What to Expect from Your Hospitality Management SalaryPosted August 28, 2013 | By csponline
There is tremendous earning potential in the hospitality industry. However, if you are looking for that five-star paycheck, you need to arm yourself with the right credentials. Your education level, industry experience and location have a lot to do with your annual hospitality management salary.
According to SimplyHired.com, the mean hospitality management salary is $59,000; this was compiled through an average of salaries of all jobs featured on the site with “hospitality management” in the listing. We examine the earning potential for professionals with hospitality management degrees and how you can gain your footing in this fast-paced industry.
A Rebounding Industry
The economic slump that began in 2008 hit a lot of industries hard, causing many to rethink how they do business. The hospitality industry was forced to reimagine what it meant to vacation with hotels, as they turned to attractions, restaurants and shopping centers in local market to support them through this slump. With expendable income becoming limited for many travelers, families opted for “staycations” when looking to get away. The hospitality industry also started to use the Internet to connect to prospective guests by offering fire-sale rate specials and admission discounts for online bookings in addition to complimentary services and meals. While the hospitality industry has always been in the business of serving its customers, customer service took on a new meaning during these past few years as businesses were looking to take over market share from their competitors during the downturn.
Today, the industry is rebounding with some estimates projecting growth to triple by the next decade and profits to soar. Jobs are expected to hit record highs with positions becoming available for industry veterans and newcomers alike.
Education, Experience Leads to Higher Earnings in Hospitality Industry
Higher education has long been known to fuel higher earnings and levels of job security for professionals across industries, and the same holds true for the hospitality industry. PayScale has outlined the median hospitality management salary by years of experience for those professionals with a bachelor’s degree in hospitality management. Consider the following numbers when determining the value of both a degree and industry experience:
While hospitality management degrees will get you in the door, experience will help you move up the career ladder and into management positions and higher salaries.
Salary Breakdown by Hospitality Career
The hospitality industry is broad with tremendous career opportunities for professionals with a college degree. And, job growth is on a notable upswing. According to the Bureau of Labor Statistics (BLS), job growth in the hospitality industry has increased by 17 percent over the past decade, generating more than two million new jobs in the U.S.
SimplyHired.com has calculated the average salary for various hospitality careers. When searching for a new hospitality career, consider these salaries based on data compiled in July 2013:
In the hospitality industry, size and location matter. Your salary may be greatly affected by the size of the hotel, restaurant or attraction you work for as well as the area or region in which it is located. A general manager of a five-star hotel in New York City will earn a higher salary than the general manager of a local boutique hotel in a small town.
Hospitality management degrees are a valuable credential in a fast-paced industry and provide you with a platform for entry. Employers are looking for qualified professionals to lead the charge in a recovering economy to stay ahead, competitive and profitable in today’s emerging hospitality industry. Professionals who have education and experience are best positioned for high salaries.