’t expect an increase of 25%, since they know this and expect it, why would they increase it so much. I have been told a possible, up to 17% increase at Transocean, but based on position and market value.
[QUOTE=PDCMATE;65719]The only reason I could think there would be around a 25% increase would be they are not going to re-up any retention bonuses come August. One issue that worries me, is that there are certain people in the office and other offices that are saying they expect 30-40% of personnel will leave this year, and they are ok with that. If thats the case, I wouldn’t expect an increase of 25%, since they know this and expect it, why would they increase it so much. I have been told a possible, up to 17% increase at Transocean, but based on position and market value.[/QUOTE]
I really do not see raises of that amount, but for different reasons.
It will be interesting though, but I do not feel that Pacific assumes that a certain percentage is expendable and not give increases under the assumption that some will leave. People that leave, would only do so, for the most part, for increased benefits, pay, or promotion. You have to act accordingly to decrease turn-over - particularly with a fleet that will increase 75% in the coming 18-24 months. Hiring replacements, training them and all of the associated costs is not a good business model with high turnover. I do not see HR being OK with that. At the end of the day, pay is the “smallest” amount a company can pay to retain trained employees and operate their ships. But, like you said, as far as retention - I see that getting adjusted before anything - similar to what Seadrill did.
One thing for certain, I’m not going anywhere, and we don’t have to worry about pay cuts anytime soon.
I can see raises being needed to retain a shrinking pool of experience. The drilling companies aren’t like the cartels in some other areas of the industry where they can somewhat control the pay among themselves. All it takes is one growing wealthy drilling company giving an outsize increase to cause a panic among the others. Seadrill is sitting on a lot of money and can easily upset the apple cart. The less well heeled companies will be hard pressed to remain competitive if they cannot match the pay therefore retaining and attracting experienced people. This could make them takeover candidates. It is going to be interesting.
The payroll fixing already happened in the late 90’s and early 00’s. Most people in the industy that worked for those companies got payments because of that. But to say that doesn’t happen, thats a fantasy world. I personally have seen a meeting happen between HR execs of Seadrill, Diamond, Pride (When it was), Transocean and Ensco, and what do you think they were discussing? I think pay will increase, not 25%, but we will see a 5-10% over the next two years. Big problem is the saturation of the market with other industries and the lack of experience on the rigs now, HR is going wherever to put a warm body in the Maint and Marine areas, and pulling Drilling people off of non-cyber based rigs and land rigs to fill the spots. Definitely not worrying about pay cuts, and my mindset is, anything given is something more than before, chasing the dollar sometimes and will bite you in the ass.
[QUOTE=PDCMATE;65729]The payroll fixing already happened in the late 90’s and early 00’s. Most people in the industy that worked for those companies got payments because of that. But to say that doesn’t happen, thats a fantasy world. I personally have seen a meeting happen between HR execs of Seadrill, Diamond, Pride (When it was), Transocean and Ensco, and what do you think they were discussing? I think pay will increase, not 25%, but we will see a 5-10% over the next two years. Big problem is the saturation of the market with other industries and the lack of experience on the rigs now, HR is going wherever to put a warm body in the Maint and Marine areas, and pulling Drilling people off of non-cyber based rigs and land rigs to fill the spots. Definitely not worrying about pay cuts, and my mindset is, anything given is something more than before, chasing the dollar sometimes and will bite you in the ass.[/QUOTE]
I think you’ll be surprised at the increase in the pipeline. We shall wait and see.
Any surprise would be nice.
TO has a raise coming. Position dependent. Will know more in a couple of days.
Talked to “a person” in my office. 25% raise to Pacifc is a blatant rumor, no way and wont happen. (This person is the person who evaluates salaries at pacific)
Have you heard of anything coming this year?
That is a pretty bold statement are you certain?
Anyone have a current pay scale for Transocean?
What position?
I think the shortage of people is finally paying off for us. Either that or it is for having to deal with our credentialing bullshit.