Director, Product Development Salary
Generous salaries abound for Directors of Product Development in the United States, with average pay above six figures ($120K) per year. Cash earnings for Directors of Product Development — which occasionally include more than $30K from bonuses and more than $15K from profit sharing — stretch from around $83K to approximately $174K. Geographic location is the biggest factor affecting pay for this group, followed by career length. Nearly all report receiving medical coverage from their employers and most collect dental insurance. More than half of Directors of Product Development (65 percent) survey respondents are men. Job satisfaction for Directors of Product Development is high. Participants in PayScale's salary questionnaire provided the particulars of this report.
|Salary||$81,895 - $153,376|
|Bonus||$986 - $30,310|
|Profit Sharing||$2,153 - $15,205|
|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).)
|$83,018 - $173,703|
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. With an annual salary of $152K, VP of Product Development is the most common role for Directors of Product Development to subsequently assume on their way up the ladder. Transitioning into a Product Development Director role — which usually pays $119K — is also typical for Directors of Product Development, though less common by comparison.
Popular Skills for Director, Product Development
Survey takers working as Directors of Product Development report using a large range of professional skills. 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 15 percent and 19 percent. At the other end of the pay range are skills like Product Marketing and Design. Most people skilled in Product Development are similarly competent 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
Surpassing the national average by 34 percent, Directors of Product Development in San Jose receive some of the highest pay in the country. Directors of Product Development can also look forward to large paychecks in cities like Houston (+32 percent), San Diego (+15 percent), San Francisco (+14 percent), and Chicago (+13 percent). The lowest-paying market is Dallas, which sits 19 percent below the national average. Employers pay around 8 percent less in Minneapolis and 3 percent less in Philadelphia, below-median salaries for those in this field.
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Key Stats for Director, Product Development
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