Globalization has impacted the way businesses are run, with more companies seeking to expand their operations beyond borders. The role of business development manager has also evolved, with more emphasis on strategic planning, relationship building, and revenue generation. And as expected, the salaries of global business development managers have risen in recent years. In this article, we shall explore 5 factors that affect global business development manager salaries.
1. Country of Employment
Salaries are heavily influenced by the country where the manager is employed. For instance, a business development manager in the United States will earn more than his or her counterpart in Brazil or India due to differences in cost of living, currency strength, and economic status. According to Glassdoor, the average salary for a global business development manager in the United States is $98,482 per year, while in Brazil, it is $42,000.
2. Industry
Different industries also have different salary ranges for business development managers. For instance, a business development manager in the technology industry is likely to earn more than one in retail or healthcare due to the high demand for skilled professionals in the technology industry. According to Indeed, the average salary for a business development manager in the technology industry is $114,823 per year, while in the retail industry, it is $61,586.
3. Level of Education and Experience
Education and experience also play a significant role in determining the salary of a global business development manager. Managers with higher qualifications, such as a master’s degree or an MBA, tend to earn more than those with just a bachelor’s degree. Additionally, those with more experience in business development or related fields will earn more than entry-level professionals. According to PayScale, business development managers with 1-4 years of experience earn an average of $68,000 per year, while those with 20+ years of experience earn an average of $129,000 per year.
4. Company Size
The size of the company an individual works for also influences the salary of a global business development manager. Larger corporations typically offer higher salaries than small businesses due to their ability to pay and the complexity of their operations. According to Glassdoor, the average salary for a global business development manager in Google is $156,382 per year, while in a small business it is $61,324.
5. Professional Skills
Finally, the professional skills possessed by a business development manager also impact their salary. Managers who are skilled in areas such as communication, negotiation, strategic planning, and relationship building will command higher salaries than those without these skills. Additionally, managers who are proficient in multiple languages or have experience working with international clients may earn more than those who do not. According to PayScale, the average salary for a business development manager with strategic planning skills is $98,841 per year, while those with negotiation skills earn an average of $99,902 per year.
In conclusion, the salary of a global business development manager is influenced by various factors such as country of employment, industry, level of education and experience, company size, and professional skills. It is therefore important for business development managers to invest in their education, experience, and skills in order to command higher salaries in the global market.
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