Business Management Job Outlook
While one advantage of becoming a business manager is the fact that you will have many opportunities for employment within different fields, it is difficult to provide a holistic view of the current job market for business managers; different sectors of work will provide different job opportunities for business managers. Since different job sectors provide different employment opportunities for business managers, here are some general trends to watch to gauge how the job market is doing.
Factors of Growth
Since sound management is becoming one of the most important aspects of a business’s profitability, studying overall economic activity is a good way of gauging the job market for business managers. One important factor in determining job market growth will be how the overall economy recovers from the recent financial crisis. As companies become more willing to invest in growth as a result of a recovering economy, companies will be more willing to hire business managers at a higher rate.
Other factors to watch are the growth of the health care and housing markets. With the recent health care bill, many health care organizations, both public and private, are looking to reform their operations. For example, many are in the process of shifting from using physical records to using electronic records for their data storage. Depending on this trend, businesses may be searching for additional business managers who are experienced in using new systems to store data.
Like the health care industry, the housing market faces the same economic forces. With the housing market as a main contributor to the financial crisis (also known as the “sub-prime mortgage crisis"), many people are weary of buying houses. Job growth for business managers will depend on consumer confidence in the housing market.
Expected Salary
For management positions, job responsibilities are higher than entry-level positions. Obviously, with the higher responsibilities come higher salaries. Due to the disparity in job positions, there is a wide range of salaries for business managers. According to the Bureau of Labor Statistics, most management positions pay at least $40,000, with the sky as the limit in terms of salary.
Generally, business managers with specific specializations, such as health sciences or information systems, are paid more than general managers. Furthermore, having an MBA greatly increases the number of employment opportunities, as MBA holders are better equipped at landing higher management positions.
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