What to Pay a Project Manager
You know it’s time to hire a project manager, you know what to look for, and you’ve set up the right processes. There’s even been a series of interviews, and you’ve narrowed it down to a few potentials. Now it’s time to talk money, but how do you figure out what to pay a project manager?
The average salary for a project manager in the United States is $104,181 per year. However, there are a few other factors to consider before making an official salary offer.
There’s not a set salary for every project manager because so many factors affect job offers. The following are four points to consider when deciding what to pay a project manager.
1. Do they have the skills?
An employee’s skill set is in direct proportion to their value within the company.
For example, if a candidate has a deep experience with a specific type of software, they may receive a higher offer because that skill is valuable to the employer.
Someone with experience in blockchain development may have a higher value for a finance company, as another example.
Only you can determine the exact skill set needed. But as a rule, the closer a candidate comes to your ideal value, the closer you should come to their ideal salary. That’s very important in attracting a high-performing candidate as your next project manager.
2. Do they have professional certifications or training?
Specialized courses and training enhance capabilities. That’s certainly a part of the salary equation.
Each type of certification, for example, leads to higher paying jobs. It’s important to know which certifications a project manager might need for your specific industry or business.
3. What are other businesses paying their project manager?
Don’t be afraid to ask connections in the industry what they’re paying for similar positions. Having a good idea on what’s going on in your local community or industry is a good way to become aware of salary expectations. There are also plenty of digital tools to help you with this process, as well.
4. How much can your company afford to pay?
We can continue discussing general factors like this, but it really comes down to what your company can afford to pay.
Sit down with the finance team, crunch the numbers, and do the due diligence required for the negotiations ahead. Remember, this is one of the leading managers in your company. They’re the ones responsible for keeping projects on track. It’s an important job, and it’s worth knowing that you’ve waited to hire the right person at the right time.
You might be interested in these other posts about hiring a project manager:
– When to Hire Project Manager
– What to Look for in a Project Manager
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