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Business management analyst hiring summary. Here are some key points about hiring business management analysts in the United States:
Here's a step-by-step business management analyst hiring guide:
A business management analyst specializes in conducting economic research and analysis to provide essential data that will help companies to develop better procedures and services. Moreover, their responsibilities typically revolve around evaluating existing processes and systems to look for areas in need of improvement, identifying issues and providing corrective measures, facilitating meetings and presentations, documenting and processing results, and maintaining an accurate record of data and transactions. Furthermore, it is essential to implement all policies and regulations, all while encouraging the team to reach goals and improve performance.
First, determine the employments status of the business management analyst you need to hire. Certain business management analyst roles might require a full-time employee, whereas others can be done by part-time workers or contractors.
You should also consider the ideal background you'd like them a business management analyst to have before you start to hire. For example, what industry or field would you like them to have experience in, what level of seniority or education does the job require, and how much it'll cost to hire a business management analyst that fits the bill.
The following list breaks down different types of business management analysts and their corresponding salaries.
| Type of Business Management Analyst | Description | Hourly rate |
|---|---|---|
| Business Management Analyst | Management analysts, often called management consultants, propose ways to improve the efficiency of an organization. They advise managers on how to make organizations more profitable through reduced costs and increased revenues. | $23-47 |
| Staff Analyst | Staff Analysts are employees who oversee the activities related to the employees. They monitor the performance of the employees and assess whether particular employees suit the role they have... Show more | $34-65 |
| Program Analyst | The job of program analysts is to plan, manage, and evaluate a company's computer programs. They usually perform different tasks, including researching and analyzing complex data to identify trends and offer the best recommendations for improvements... Show more | $25-50 |
Including a salary range in your business management analyst job description is one of the best ways to attract top talent. A business management analyst can vary based on:
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Washington | $87,712 | $42 |
| 2 | New Jersey | $81,291 | $39 |
| 3 | California | $80,616 | $39 |
| 4 | District of Columbia | $78,204 | $38 |
| 5 | Maryland | $75,552 | $36 |
| 6 | New York | $75,364 | $36 |
| 7 | North Carolina | $75,304 | $36 |
| 8 | Illinois | $73,938 | $36 |
| 9 | Massachusetts | $72,577 | $35 |
| 10 | Virginia | $70,787 | $34 |
| 11 | Connecticut | $69,581 | $33 |
| 12 | Georgia | $68,635 | $33 |
| 13 | Pennsylvania | $66,182 | $32 |
| 14 | South Carolina | $65,021 | $31 |
| 15 | Texas | $64,783 | $31 |
| 16 | Ohio | $64,698 | $31 |
| 17 | Michigan | $63,591 | $31 |
| 18 | Arizona | $63,526 | $31 |
| 19 | Oklahoma | $62,857 | $30 |
| 20 | Indiana | $60,902 | $29 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Meta | $124,980 | $60.09 | 426 |
| 2 | Microsoft | $120,787 | $58.07 | 27 |
| 3 | Applied Materials | $115,187 | $55.38 | 20 |
| 4 | Cambridge Associates | $111,519 | $53.61 | |
| 5 | Cisco | $111,048 | $53.39 | 49 |
| 6 | Neuberger Berman | $110,464 | $53.11 | 21 |
| 7 | Intuit | $108,400 | $52.12 | 48 |
| 8 | Kronos Incorporated | $107,852 | $51.85 | |
| 9 | DocuSign | $107,284 | $51.58 | 4 |
| 10 | Barclays | $106,735 | $51.31 | 1 |
| 11 | Tory Burch | $105,355 | $50.65 | |
| 12 | Mayo Clinic | $104,753 | $50.36 | 14 |
| 13 | Florida Power and Light | $104,600 | $50.29 | 27 |
| 14 | Square | $103,739 | $49.87 | |
| 15 | HSBC Bank | $99,720 | $47.94 | 4 |
| 16 | Citi | $99,338 | $47.76 | 73 |
| 17 | Deutsche Bank | $97,645 | $46.94 | 30 |
| 18 | UBS | $97,343 | $46.80 | 11 |
| 19 | Harvard Bioscience | $96,699 | $46.49 | |
| 20 | HP | $96,367 | $46.33 | 6 |
A business management analyst job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. To help get you started, here's an example of a business management analyst job description:
To find the right business management analyst for your business, consider trying out a few different recruiting strategies:
Your first interview with business management analyst candidates should focus on their interest in the role and background experience. As the hiring process goes on, you can learn more about how they'd fit into the company culture in later rounds of interviews.
Remember to include a few questions that allow candidates to expand on their strengths in their own words. Asking about their unique skills might reveal things you'd miss otherwise. At this point, good candidates can move on to the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the business management analyst position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's also good etiquette to follow up with applicants who don't get the job by sending them an email letting them know that the position has been filled.
To prepare for the new business management analyst first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
Recruiting business management analysts involves both the one-time costs of hiring and the ongoing costs of adding a new employee to your team. Your spending during the hiring process will mostly be on things like promoting the job on job boards, reviewing and interviewing candidates, and onboarding the new hire. Ongoing costs will obviously involve the employee's salary, but also may include things like benefits.
The median annual salary for business management analysts is $69,743 in the US. However, the cost of business management analyst hiring can vary a lot depending on location. Additionally, hiring a business management analyst for contract work or on a per-project basis typically costs between $23 and $47 an hour.