// INDUSTRY VOICES workplace culture plays a direct role in how long employees stay and how engaged they are.
Retirement plans: From optional to essential
Gone are the days when a basic paycheck was enough to retain a skilled marine technician. If you’ re serious about keeping your people, you need to help them plan for their future.
Offering retirement benefits isn’ t just about dollars and cents. It’ s about signaling to your team that you expect them to stay and that you want them to grow with your business. It’ s about planting roots.
Three powerful options for marine business owners include: SIMPLE IRA with Roth option: Ideal for smaller operations seeking ease of administration. 401( k) with Roth option: A scalable plan for larger operations or those looking to offer additional value to a broader range of employees.
Section 162 Executive Bonus Arrangement: A targeted retention tool for key employees, such as lead technicians, senior managers, or service directors. Under a Section 162 plan, the business provides a bonus that the employee uses to purchase personal life insurance. This strategy not only offers valuable life protection but also creates a financial incentive for long-term loyalty. It’ s a flexible, selective benefit that can help retain top talent without the complexity of a formal deferred compensation plan.
These plans send a clear message to your people:“ We see you staying here for the long run.” That message is powerful, and it speaks louder than any recruiter offering a few extra dollars per hour.
Culture is currency
Workplace culture plays a direct role in how long employees stay and how engaged they are. This industry is demanding. Employees face long days, high customer expectations, seasonal rushes, and unpredictable weather.
If your culture doesn’ t support your team, you’ ll burn through people faster than you can replace them.
Culture is about respect, recognition, opportunity for growth, and strong leadership. It’ s about setting clear expectations, communicating honestly, and creating a workplace where people feel valued, not just used.
Invest in leadership training for managers. Celebrate wins. Ask your employees what they need and listen. Provide pathways for advancement beyond“ just being a good tech.”
Simple culture-building ideas include: Quarterly recognition awards Career progression outlines Paid training and certification programs Annual employee appreciation events
People want to belong to something bigger than just their job title.
A real-world example
One marina I consult for used to experience 40 percent annual turnover among its service staff. After implementing a SIMPLE IRA, group disability coverage, and a career pathway program, their turnover dropped to less than 10 percent within 18 months. Productivity rose, customer satisfaction soared, and profits followed.
The investment they made in their people paid dividends far beyond payroll costs. This isn’ t theoretical; it’ s reality.
A call to marine employers
The marine trades offer a rewarding and fulfilling path but only if we treat it like the profession it is, not simply a stopgap job. Whether you’ re running a marina, a dealership, a service yard, or a boatyard, your people are your most valuable asset.
Investing in your employees, from dockhands to senior managers, is no longer optional. It’ s the difference between building a stable, thriving operation or constantly battling turnover and burnout.
Today’ s competitive landscape demands that marine employers offer not just jobs, but futures. Comprehensive benefit packages, clear career pathways, and even advanced executive retention strategies like Section 162 Executive Bonus Arrangements should be on the table for your key people.
If we want to see this industry and our businesses thrive into the next generation, we must start investing in people the same way we invest in boats, buildings, technology and equipment.
The time to act is now
Take a hard look at your current retention strategy or start building one today. Your people are your greatest investment. Treat them accordingly, and they’ ll build your future alongside you.
Capt. Brett M. Sause is a U. S. Coast Guard licensed 100 GRT Master with a commercial towing endorsement, certified instructor with the National Safe Boating Council, and the CEO of AFG Wealth ― a boutique financial planning firm serving business owners and professionals in the maritime, medical, and financial sectors.
With over 25 years of experience in employee benefit design, wealth strategy, and marine business operations, Capt. Sause regularly consults with employers on building sustainable, career-focused teams in specialized industries.
www. boatingindustry. com july / august 2025
21