Officer Retention Formula (correction to previous advice)

We apologise for any inconvenience caused, but in last week's Weekly NEWS there was a typographical error in the formula for calculating the percentage rate for officer retention within a company.

 

Click here for the corrected formula for the Officer Retention rate and explanatory notes.

 

INTERTANKO, through its Vetting Committee, will now commence work producing an Officer Retention Benchmarking Database which will utilise this formula. Members will be able to access this database, input their own results based upon this formula, and then be able to benchmark their own officer retention rates against the collective of the INTERTANKO fleet - all on a fully confidential basis.

 

The above formula is modelled upon the "Abelson adjusted turnover rate", which is referenced in "Abelson M 1996 turnover cultures and turnover culture" in Human Resources Management. This has been modified by INTERTANKO to ensure that the output is a measure of the company percentage retention rate as opposed to a turnover rate.

 

 Other benchmarking initiatives available from INTERTANKO include:

 

1. Tanker Management Self Assessment (TMSA) calculator

 

The TMSA calculator is aimed at providing members a useful tool for benchmarking themselves against the collective of other INTERTANKO members in a confidential manner.

 

Click here for the TMSA calculator.

 

 2. Lost Time Injury Frequency (LTIF) Benchmarking database

 

The Vetting Committee established the Lost Time Indicator (LTI) Benchmarking System in order to provide members with a useful tool for benchmarking their Lost Time Injury Frequency (LTIF) and Total Recordable Case Frequency (TRCF) against other INTERTANKO members in a confidential manner.

 

Click here for the LTIF benchmarking database.

 

Contact: Howard Snaith