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New business development hiring summary. Here are some key points about hiring new business development in the United States:
Here's a step-by-step new business development hiring guide:
New business development focuses on new business opportunities and new product innovation, including product design, business model design, and marketing. This includes a wide scope of responsibilities that includes marketing planning, strategic partnerships, and increased profitability. It is the responsibility of new business development agents to be aware of new market opportunities, possibilities for expansion, competitor product developments, and the company's current sources of revenue. This job can be summarized as the source of ideas, initiatives, and activities aimed in the direction of making a business better.
Before you start hiring a new business development, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
You should also consider the ideal background you'd like them a new business development 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 new business development that fits the bill.
This list presents new business development salaries for various positions.
| Type of New Business Development | Description | Hourly rate |
|---|---|---|
| New Business Development | Advertising, promotions, and marketing managers plan programs to generate interest in products or services. They work with art directors, sales agents, and financial staff members. | $27-58 |
| Sales Development Manager | Sales Development Managers oversee a specific function in the sales department. They are in charge of creating sales pitches, communication tools, and strategies to boost the company's sales performance... Show more | $31-75 |
| Business Development And Marketing Manager | The business development and marketing manager is in charge of overseeing a company's marketing programs and projects. They primarily manage and coordinate teams, set goals and guidelines, organize budgets and timelines, conceptualize plans, and develop strategies to optimize operations... Show more | $24-53 |
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | California | $103,883 | $50 |
| 2 | New Jersey | $94,427 | $45 |
| 3 | Oregon | $90,005 | $43 |
| 4 | New York | $87,972 | $42 |
| 5 | Illinois | $83,622 | $40 |
| 6 | Washington | $83,578 | $40 |
| 7 | Ohio | $83,070 | $40 |
| 8 | Wisconsin | $82,933 | $40 |
| 9 | Michigan | $80,551 | $39 |
| 10 | Massachusetts | $79,259 | $38 |
| 11 | Georgia | $76,399 | $37 |
| 12 | Texas | $76,343 | $37 |
| 13 | Pennsylvania | $75,572 | $36 |
| 14 | North Carolina | $75,068 | $36 |
| 15 | Alabama | $70,225 | $34 |
| 16 | Minnesota | $70,105 | $34 |
| 17 | Tennessee | $68,083 | $33 |
| 18 | Arkansas | $67,871 | $33 |
| 19 | Utah | $67,466 | $32 |
| 20 | Florida | $66,860 | $32 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Citi | $117,139 | $56.32 | 18 |
| 2 | Novartis | $115,449 | $55.50 | |
| 3 | Barclays | $114,314 | $54.96 | 2 |
| 4 | ACI Worldwide | $105,718 | $50.83 | 1 |
| 5 | CDK Global | $98,168 | $47.20 | 34 |
| 6 | Sysco | $98,112 | $47.17 | 92 |
| 7 | CORE Business Technologies | $95,128 | $45.73 | |
| 8 | Anheuser-Busch | $94,178 | $45.28 | 6 |
| 9 | Experis US Inc | $93,700 | $45.05 | |
| 10 | Air Force One | $93,444 | $44.92 | |
| 11 | Bank of America | $90,856 | $43.68 | 120 |
| 12 | U.S. Bank | $90,422 | $43.47 | 121 |
| 13 | Carlisle Companies | $90,371 | $43.45 | 12 |
| 14 | Lockheed Martin | $87,118 | $41.88 | 66 |
| 15 | Chipotle Mexican Grill | $84,913 | $40.82 | 1 |
| 16 | Red Wing Shoes | $81,974 | $39.41 | 1 |
| 17 | ION | $81,852 | $39.35 | 2 |
| 18 | Providence Community Health Centers | $81,337 | $39.10 | |
| 19 | Cabot Risk | $81,116 | $39.00 | 3 |
| 20 | GCR | $78,622 | $37.80 |
A new business development 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. Below, you can find an example of a new business development job description:
To find the right new business development for your business, consider trying out a few different recruiting strategies:
To successfully recruit new business development, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.
You should also ask about candidates' unique skills and talents to see if they match the ideal candidate profile you developed earlier. Candidates good enough for the next step can complete 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 new business development 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 equally important to follow up with applicants who don't get the job with an email letting them know that the position has been filled.
To prepare for the new new business development 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 new business development 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.
You can expect to pay around $84,261 per year for a new business development, as this is the median yearly salary nationally. This can vary depending on what state or city you're hiring in. If you're hiring for contract work or on a per-project basis, hourly rates for new business development in the US typically range between $27 and $58 an hour.