Business Management and Business Management Salary
Business Management Salary
Business management is all about staffing, planning, and organizing to meet specific organizational or department goals. Business managers work in various industries. Typically, those who wish to become business managers and earn a business management salary are required to have education and training.
They should complete a bachelor’s degree or even a master’s degree in Business Administration or any related study from an accredited educational institution. They should also complete an on-the-job training in this field.
Additionally, they should have adequate knowledge on subjects such as the economy, finance, and business models. It is more likely to earn a good business management salary if the person is well-read and has a clear understanding of topics related to business management.
Business Management Salary: Business Management Skills : How to Become a Manager
However, it is not enough to simply learn principles through books. He should be given real life examples so that he can bring such principles to life. He should also have great people skills because part of this job is to inspire or motive employees.
Business managers should be able to manage a single department, work as owners or managers of small companies, and work in specialized ways. In order to function efficiently and earn a good business management salary, they should be able to do everything necessary to guarantee that every aspect of the business and its requirements are met.
Business managers who aim to make a high business management salary should be able to facilitate work and ensure that all employees function at their finest levels. They should oversee, plan, and delegate effectively.
The business management salary depends on the type of managerial position. As stated above, business managers work in various industries. Branch managers, for instance, work in department stores, supermarkets, and specialty stores.
It is their responsibility to control staff operations including hiring, firing, and training employees. They should abide by the goals of the branch in which they are assigned. A huge factor of their business management salary will, of course, depend on how good they perform.
Branch managers are also usually tasked with developing store budgets and keeping a store inventory. Those who desire to become branch managers should finish at least an associate degree in business administration and complete an on-the-job training.
Computer skills as well as leadership and interpersonal abilities are necessary in order to become an effective branch manager and eventually make a good business management salary. In addition, they would be able to earn an ideal business management salary if they are able to complete training as branch directors.
On the other hand, those who want to become employee assistance plan managers can expect a different business management salary. Employee assistance plan managers help employees to acquire work-life balance. They research family care options, develop health and safety programs, and coordinate counseling sessions with professionals.
They are usually found in hospitals, government agencies, and banks. Their business management salary may depend on the site in which they are employed. Those who wish to partake in this profession are required to finish a bachelor’s degree in Business Management, Psychology, or Human Resources.
The type of business managerial job is crucial in determining the business management salary. Although there are many other factors that affect the business management salary, this factor is still the most significant.
Business Management Salary Per Year
In 2010, general operations managers make around $65,100 per year while retail store managers make around $45,100 per year. Conversely, construction project managers make around $60,900 per year; human resources managers make around $57,500 per year; and human resource directors make around $73,700 per year.
Likewise, the industries in which they work affect their business management salary. Those who are in the financial industry typically earn around $58,300 per year. Those who are in the health care industry earn a business management salary of around $56,000 per year while those in the banking industry earn around $46,400 per year. Business managers in the retail industry bring in a business management salary of about $52,400 per year.
Business managers who work in nonprofit organizations typically make a business management salary of $45,800 per year. Those who work in the state or local government make around $50,900 per year while those in the federal government make a business management salary of around $63,600 per year. Business managers who are employed by franchises earn an average of $40,900 per year while those who are self-employed earn around $58,600 per year.
Based on the data gathered by Pay Scale, the average business management salary of business managers goes from $39,797 to $73,707 as of May 2010. In addition to this business management salary, bonuses that range from $972 to $7,370 are also given.
This means that business managers can earn around $48,000 up to $119,000 per year if their business management salary is combined with their incentives, bonuses, and profit sharing.
Educational background plays an important role in determining the business management salary of a person. Obviously, the higher his educational attainment is, the higher his business management salary is. Those who have completed a master’s degree program have a greater chance of earning a higher business management salary than those who have only finished a bachelor’s degree.
Aside from this, the institution from which a person has graduated is also a factor in determining his business management salary. This may be due to the popularity and quality of the institution. For instance, business managers who graduated from Arizona State University, according to research, earn a business management salary of around $62,300 per year. Those who attended the University of Maryland earn around $70,200 per year while those who came from Pennsylvania State University earn around $56,700 per year.
Location is another factor in determining the business management salary. Those who work in cities with a high cost of living typically have a higher business management salary. In Houston, for instance, business managers make around $64,900 up to $124,100 per year. Those who work in Dallas make around $54,150 up to $103,800 per year. Business managers in Charlotte can make up to $95,700 per year while those in Chicago can expect up to $91,600 per year.
Furthermore, just like many other professions, gender and years of experience greatly contribute to the determining of business management salary. Typically, business managers receive a $5,000 increase in their business management salary for every five years. The men also earn an average of $10,700 per year more than the women. So, the male business managers have a greater chance of receiving a higher business management salary than the women.
