Hospitality Management Salary Outlook
Management is a field that many people want to work in, because of the perks and benefits. You’re in charge of other people, you make decisions that drive the business, and you’re much more in control of your own destiny than if you worked at a clerk level.
But many management jobs are only offered internally, to current workers within the company, which is why a lot of people turn to hospitality management, an industry that’s composed of many smaller establishments, and in which it may be easier to break in. But is this the right job for you, and what kind of salary can you get from that industry?
Hospitality management refers to a management position in a restaurant, hotel, theme part, tourist agency, and more. Basically, anything that deals with the public and usually tourists in particular. So one of the prerequisite to enter this job is to have charisma, and be good with people.
While your main job description isn’t to work with the clients directly, most managers interact with the public on a constant basis. Any time an employee needs help, or a client wants to speak to the manager, that can end up being you. But the main part of your work is managing. You need to handle employees, the building itself, finances, and so on. So the second prerequisite is to be good in business.
In many ways, the success or failure of the establishment is much more dependant on you than on any other individual employee, so while your perks are higher, so are your responsibilities. People look up to you to tell them how to proceed at all time, and you need to be able to direct them accordingly.
Typically, people who want to work in hospitality management need to have a college degree in business or accounting. While you aren’t dealing with money the whole time, it’s still an important part of your job, and something you need to know.
Also, it’s possible to get into the field without a college degree, especially in smaller towns where it’s harder for business owners to find help, but usually having an education helps a lot. Salary also depends on your education, and can start around $30,000 to $70,000 for an experienced manager.
Of course, the big benefit is that those salaries can also go much higher, if you get into a large business, and you end up being a skilled manager. Some large New York hotels have managers that make over $150,000 a year, which is quite nice, but they have immense pressure on their shoulders. The bigger the company, the more stressful the job becomes, so that’s also a factor to consider.
If you want to go into management, then you’re looking at a few years of business school in front of you. But then, the salary and bonuses are well worth it, assuming you prove yourself to be a good manager, and can convince a business owner to trust their establishment in your hands.