There’s great news for those who work in hospitality management and other people who may be pursuing the profession. Open positions are abundant right now. In fact, hotels are having trouble finding qualified managers. This means that hospitality salaries and benefits are improving daily.
Be smart and consider these payment and benefits trends when assessing your next opportunity!
Hospitality salaries will range dramatically based on multiple factors. The following list represents the most important considerations for hospitality manager positions:
- Experience – As is true in any industry, a person’s knowledge in a certain field dramatically affects their pay.
- Past Performance – Experience is important when making hiring decisions, but companies also base salaries on past performance. Hotel manager candidates who can show documented success will command the most money.
- Education – Hospitality companies prefer to hire managers with bachelor’s degrees whenever possible. Although it’s not always a hard-set requirement, candidates with formal education will earn higher salaries.
- Hotel Size/Class – Hotel manager salaries will vary greatly depending on the size and pedigree of the establishment. For example, a world-renowned resort with hundreds of rooms will usually pay significantly more than a small lodge.
- City/Location – Hotels located in major markets like Los Angeles or New York City usually pay managers very well. Similarly, those located in exotic tourist areas also offer higher salaries.
So, how do you determine your pay based on the above criteria? Salary.com lists the hotel manager salary range between $72,976 and $133,847. The average is just about $103,000.
Experienced, successful, and educated candidates applying for management positions at major hotels should expect the higher end of the salary range. People with little to no experience may expect salaries at the bottom end.
Benefits vary greatly from company to company and tend to be more expansive at larger corporations. However, here’s a list of important considerations:
- Part-Time Benefits – Some companies now offer benefits for part-time staff in an effort to attract the best talent.
- Flexibility & PTO – Hospitality companies are NOT created equal when it comes to PTO policies. For candidates seeking work-life balance, this topic should be discussed at length prior to accepting any job offer.
- Perks – Does your perspective or current employer provide additional incentives beyond salary and typical benefits? How about a free gym membership or complimentary rooms for you and your family?
- Training – Career development is particularly important for younger hotel managers. Always factor in potential job training that will help advance your career later down the road.
Ultimately, a career in hospitality management is very promising. Salaries are competitive and rising with each passing day. Benefits are also expanding rapidly.
Knowledge is power, so current and aspiring hotel managers just need to remember their worth!
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