Director, Product Development Salary
Directors of Product Development in the United States see excellent average salaries — about $120K annually. Total cash compensation for Directors of Product Development runs from $79K to $172K depending on bonuses that can occasionally exceed $30K and profit sharing that can reach almost $25K. Geography and tenure each impact pay for this group, with the former having the largest influence. Job satisfaction is high and work is enjoyable for most Directors of Product Development. The majority of Directors of Product Development (66 percent) who took the survey are men. Almost all enjoy medical while a large number get dental coverage. Vision coverage is also available to more than half. This report is based on answers to PayScale's salary questionnaire.
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.
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Popular Skills for Director, Product Development
Survey participants wield an impressively varied skill set on the job. Most notably, facility with Leadership, Agile Software Development, and Engineering Design are correlated to pay that is significantly above average, leading to increases of 24 percent, 22 percent, and 18 percent, respectively. Skills that seem to negatively impact pay include Sourcing, Product Marketing, and Project Management. Those familiar with Product Development also tend to know Product Marketing.
Pay by Experience Level for Director, Product Development
Median of all compensation (including tips, bonus, and overtime) by years of experience.
The average worker who claims fewer than five years of experience earns around $98K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $119K. Directors of Product Development bring in $135K after working for 10 to 20 years. Survey respondents who have worked for more than 20 years actually report somewhat lower incomes of $133K.
Pay Difference by Location
For Directors of Product Development, busy San Jose offers a higher-than-average pay rate, 38 percent above the national average. Directors of Product Development will also find cushy salaries in Houston (+36 percent), San Francisco (+17 percent), Chicago (+16 percent), and Washington (+8 percent). Directors of Product Development' salaries are heavily influenced by location — Directors of Product Development in Dallas bring in salaries that are 22 percent lower than the national average. Employers pay around 9 percent less in Philadelphia and 1 percent less in San Diego, below-median salaries for those in this field.
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Key Stats for Director, Product Development
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