Business Unit Manager Salary
Job Description for Business Unit Manager
A business unit manager oversees a business unit within their organization. They are responsible for preparing a budget, as well as overseeing the creation and preparation of market reports. These reports are used by the manager and the organization at large to determine what resources are needed, how those resources need to be allocated, and how to track expenditures. The business unit manager also works to develop policies, goals, and tactics to achieve the fiscal goals of the business. Because they are responsible for these tasks, the business unit manager must also continually provides oversight to ensure that business plans and budgets are followed; they are also generally authorized to take corrective action if there is deviation from expectations or standards.Read More...
Aside from high-level decision making, the business unit manager is also responsible for overseeing the work force of their subordinates. They must cultivate a motivated team that is adequately staffed and properly trained. The business unit manager establish goals for individual team members, defines their functions, and establishes the parameters for performance evaluation. They are responsible for providing feedback and review to team members and providing corrective action for poor-performing individuals; this may ultimately include terminating employees.
The business unit manager is also for expanding their unit's market, in part by networking with appropriate members of the industry. Many business unit managers participate in the organization of industry or trade associations; strong industrial ties and connections are created and maintained through the faithful participation in the trade organizations.
Previous experience as a lower-level member of a business unit is generally required in this position. Prior managerial experience may also be preferred, as may be industry-specific experience.
Business Unit Manager Tasks
- Manage and build customer relationships, tracking data and meeting emerging needs.
- Create, modify, update, and communicate budgets and strategic goals.
- Troubleshoot and resolve problems and concerns, documenting root cause and fixes.
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Pay by Experience Level for Business Unit Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Business Unit Managers, experience does not seem to be a major factor in determining pay. The average worker who claims fewer than five years of experience earns around $75K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $93K. Between 10 and 20 years, pay surpasses six figures; at this stage, the average professional scores around $103K. Folks who have racked up more than 20 years in the field report incomes that aren't that much higher than less experienced individuals' earnings; the veterans make just $108K on average.
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