The graph of number of candidates, opting for the job of a product manager, is on an upward rise, looking to the latest market situation. As it is a high money making profession, the well qualified individuals get attracted to it easily. Still, there are many factors, apart from degree and skills, which decide the payscale of a product manager.
Type and Size of Company
The nature and size of the company plays an important role in deciding the salary of a product manager. He can give his services to a number of organizations from public, private, government to non-profit organizations. Higher the profits and size of a company, higher the salary of a product manager.
Qualification and Work Experience
A bachelors degree with management degree in production makes one earn a handsome salary. Similarly, more the years of work experience more the salary of a production manager. After a relevant experience of 4 years, the probability of getting a lucrative salary increases automatically. The best range of salary is offered to the candidates who have a relevant work experience of 5-10 years.
Location and Cost of Living
The range of salaries for a production manager differs from country to country and place to place. Basically, it is the cost of living in a particular city that determines the salary offered to the production manager. For example, a production manager posted in Ohio will earn more than the production manager posted in California . So, lower the cost of living; higher the take home salary of a production manager.
Perks and Bonuses
This job also assures the candidates, lucrative perks and bonuses, in addition to the take home salary. Depending to these variable components, the salary of a production manager varies according to the company and designation. The mandatory leaves, medical allowances, L.T.C, T.A, D.A etc. come in the extra perks besides the regular salary. Target oriented incentives and annual bonuses also shoot up the product manager salary reasonably.