Business Management Salary
Business management salary and Benefits So depends on many things, but the most seasoned managers earn as much as $90,000 a year. Quite contrary to what many people perceive in business schools and universities, getting a job in business management takes more than schooling and knowledge to be successful in it. Along the way, you will learn the most efficient ways to deal with people, and that is unique in every company. Apart from this, the business management salary depends on the company you are working for, the nature of the business, and the years of experience of the manager.
If you want to become a business manager, you will need to have a lot of people skill, and must be able to deal with a lot of pressure while keeping your head on your shoulders as you meet deadlines and encourage people to become more productive.
As a manager, you will supervise and direct employees in their daily work, meet with them regularly to assess the progress, and report to the higher ups on the state of your department. You will also need to come up with ways to increase the efficiency of your workforce while maintaining minimal costs of operation.
Aside from the tasks above, a business manager will also need to come up with ideas on how to develop and market the services and products sold by the company. The keyword in this task is innovation. You will also need to be on top of the progress reports of each member of your department these are measured in terms of sales, or else achievement of set goals.
In a nutshell, the job of the business manager is to grow and develop the company. In a single company, there can be hundreds of business managers, all working together to make the company a more stable and profitable place. There are many kinds of managers, and they are assigned in different departments like sales, customer care, data analysis, budgeting, and a range of other services.
AVERAGE BUSINESS MANAGEMENT SALARY
Even if there are different kinds of tasks and departments to be managed in a single office, the ranking of the managers in the company are roughly the same: assistant manager, manager, senior manager, and so on. With each progressing position, you can expect that the business management salary is also higher.
Entry-level managers earn a national average of $32,000. This is nor mal for all companies. If you have already progressed in the company for quite some time, like five to ten years, your salary will also be expected to grow by as much as 100% as long as you remain efficient and productive.
The median business management salary across the nation is $75,000 if you have five to ten years of experience as a manager under your belt. Majority of the managers working in the United States earning this median business management salary have a working experience as a manager for 15 years.
Only 16% of managers earning as much as $93,000 are still working, and they have worked for nearly 20 years in the management position.
BUSINESS MANAGEMENT BENEFITS
Aside from the large business management salary you will be receiving, there are a number of benefits that a good manager also enjoys. As much as 78% of companies in the United States offer comprehensive medical benefits to their managers, and another 62% of companies cover dental expenses.
Only 21% of managers in the US claim to have no medical benefits from their employers, which is a much lower percentage than people who belong to the rank and file position.
BUSINESS MANAGEMENT EDUCATION AND TRAINING
You do not need to be enrolled in an expensive management school to become a manager, but you do need to have a degree on management if you want to make it easier for you to become one. This does not discount the reality that there are very good managers who are simply good in directing and managing employees and people.
If you want to be equipped with the tools and knowledge o the best ways to manage people and make a business more productive, you will need to enroll in a business administration course. There are universities that offer degrees in business administration. Degrees in accountancy, economics, and communication, and behavioral studies are also common degrees that have potential in coping with management.
If you are already a manager and are looking to increase your business management salary, you can take graduate courses in management. There are schools that offer exclusive Masters Degrees in management. These schools can be very expensive, but will arm you with the right tools, strategies, and techniques on how to become a more effective manager. Remember however, that the application of the principles you learn from these schools as well as the RESULTS they generate is the ultimate basis for your promotion.
Overall, the business management salary depends on many things. It is not enough that you have a degree in college like business administration. You will need to be able to apply all the things you have learned in your schooling and these will have to redound to productivity and results when you enter the real world of management.
A good manager is also great in dealing with people; they know how to motivate their members, making them more productive. A manager also has very good multitasking skills, which no university or school can teach you.
If you want to increase your business management salary, you have to work very hard or it. Years of experience matters a lot in your salary, but you will still need to show productivity and constant improvement if you want to be retained as a manager in any company.
The business management salary is one of the major reasons why many people want to become managers. However, you will have to start at something small, especially when you are beginning as an entry-level manager or supervisor fresh from school. You can now make a decision regarding whether or not you will choose a career in business management after you have learned more about business management salary