Investing in the future of the marine industry

As I write this article on a beautiful summer day, the Soundings Trade Only Group has just completed the third annual 1+1 Mentoring Program, which connects marine business leaders with newcomers to the industry for virtual, personal development meetings. This year, many leaders shared how inspired they were by the new people starting their marine industry careers, describing them as eager, intelligent, curious, purposeful, and driven to push progress and innovation. 

Goals and objectives of our initiatives

The 1+1 mentoring program evolved from our Women in the Industry series, which began in June of 2021. This series has included approximately twenty virtual or in-person events, attracting over 1,600 marine professionals. While predominantly attended by women, more than 20% of the attendees are male, and over 35% of participants in the 1+1 program are male. 

The objective of these initiatives is to help individuals at all career stages achieve their goals and dreams. The Women in the Industry series offers a supportive, inclusive community, opportunities to enhance and learn skills, network, hear from and meet thought leaders and experts, ask questions in a safe environment, and, hopefully, find inspiration to dream big and achieve. 

Pioneering global marine industry workplace research

The Soundings Trade Only Group is also spearheading a pioneering global marine industry workplace research study. Launched in March 2024, this study includes both quantitative and qualitative research. Now in its second phase, the findings will be published this fall. The study is supported by ICOMIA, NMMA, MRAA, Volvo Penta, MarineMax, Yamaha, IMTRA, and Marine Industry News.

Both the mentoring program and the research study represent significant investments in people and the future of our industry. Analyzing survey responses from leaders and participants of the mentoring program, alongside data from the research study, reveals universal human truths. Regardless of age, gender, ethnicity, background, or location, people want to be valued, recognized, respected, heard, and given opportunities to advance.

It becomes clear that to attract, retain, and develop top-tier talent and ensure a strong, innovative future, our industry must invest time, resources, and thoughtful consideration into understanding our employees—what they want, how to keep them, why they stay or leave, and how to develop their talents. There is a significant cost to not doing this: the time, energy, and revenue spent searching for and training new employees, as well as the impact on the industry's progress.

Key areas of focus for marine businesses

This brings up important questions to ask ourselves about our people:

• What investments are we, our teams, and our companies making in people?
• How do we recognize excellent work, deeds, or initiatives of our employees?
• How clearly are we setting expectations for our teams?
• How are we empowering them?
• What flexibility do we offer in the workplace?
• What is our onboarding process for new employees? Does it include information about the marine industry?
• How are we communicating advancement and growth opportunities within the company?
• What types of learning and development opportunities do we offer employees?
• How are we fostering a sense of community within our company, especially in a time of hybrid work environments and multi-national teams?

I pose these questions to provoke thought and conversation.

This fall, we look forward to sharing the findings of the global marine industry workplace research study with you at METSTRADE. We are also excited to see many of you at the third annual Women in the Marine Industry International event, produced in partnership by METSTRADE, the Soundings Trade Only Group, British Marine and Marine Industry News, which will take place at the METSTRADE theater on Wednesday, November 20th, 2024, at 8:30am. For more information about this event, which has reached maximum capacity every year, please visit www.metstrade.com. For more information about Soundings Trade Only’s Women in the Industry programming, including video recordings of past events, please visit www.tradeonlytoday.com/wii. 

About Soundings Trade Only

Soundings Trade Only is a leading multi-media, business-to-business brand for the marine industry. Our monthly magazine, which aims to reflect, inform, and inspire, and our daily e-newsletter are free to marine industry professionals. For your free subscription, please visit www.tradeonlytoday.com/subscribe. 

About the author

Michele J. Goldsmith is the vice president and general manager of the Soundings Trade Only Group, part of Active Interest Media. Michele’s marine industry background includes manufacturing operations, product development, and sales and marketing management roles to the OEM and aftermarket sectors worldwide. She has served the marine industry on the NMMA board of directors and its executive board, as chairperson of the NMMA MACD board of directors, the Grow Boating and NMMA PAC board of directors, and the American Boat & Yacht Council (ABYC) technical board of directors. Michele is the recipient of the 2023 Darlene Briggs Woman of the Year award and the 2024 Alan J. Freedman award for outstanding contributions to the marine accessories industry through leadership, creativity, and personal motivation.