The main responsibility of an inventory manager is to keep stock items and parts in an organized manner. Though the job of an inventory manager is quite interesting and challenging, you will succeed in it only if you have exceptional product maintenance and record keeping skills.
Job Description
Inventory managers can get employment in a variety of establishments such as manufacturing units, retail stores and food stores. At all these places, they have the responsibility of protecting the inventory from damage, loss and theft. Even a slight mismanagement by them can cause overall costs to rise due to shrinkage. These managers also have to ensure that the stock of inventory is sufficient (not too less or too much) by placing orders with the suppliers or vendors. Inventory managers working for food stores have to be extra careful while purchasing inventory as they have to ensure that enough stock is available to satisfy the customers. At the same time, if there are too much perishable foods bought as inventory, then they may get wasted causing financial losses. Monitoring whether the conditions and standards of the warehouse where stock is kept are up to the mark is also a part of the job description. These days, almost all inventory control systems are used with the help of computers and hence basic knowledge of operating a computer is also a necessity.
Requirements
Inventory managers with a relevant bachelor's or master's degree from a reputed institute can grab some of the best jobs in the market. A degree in business management or accounting would prove to be very useful. Having said so, some businesses also recruit undergraduates for these positions. Effective communication and interpersonal skills, negotiation skills, organizational skills, decision-making abilities, ability to manage large accounts, calculation skills, good management, ability to tackle emergencies and difficult situations are some of the essential qualities that an inventory manager should possess.
Salary
The salary of an inventory manager basically depends on their years of practical experience, educational qualifications, type of employer and place of job. As per various surveys, the median salary is around USD 75,000 per year. However, the average salary was found to be around USD 49,000 per year. With relevant experience, inventory control managers can expect a gradual rise in their pay packages. Inventory control managers with around two to three years of experience can expect to earn anything between USD 45,000 to USD 52,000 per year. With three to five years of experience, the salary of inventory managers jumps to about USD 50,000 to USD 60,000 per year. Those with an experience of more than ten years can command anything between USD 65,000 to USD 100,000. At some places, these managers are paid on an hourly basis. Those working for large organizations in major cities earn more than those working for small establishments in the smaller cities. Material managers who carry out the task of checking the quality of materials being purchased earn anything between USD 60,000 to USD 100,000 per year.
From the above-mentioned job description, we can conclude that this is an exciting and well paid career opportunity for young graduates. So, are you ready to enter this field?
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