Business management professionals are needed wherever business thrives. Without skilled leaders and efficient business operations, any number of organizations would likely stagnate if not fail altogether. Even if each employee or team member were to excel at their role, they likely could not effect lasting change without the guidance and vision of a leader.

Fortunately, no matter how volatile the job market may become or how uncertain the economy might be, careers in business management aren’t likely to disappear anytime soon.

Read on to learn more about the various types of business management roles, their average salaries and projected growth rates, and emerging trends in the industry.

Understanding Business Management

Business management comprises numerous careers that emphasize skills in leadership, strategy, data-driven decision-making, communication, and more. These careers span countless industries, from education and technology to entertainment and media. In addition, business management professionals might specialize in a particular area like marketing, finance, sales, or human resources.

Whatever the industry or specialization involved, effective management remains crucial to an organization’s continued success. Some common roles in business management include the following:

Restaurant Manager

Restaurant managers work to serve their guests by directing waiters, chefs, and all other staff members. Through coordinating employee schedules, training new hires, and keeping track of operations and expenses, restaurant managers play an important role in fostering good customer service and maintaining a positive reputation among the public.

As of May 2023, the U.S. Bureau of Labor Statistics (BLS) reported that restaurant and food service managers earned an average annual salary of $63,060. Despite little job growth from 2022 to 2032, nearly 40,000 job openings are projected for restaurant managers each year on average over the decade.

Sales Manager

Any business with a dedicated sales department requires a sales manager to function effectively. A sales manager’s role is to direct sales operations, including recruiting and coaching sales representatives, organizing local or regional campaigns, establishing sales quotas, and more.

The BLS states that the average annual salary for sales managers as of May 2023 was $135,160. Employment of sales managers is projected to grow by 4% from 2022 to 2032, which is about as fast as the average for all occupations.

Supply Chain Manager

When someone orders a product online, they simply enter their payment information and then wait for the delivery. While online shopping is convenient for users, it’s a different story behind the scenes. Supply chain managers lead logistics teams through cycles of design, manufacturing, and distribution, converting raw materials into usable end products. Supply chain managers also carefully monitor inventory levels and look for ways to optimize supply chain processes.

The average annual salary for supply chain logisticians as of May 2023 was $79,400. Supply chain managers can usually qualify to earn more, depending on their level of education and experience. Employment of logisticians is projected to grow by 18% from 2022 to 2032, which is much faster than the average for all occupations. Managers can expect to see a similar growth rate.

Financial Manager

Financial managers help direct an organization’s fiscal, accounting, and investment endeavors. They are heavily involved in managing budgets and expenses, minimizing financial risk, and offering advice to executive leadership and organization stakeholders. Many financial managers work with—and some go on to become—chief financial officers (CFOs).

The average annual salary for financial managers as of May 2023, according to the BLS, was $156,100. They enjoy a healthy career outlook, with job growth projected to grow by 16% from 2022 to 2032.

Insurance Manager

Insurance managers balance their knowledge of insurance policies with their skills in project management and communication. This way, they can lead their agents to forge meaningful relationships with customers and sell competitive insurance packages based on unique customer needs.

The average annual salary for insurance agents as of May 2023 was $59,080. Managers can expect to earn more depending on how much experience they have in the industry or whether they hold a relevant graduate degree. The employment of insurance agents—and by extension, managers—is projected to grow by 8% from 2022 to 2032.

Overall Business Management Career Outlook

The BLS states that the average annual wage for all types of managers in May 2023 was $116,880, which was higher than the $48,060 average for all occupations. The job growth of business managers is expected to be faster than that of all management occupations from 2022 to 2032.

Emerging Trends in Business Management

As organizations continue to refine their goals—and as technology advances—a number of trends have gained traction in business management. Some of the most notable include the following:

• Digital innovation. Many business managers have adapted to a digital world, including implementing AI and blockchain technologies in process automation and data analytics as well as relying on cloud computing for better efficiency.
• Remote and hybrid work. The recent pandemic drastically shifted the way that some business managers look at the workplace. Through remote and hybrid work models, many organizations have found new, effective ways to keep employees connected and engaged.
• Environmental sustainability. In an effort to become better stewards of the planet, many business managers have strived to develop practices that reduce their carbon footprint and promote a healthy environment.

Looking to Become a Business Manager?

Consider studying at WGU. We offer nearly two dozen online, accredited bachelor’s and master’s programs in business, with areas of focus ranging from human resource management to healthcare administration. These programs teach industry-aligned skills that could boost your earning potential and help you advance in your career.

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