Average Inventory Management Salary Expectations & Requirements

Large companies and warehouses must keep track of their inventory and stock to satisfy customer demand. Nowadays, many of these businesses use software to help them monitor stock quantity, but programs alone won't do the job. That's why companies hire inventory managers to take on the responsibility and help them manage this business segment.

Inventory managers don't just oversee and monitor stock, however. They also prepare deliveries, supervise warehouse personnel and maintain professional relationships with suppliers.

Read on if you want to learn more about becoming an inventory manager. This article discusses the position's primary functions, what to expect on the job, and inventory management salary and requirements.

What Is The Role of an Inventory Manager?

The warehouse environment would be chaotic without an inventory manager. These hardworking professionals are integral to the smooth allocation of items and help replenish stock when needed.

Although each environment differs, some roles you will take on as an inventory manager that remain constant in most companies include:

• Forecasting inventory needs and monitoring the stock flow
• Recording deliveries and shipment details to reconcile numbers
• Distributing and replenishing stock inventory
• Monitoring warehouse personnel
• Using data analytics programs to extract insights
• Making strategic decisions during peak seasons
• Collaborate with suppliers and merchandisers
• Help sales teams meet sales goals by ensuring that the items they need are available

Inventory management is not a simple job – but it has excellent growth potential and pays well with good benefits if you have experience.

What Is The Average Inventory Management Salary Range?

The Bureau of Labor Statistics (BLS) estimates that inventory managers and logisticians make a median pay of $76,270 annually or roughly $36.67 per hour. You can expect between $42,504 - $75,725 as per Salary.com. However, the number ultimately depends on your experience, the state you reside in and how extensive your responsibilities are.

Do I Need Special Certifications or Licenses?

Certifications and licenses are not mandatory to become an inventory manager. However, some certificates are popular in the industry and can boost your chances of getting hired and negotiating a higher salary. Some of the best-known certifications include:

• Certified in Planning and Inventory Management (CPIM)
• Certified Supply Chain Professional (CSCP)
• Certified Management Accountant (CMA)
• Certified Professional in Supply Management (CPSM)

Certifications, while sometimes costly, are a sound investment for your career as an inventory manager. They help you stand out among applicants and give you an edge during the interview.

Besides profitability, certifications mean a decent level of training, which significantly helps you when you start working. If you don't have working experience, they help boost your chance of finding a job sooner.

Are There Educational Prerequisites for This Role?

You do not have to have a college degree to apply for inventory management positions. However, keep in mind that most companies may initially prefer applicants with bachelor or associate degrees, especially role-specific ones such as Supply Chain Management.

The good news is that many hiring managers may forgo their college degree requirements in exchange for enough experience or certifications. If you have enough experience and meet all the criteria except for education, it is easier to bypass it.

If you start this career with no experience and no degree, you may begin in a more junior role. As you build knowledge, you can work your way up to a promotion if you perform your duties well.

Since this position requires people management and software knowledge, try to upskill and stay updated on industry trends to support your career goals. Use search engines and industry news sites to keep current on new management theories and software that can make your work smoother.

What Skills Should I Have to Become an Inventory Manager?

Being an effective inventory manager means building a skillset that you consistently use to improve workflow operations. Some of these skills include:

• Analytical and problem-solving abilities
• Knowledge of programs like Microsoft Excel and Office Suite
• Organization and prioritization
• Assertiveness and strong communication
• Attention to detail
• Understanding of data analysis
• Management and team building
• Ability to work under stress

One way to improve your skills is attending an internship and training for the position before starting. You'll gain first-hand experience that helps you gain knowledge and understand what the job entails.

An internship looks great on your resume. It gives you tools to tackle issues when they arise and give you a taste of the position before you commit.

What Are the Downsides of Inventory Management?

Inventory management is a stressful job that involves deadlines and multiple parties. Since problems can (and frequently arise) on the job, you must be ready to handle issues and do it quickly so as not to disturb the workflow. Inventory managers also need to be aware of logistical problems and remain at the warehouse for extended hours if there are delays.

Another downside to inventory management is managing crises. When extreme weather, accidents, disputes and other issues threaten your workflow, you must deal with them and pacify irate executives and customers.

One overlooked issue in inventory management is the constant need to update one's knowledge of new software. If your company decides to implement new technology, you must learn how to use it and may need to train other warehouse staff on its use.

How Can I Stand Out as an Inventory Manager?

If you want to stand out as an inventory manager, consider the type of company you'd like to work within and fine-tune your skills to match what hiring managers seek.

While you must solve problems on the go, forecasting them before they happen allows you to stand out and decreases company liability.

Adding certifications to your portfolio is a fantastic start that opens many doors. Internships and training workshops also help you gain skills and credibility that give you an edge on-site and on paper.

Even though you will spend a significant part of your time in warehouse settings, you still need to work with others. Being a positive and inspiring team leader makes people feel comfortable approaching you. It encourages them to collaborate with you more effectively.

If you genuinely like your role and have the skills and enthusiasm to make the job more enjoyable for your team, you'll maximize productivity. These qualities highlight your leadership, personal and knowledge skills all at once.

How Rocket Resume Can Help

Now that you know the basics of inventory management, the next step is building your resume and applying to a company.

However, most HR departments in large organizations use Applicant Tracking Software that cannot read many types of resume formats. Due to formatting errors, the lack of readability causes qualified professionals to miss out on a good opportunity.

But that doesn't have to happen to you.

Rocket Resume templates are readable by Applicant Tracking Software and custom-formatted for your role. We take the guesswork from building your CV with intelligent technology and asking you to answer a few simple questions.

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