Director, Product Development Salary
Directors of Product Development in the United States can expect to earn a very generous salary, with average salaries (in the ballpark of $120K) surpassing six figures annually. With some bonuses approaching $31K and certain profit sharing proceeds approaching $25K, overall incomes of Directors of Product Development spread between $81K and $173K depending on individual performance. Geographic location and experience level each impact pay for this group, with the former having the largest influence. The majority of Directors of Product Development (64 percent) survey respondents are male. The majority of Directors of Product Development claim high levels of job satisfaction. Almost all enjoy medical while a large number get dental coverage. Vision coverage is also available to a majority. Participants in PayScale's salary questionnaire provided the particulars of this report.
|Salary||$80,516 - $153,804|
|Bonus||$1,000 - $30,528|
|Profit Sharing||$3,982 - $25,342|
|Total Pay (||$81,158 - $173,198|
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, 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 and Design. Most people who know 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.
New workers enjoy hefty six-figure paychecks when they take on this position — $100K per year is the median for people who claim less than five years' experience. The average pay reported by folks with 10 to 20 years of experience is around $137K. Folks with more than two decades of experience actually report lower incomes overall; their average comes out to a mere $135K.
Pay Difference by Location
Surpassing the national average by 35 percent, Directors of Product Development in San Jose receive some of the highest pay in the country. Directors of Product Development will also find cushy salaries in Houston (+33 percent), San Francisco (+15 percent), Chicago (+14 percent), and Washington (+6 percent). Location significantly influences compensation, with Dallas Directors of Product Development earning much less — 22 percent less — than the national average. A couple other locations with smaller-than-average paychecks include Seattle (10 percent lower) and Minneapolis (7 percent lower).
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Key Stats for Director, Product Development
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