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
Revenue Managers' salaries may rise greatly for those who assume a higher-end position such as a Revenue Director. The average Revenue Director brings home $83K per year. The most common career progression for Revenue Managers leads to becoming a Director of Revenue Management, where average pay is $79K annually. However, many Revenue Managers also opt to become Hotel General Managers. Typically, a Hotel General Manager brings home $52K.
Revenue Manager Job Listings
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Popular Employer Salaries for Revenue Manager
The biggest paychecks can be found at Hilton Worldwide — the median salary there is $54K; however, employees are subject to a wide range in pay, with the lowest salaries sitting near $39K and highest ones in the neighborhood of $82K.
Popular Skills for Revenue Manager
Revenue Managers seem to exploit a large range of skills on the job. Most notably, facility with Accounting, Financial Reporting, and People Management are correlated to pay that is significantly above average, leading to increases of 43 percent, 39 percent, and 21 percent, respectively. Skills that pay less than market rate include Inventory Management, Forecasting, and Sales Management. It is often found that people who know Data Analysis are also skilled in Inventory Management.
Pay by Experience Level for Revenue Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Survey participants with less than five years' experience pocket $51K on average, but those with five to 10 years of experience enjoy a much bigger median of $66K. People with 10 to 20 years of experience make an average of about $72K in this role. Survey participants with more than two decades under their belts actually report earning less than people with less experience; the former take home only $69K on average.
Pay Difference by Location
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Key Stats for Revenue Manager
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