While it’s widely accepted that the salary of an executive manager is greater than that of a regular employee, the difference in worth can be significant as well. Many companies strive for balance in their hiring process and fill essential roles with both employees. Managers are typically compensated with higher salaries and better benefits, but the pay is often negotiable for lower-level positions.
The average salary for a top manager can range from $30,000 to $150,000, depending on the position. General managers and supervisors are often paid on commission and can receive a performance bonus that accounts for a large portion of their salary. Sales executives, including those employed in service industries such as medical practices or accounting firms, typically earn a yearly salary that begins at $60,000 and increases up to $120,000 as they achieve sales goals.
For lower-level managers, the average range is between $30,000 and $65,000 per year. This amount can be calculated as a salary or commission and is contingent on the employee’s job performance. Trainees receive approximately $40,000 to $60,000 per year, while experienced professionals earn upwards of $55,000 to $80,000 annually.
The salary for a typical restaurant owner ranges from $52,000 to $150,000 but can be more than that. For example, the owner of a chain restaurant might earn an annual income of $280,000 or more. To manage the business effectively and to meet corporate sales quotas, many owners must work long hours and travel extensively.
According to the Bureau of Labor Statistics, managers have higher salaries than those of other types of employees. The average salary for a manager is $90,000 per year, which is about 10% higher than the average for all other occupations such as computer and mathematical professionals ($83,400), engineers, and scientists ($85,600), and social scientists ($91,200).
However, managers’ salaries can vary widely by industry. The industries most known for high paying managerial positions are the following:
• Professional, scientific, and technical services ($111,380)
• Business and financial operations ($107,170)
• Construction ($103,000)
While there are no definitive benchmarks for how much a manager should be making, several factors can determine a manager’s salary. The most important factor is the company’s size; larger corporations have greater salaries to offer than small businesses. As you move up within the organization, your salary should also increase. When starting as a manager, you might not have the experience or track record to command a certain salary. Still, your salary should reflect your efforts by the time you are promoted to upper-level management. Finally, managers that have specialized training in their field often earn more than those who do not.
With countless tips available for getting ahead in your career, choosing which ones to follow can be challenging. Several steps can be taken to move from the bottom of the ladder to the top.
Become Analytical: You must learn to think critically and look at situations differently. This is important because you need to make decisions that benefit your business rather than react to every problem on a case-by-case basis.
Stay Up-to-Date: Make sure you are always up to speed with current events in business and your field.
Become a Multi-Tasker: To be a successful manager, you must be able to juggle multiple projects at once and complete them all to your satisfaction.
Master the Basics: The first step to becoming a manager is understanding what a manager is. You will be asked to make more vital leadership decisions and hire in new areas as you move up. Therefore you should learn the basics of leadership and lead by example.