Key findings of the report:

• Despite positive impacts on local economies, current approaches to social issues are insufficient and disjointed. Only about a third of companies have a sustainable people-management strategy beyond traditional HR practices. 

• While there's a growing willingness to invest in sustainable initiatives, strong incentives and broader adoption are still lacking. Few challenge the status quo, which still often relies on bold individual initiatives.

• Addressing ESG issues is crucial for attracting and retaining talent, especially among younger generations. Formalising ESG roles and recruiting from outside the sector can enhance expertise and commitment.

• The industry must increase focus on developing essential skills to include knowledge of sustainable materials and practices, environmental impact assessment, and regulatory compliance. Soft skills like adaptability and teamwork are also vital.

• Close ties between the yachting industry and academia are necessary to ensure students acquire relevant skills. Universities are starting to offer courses on sustainability, but industry feedback and partnerships are essential.

• Industry employees need training on sustainability issues, including gender equality and mental health. On-board training is particularly lacking due to limited budgets.

• Efforts to address gender imbalances on shore have had some success, but more is needed on board, particularly in ensuring contracts include maternity leave.

• The MB92 survey reveals that 77% of companies already use hiring practices to promote diversity and inclusion. However, only 23% of respondents have implemented specific programs to promote equality within their workforce.

• Supporting local communities can improve the sector's image and legitimacy. Initiatives should be locally focused and better communicated to foster positive relationships with neighbouring communities.

• Greater industry-wide collaboration is needed to address sustainability challenges in talent management. Currently, only 10% of companies collaborate regularly with other stakeholders.

• Failing to act quickly may result in looming European regulations forcing changes.

Please click here to obtain a copy of the full report.

MB92 Group is an internationally renowned specialist in the field of superyacht maintenance, refit and repair, managing state-of-the-art shipyards strategically located in Barcelona, La Ciotat, and the Red Sea. Founded in 1992 as Marina Barcelona 92 SA, the Group manages approximately 200 projects each year on superyachts up to 180 metres in length and has a growing workforce of 380 employees. In 2023, MB92 Group launched "Refit for the Future!", the world's first dedicated sustainability refit service tailored for superyacht owners looking to reduce the environmental impact of their yachts, reduce operating and financing costs, and protect re-sale value.