One of the key stakeholders in any organization is the Vice President of sales. Though there are instances where you would have more than one in a company. Their Job description often includes improving revenue, generating revenue goals, organizing, hiring, and overseeing the sales department. The VP of sales is an important role, and it requires seasoned professionals. It is often said that good salesmen may not make great Vice Presidents. Let’s learn about ‘Salaries For VP Of Sales’.
Salaries For VP Of Sales
According to different reviews, the average pay for a VP of Sales is $100,000. This cuts across different industries and it can also vary according to the experience level. The company size is another major factor that determines the differences in compensation. Though the average is pegged at $100,000, there are VP of sales not earning half of that amount. There are also VPs earning double that amount. So, different factors determine the pay range. Let’s read Salaries For VP Of Sales.
Factors Influencing VP of Sales Salary Scale
Different factors come into play when determining the compensation scale for the Vice President of sales. Here is a list of the factors
- Industry
- Company size
- Level of experience
- Employment records
- Type of Compensation
- Location
- Area covered
- Technical Know-ow
Salaries for VPs in Different Industries: Salaries For VP Of Sales
The salary scale for the Vice President of scales in some industries is mouth-watering. While some industries are lower. We would compare a few industries for your perusal.
Telecommunications
This is a big and important sector. It is constantly growing, and this requires constant change. There is intense competition for sales roles in this industry. The introduction of 5g and fiber optic is creating a new era in the telecommunications world. Yes, the competition here is intense, but this is because of the pay perks. An average Vice President of Sales would have a monthly take-home of $351,000.
Manufacturing
The manufacturing industry has contributed immensely to the growth of humans and the world in general. This is where our ideas are put into place. However, the new digitalized world has forced companies to make transitions to the digital world. Companies that have adopted the digitalized system have gone farther than their counterparts that rejected the offer at first glance. It is up to the VP of sales to drive success and efficiency in the marketplace. The average net pay for the Vice President of Sales is $353,000.
Top Salary Earners for Vice President of Sales
Tech
This is one of the fastest-growing industries in the world. Tec is employing a lot of people, and it hires anyone as long as you possess the required skills. Tech employs salesmen, finance, and human resources professionals. The world is gradually transitioning to the digital space, and tech is now very important. Most establishments and companies are moving to the digital space. This has called for a more hands-on deck. The average Vice President of Sales would earn $188,000, the lowest is $102,000, and they have an average net compensation package of $548,000.
Pharmaceuticals
This is a big industry. Though the COVID-19 virus took a heavy toll on the industry. There was an increase in demand for some specific services. It also caused an increase in demand for medical supplies. The increase in demand means that the Vice President of sales needs to ensure that they deliver anytime they are needed. The VP is in care of organizing the team and keeping the team in shape to deliver top-notch quality.
Salary Scale based on Experience Level
The salary scale can also differ based on the level of experience. A new VP with little or no experience can expect to earn an average of $93,733 including bonuses. Those with 5 years of experience, can average $108,219. It goes as high as $160,000 it all just depends on the level of previous experience. A Vice President with 15 years of experience cannot be compared with a VP with 2 years of experience.
Vice President of Sales Job Description
A Vice President must be experienced, versatile, intelligent, and knowledgeable. One of the requirements for this role is a bachelor’s degree in finance or management sciences course. Most companies require 5+ years of experience, but some start-ups commence operations with the Vice President of Sales that practically has 0 experience in the role.
The vice President of Sales works diligently to ensure that the team always delivers every time. It is also up to the VP to ensure that their products reach everywhere while identifying strategies to approach different potential problems. The Vice President would have constant communication with subordinates, and in most industries, the VP of Sales reports to the director or the board of directors.
Improving Salary Scale for Sales Vice President
For Sales Vice Presidents looking to upskill whether to improve your current salary scale or just to stay abreast of the policies. There are some top-ranking skills that you can opt for which would help you rank properly, gather enough experience, and also improve your financial worth on the market. Sales Management, B2B, Strategic Sales, Team leadership, and Strategic planning. If you improve your team leadership, strategic planning, and sales skills you would witness a tremendous boom in your career and financial worth.
Skills for Vice President of Sales
For an experienced and versatile executive, there are some in-bred skills that you must possess. If you have these skills, it improves your worth and confidence in the industry. It also makes people listen and want to work with you. These are some of the skills that a Vice President of Sales should possess; Retail, Business Analysis, Strategy Development, Business Strategy, and Sales Administration.
Conclusion
Now we’ve learnt about ‘Salaries For VP Of Sales’, For most professionals along the professional line, either become president, senior vice president of sales, or marketing. This guide explains everything you need to know about a Vice President of Sales salary, and you should note that the denominations of the amount are United States Dollars.
Frequently Asked Questions
- Maximum pay for a VP of Sales?
The pay structure depends on the industry type, but the maximum can be pegged at $206K net every year. The lowest pay for a Vice President of Sales Role is $90K/year.
- how can I increase my salary as a VP of Sales?
In most roles majorly, to improve your salary, you need to upskill yourself. The different ways you can get a salary increment are either when you switch employers or get more degrees and certifications. When you do this, it makes you a great potential for promotion.
- Are VP Sales roles limited to Sales Men?
The Vice President of Sales role is an executive role that requires experience, versatility, people, and managerial skills. So, it is often said that good salesmen do not make great VPs. So the role is not limited to salesmen. It is open to anyone under management Sciences.
