Director, Product Development Salary
Compensation for Directors of Product Development in the United States is generous, with average pay surpassing six figures annually ($120K). Total cash earnings of Directors of Product Development range from $81K on the low end to $173K on the high end; the final amount can include bonuses and profit sharing proceeds that occasionally exceed $30K and $20K, respectively. Location and tenure each impact pay for this group, with the former having the largest influence. Most Directors of Product Development like their work and job satisfaction is high. 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 — 66 percent to be exact. The figures in this rundown are based on the results of PayScale's salary questionnaire.
|Salary||$80,436 - $153,459|
|Bonus||$1,000 - $30,177|
|Profit Sharing||$3,973 - $19,574|
|Total Pay (||$81,152 - $172,827|
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.
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
Directors of Product Development do not often transition into VP of Product Management roles. The role averages $180K per year. Becoming a VP of Product Development is, more often than not, the most common role that Directors of Product Development move into when they're ready for the next step in their career. The average salary for the position is $152K. Another frequent advance is for Directors of Product Development to assume a Product Development Director role; in this role, workers often earn $119K.
Popular Skills for Director, Product Development
Survey results imply that Directors of Product Development deploy a substantial tool kit of skills at work. Most notably, skills in Agile Software Development, Engineering Design, Strategic Planning, and Software Development are correlated to pay that is above average, with boosts between 16 percent and 20 percent. At the other end of the pay range are skills like Product Marketing. Most people familiar with Product Development also know Product Marketing.
Pay by Experience Level for Director, Product Development
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Although individuals who have less than five years' experience earn $102K on average, people with five to 10 years benefit from a notably larger average of $121K. People with 10 to 20 years of experience make an average of about $137K in this role. Survey participants with more than twenty years of experience only make around $133K on average, though; this group reports a lower median than the one claimed by mid-career individuals.
Pay Difference by Location
Directors of Product Development will find that San Jose offers an impressive pay rate, one which exceeds the national average by 35 percent. Directors of Product Development will also find cushy salaries in Houston (+33 percent), San Diego (+16 percent), San Francisco (+15 percent), and Chicago (+13 percent). With compensation 19 percent below the national average, Dallas is not known for hefty paychecks and actually represents the lowest-paying market. Minneapolis and Philadelphia are a couple other places where companies are known to pay below the median — salaries are 7 percent lower and 2 percent lower, respectively.
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Key Stats for Director, Product Development
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