Moving from Projects Management that we covered last week to the new topic “Operations Management”. Like any organization, there got to be an operation! And this word “operation” carries huge responsibilities! An operation is the total activities carried out within an organization to transform inputs into outputs (the final product or services). Dr Rebel Hanna; the CEO of Dexter Capital Financial Consultancy L.L.C. describes it as managing the Business Operations from “bumper to bumper”. The Business Operations Managers include managing different departments such as finance, HR, production, marketing and other departments based on industry and size of the organization. Therefore, Operations Management refers to planning, coordinating and monitoring all activities carried out in an organization from inputs to outputs.
This Blog will help you understand the profession of Operations Managers; their responsibility, qualifications and the best part is how much do they make?
Operations Manager’s Responsibilities
Operations Managers’ responsibilities vary based on the industry and the intensity of work done. For example, the responsibility of operations manager working in the oil and gas industry is not as the responsibilities for the one working at a medium information systems solution company. It is important to know that operations management is a decision making a position where operations managers are exposed to situations where they have to make strategic decisions like setting organizational policies that are related to the productive operation. Operations Managers are also responsible for selecting requirements for hiring employees, performance measurement, review budget, contracts negotiation with suppliers, improving the operation and managing efficiency and effectiveness.
Operations Manager’s Qualifications and Salary
Just like project managers, Business Operations Managers get their salaries based on years of experience in the specific industry and educational qualifications. It is often preferable to have a Master’s degree in business administration; particularly in Operations Management as it expands the knowledge and helps in gaining skills. Because Operations Managers are involved in making strategic decisions and responsible for multiple tasks, they should have skills such as effective communication skills, flexibility, understanding financial data, quick in making rational decisions, and having excellent analytical thinking skills.
Now moving to the best part, I can see your eyes are turning into dollar signs lol, according to U.S. News, Operation Managers’ Salary ranked the fifth place for best business after statistician, actuary, mathematician and cost estimator. In 2016, statistics reports show that the median salary that Operations Managers make per year is $99,310. The range of the salary median recorded had the highest salary of $208,000 and the lowest was $44,290. Other recent studies in 2018 conducted in the US showed that OM median salary reached $93,513 annually. It is also important to know that there are other factors that kick the salary higher.