Director, Product Development Salary
Directors of Product Development receive generous compensation in the United States — earning an average of $118K per year, their standard salaries shoot well into the six-figure range. Including potential for bonuses and profit sharing — peaking near $30K and $19K, respectively — total cash payment to Directors of Product Development can bottom out near $84K or peak near $173K depending on individual performance. Location and career duration each impact pay for this group, with the former having the largest influence. Almost all enjoy medical while a large number get dental coverage. Vision coverage is also available to the larger part. Men account for the majority of Directors of Product Development who responded to the questionnaire — 65 percent to be exact. Job satisfaction is high and work is enjoyable for most Directors of Product Development. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
|Salary||$82,041 - $153,541|
|Bonus||$493.16 - $29,787|
|Profit Sharing||$-0.49 - $19,392|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$83,709 - $173,174|
Job Description for Director, Product Development
A director of product development has many responsibilities related to product development within their organization. Their main task is creating and then implementing a development strategy for their company. They are also responsible for the implementation of procedures related to product development. Directors of product development are also accountable for setting annual performance goals and conducting evaluations of the staff. In addition, they also need to develop and implement best practices for product designs. They train and guide subordinates within their staff and work well in a team setting.Read More...
A wide range of organizations employ directors of product development, such as makers of software, hardware, and other products for sale to consumers or companies. This is generally a full-time position that takes place in an office setting. Travel is generally required in this position as well.
Educational requirements for directors of product development generally include at least a bachelor's degree, while an advanced degree is often highly preferred. Additionally, a minimum of five to 10 years may also be required in a related field. The ability to multitask, great organizational skills, and strong attention to detail is essential for directors of product development. Being able to communicate effectively, both in a verbal and written manner, is required as well. (Copyright 2017 PayScale.com)
Director, Product Development Tasks
- Review new product ideas, present them to management, and work with other departments to determine feasibility.
- Determine the cost of production.
- Conduct market research to determine consumer needs and identify competitors.
- Ensure products are produced according to design, quality, and price specifications.
- Supervise product development process, coordinating department objectives and schedules.
Common Career Paths for Director, Product Development
Though some Directors of Product Development move into positions like VP of Product Management (where the average salary is $180K), this progression is not the norm. The most common promotion for Directors of Product Development is VP of Product Development, a position that typically pays $152K annually. Another standard transition for Directors of Product Development seeking advancement is to assume a Product Development Director role, where pay is often $119K.
Director, Product Development Job Listings
Popular Skills for Director, Product Development
Directors of Product Development report using a large range of skills on the job. Lucky workers who know Agile Software Development can expect a significant pay bump, scoring salaries 21 percent above average. Engineering Design and Strategic Planning are also correlated to pay that is above average, with increases between 18 percent and 21 percent. Skills that are correlated to lower pay, on the other hand, include Product Marketing. It is often found that people who know Product Development are also skilled in Product Marketing.
Pay by Experience Level for Director, Product Development
Pay by Experience for a Director, Product Development has a positive trend. An entry-level Director, Product Development with less than 5 years of experience can expect to earn an average total compensation of $102,000 based on 46 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Director, Product Development with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $121,000 based on 116 salaries. An experienced Director, Product Development which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $137,000 based on 210 salaries. A Director, Product Development with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $133,000 based on 98 salaries.
Pay Difference by Location
San Jose offers some of the highest pay in the country for Directors of Product Development, 37 percent above the national average. Directors of Product Development will also find cushy salaries in Houston (+35 percent), San Diego (+18 percent), San Francisco (+16 percent), and Chicago (+15 percent). The lowest-paying market is Dallas, which sits 18 percent below the national average. Two other places where employers offer below-median salaries are Minneapolis (6 percent less) and Philadelphia (1 percent less).
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Key Stats for Director, Product Development
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