Inventory Manager Salary
Job Description for Inventory Manager
An inventory manager controls the inventory of materials or goods for a company. This includes keeping accurate account of all inventory on hand, as well as ordering additional inventory to meet the needs of the business. The inventory manager decides whether a product needs to have additional stock in the warehouse or if it can be ordered on an as-needed basis. The inventory manager is also responsible for hiring and managing inventory clerks to assist them.Read More...
The position of inventory manager can be physically and mentally demanding. They can be expected to stand for long periods of time, as well as bend and twist to locate and count inventory on hand. Depending on the type of business, inventory may be located in a hot warehouse or in an air-conditioned building.
Generally, a bachelor's degree in mathematics or inventory management is required in this position. This may sometimes be substituted with five years of work history in the same field. It may be helpful to work as an inventory clerk to gain the experience necessary to succeed as an inventory manager. A high level of organizational skills is important to succeed in this position. Excellent communication skills are necessary; knowledge of a computerized inventory tracking system is also helpful.
Inventory Manager Tasks
- Implement and execute an inventory replenishment system ensuring proper levels of stock.
- Act as a liaison between departments and buyers and determine obsolete stock while optimizing inventory turnover.
- Maintain accurate inventory counts throughout.
Common Career Paths for Inventory Manager
Inventory Managers who advance into the role of a Supply Chain Manager are fairly uncommon. Supply Chain Managers on average earn $82K per year. Career advancement for the typical Inventory Manager often leads to becoming an Inventory Control Manager or a Purchasing Manager; median salaries in these positions are $2K higher and $5K higher, respectively.
Inventory Control Manager Job Listings
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Popular Employer Salaries for Inventory Manager
With a median salary of $78K, Sears Holdings Corporation offers Inventory Managers the highest pay. However, earnings don't seem to live on a large spectrum; they generally peter out at $67K and are capped at $100K.
Popular Skills for Inventory Manager
Survey results imply that Inventory Managers deploy a substantial tool kit of skills at work. Most notably, skills in Materials Requirement Planning, Purchasing, People Management, and Operations Management are correlated to pay that is above average, with boosts between 5 percent and 14 percent. Skills that seem to negatively impact pay include Organizing, Microsoft Office, and Inventory Control. Most people experienced in Inventory Control also know Microsoft Excel.
Pay by Experience Level for Inventory Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $37K; however, individuals with five to 10 years of experience bring in $48K on average — a distinctly larger sum. Inventory Managers who work for 10 to 20 years in their occupation tend to earn about $52K. People who have worked for 20 years or more actually report earning less than people who are in the middle of their careers; the veterans take home a mere $50K by contrast.
Pay Difference by Location
For Inventory Managers, San Francisco provides a pay rate that is 80 percent greater than the national average. Inventory Managers can also look forward to large paychecks in cities like Charlotte (+80 percent), Los Angeles (+45 percent), Chicago (+36 percent), and Miami (+30 percent). Inventory Managers in San Antonio take home the lowest salaries, earning a whopping 20 percent less than the national average. Employers pay around 11 percent less in Orlando and 6 percent less in Phoenix, below-median salaries for those in this field.