Revenue Manager Salary
Job Description for Revenue Manager
Revenue managers provide support and advice to finance managers, directors of sales, and general managers. They are responsible for strategic planning and helping meet a business' revenue goals. Revenue managers must be able to lead and coach team members in customer relations and focus on removing any barriers that would inhibit a good flow of revenue. They must be able to continuously work toward bettering the overall revenue and improve efficiency and productivity where they see fit. Revenue managers play a very important role in implementing policies, training, and processes of the administrative team. They must able to lead a team of supervisors, as well as team leaders. They must be able to prepare and hold regular meetings to push their team to do better, as well as cross-train with other members in the office.Read More...
Most revenue managers require substantial field experience; some employers require a degree in accounting or business. Many revenue managers are in charge of hiring and terminating employees; therefore, they must be well versed in severance packages and on-boarding practices. Revenue managers also must have excellent communications and leadership skills. They also must have a great work ethic and be able to utilize department metrics to evaluate overall performance of the team and individuals. They should be able to document and amend existing and future financial controls as they deem necessary.
Revenue Manager Tasks
- Analyze data on customer traffic at a hotel to determine the optimal rates to set for renting rooms.
- Work with the marketing team to identify methods for increasing occupancy during slow times of the year.
- Research the rates of comparable establishments to ensure the hotel remains competitive.
- Predict the revenue hotel management can expect to earn in the near future and long term.
Common Career Paths for Revenue Manager
At the upper end, Revenue Managers who move into a Revenue Director role can end up with a hefty increase in pay. The average income for Revenue Directors is a much higher $83K per year. With an annual salary of $79K, Director of Revenue Management is the most common role for Revenue Managers to subsequently assume on their way up the ladder. Transitioning into a Hotel General Manager role — which usually pays $52K — is also typical for Revenue Managers, though less common by comparison.
Revenue Manager Job Listings
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Popular Employer Salaries for Revenue Manager
Hilton Worldwide pays the most with a median salary of $58K, though with a large amount of variation, going from a low of $39K to a high of $82K.
Popular Skills for Revenue Manager
Survey results imply that Revenue Managers deploy a deep pool of skills on the job. Most notably, facility with Financial Reporting, Accounting, and People Management are correlated to pay that is significantly above average, leading to increases of 40 percent, 39 percent, and 22 percent, respectively. Skills that are correlated to lower pay, on the other hand, include Inventory Management, Forecasting, and Operations Management. For most people, competency in Data Analysis indicates knowledge of Inventory Management.
Pay by Experience Level for Revenue Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Workers in their first five years can expect to earn $51K, but people who have been around for five to 10 years earn a noticeably bigger sum of $67K. Revenue Managers with one to two decades of relevant experience report an average salary of approximately $72K. Revenue Managers who have racked up more than two decades of experience report lower incomes overall; the average sum for this crowd comes out to only $67K.