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Principal business analyst hiring summary. Here are some key points about hiring principal business analysts in the United States:
Here's a step-by-step principal business analyst hiring guide:
A principal business analyst provides analytical services to recommend strategies that will optimize business operations. Among their responsibilities include gathering and analyzing data, understanding the purpose and needs of daily operations, performing market research and analysis to identify trends and opportunities, determine the strengths and weaknesses of current procedures, and develop solutions against problem areas. They must also conduct risk assessments, maintain documentation, and present findings through reports and presentations. Moreover, a principal business analyst must lead and encourage staff to reach goals while implementing and promoting the company's policies and regulations.
Before you start hiring a principal business analyst, 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 principal business 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 principal business analyst that fits the bill.
This list presents principal business analyst salaries for various positions.
| Type of Principal Business Analyst | Description | Hourly rate |
|---|---|---|
| Principal Business 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. | $42-72 |
| Analyst Lead | The duties of an analyst lead depend on one's line of work or industry of employment. Typically, their responsibilities revolve around performing research and analysis, coordinating with different departments to gather leads and data, reviewing findings, and producing reports and presentations for the stakeholders and other higher-ranking officials... Show more | $35-58 |
| Business Analyst/Project Manager | A business analyst/project manager is responsible for developing project management procedures, analyzing processes, and ensuring the accuracy and efficiency of project deliverables, following clients' specifications and requirements to meet their highest satisfaction. Business analysts/project managers manage project resources, delegate tasks to project staff, setting deadlines, and coordinating with the clients for regular updates and suggest strategic adjustments as needed... Show more | $34-65 |
Including a salary range in the principal business analyst job description is a good way to get more applicants. A principal business analyst salary can be affected by several factors, such as the location of the job, the level of experience, education, certifications, and the employer's prestige.
For example, the average salary for a principal business analyst in Nevada may be lower than in Washington, and an entry-level engineer typically earns less than a senior-level principal business analyst. Additionally, a principal business analyst with lots of experience in the field may command a higher salary as a result.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | Washington | $143,821 | $69 |
| 2 | California | $142,447 | $68 |
| 3 | Massachusetts | $129,133 | $62 |
| 4 | Connecticut | $127,066 | $61 |
| 5 | New Jersey | $125,264 | $60 |
| 6 | Rhode Island | $122,278 | $59 |
| 7 | New York | $120,542 | $58 |
| 8 | Illinois | $120,037 | $58 |
| 9 | Minnesota | $119,087 | $57 |
| 10 | Texas | $117,810 | $57 |
| 11 | Delaware | $117,711 | $57 |
| 12 | North Carolina | $116,905 | $56 |
| 13 | Oregon | $116,814 | $56 |
| 14 | Iowa | $116,675 | $56 |
| 15 | Virginia | $115,543 | $56 |
| 16 | Michigan | $113,299 | $54 |
| 17 | Georgia | $111,784 | $54 |
| 18 | Ohio | $107,635 | $52 |
| 19 | Arizona | $103,159 | $50 |
| 20 | Florida | $98,106 | $47 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | Mayo Clinic | $152,324 | $73.23 | 18 |
| 2 | Meta | $147,067 | $70.71 | 168 |
| 3 | Genentech | $140,060 | $67.34 | 49 |
| 4 | $138,447 | $66.56 | 109 | |
| 5 | Palo Alto Networks | $135,841 | $65.31 | 175 |
| 6 | SoCalGas | $134,707 | $64.76 | |
| 7 | Fortinet | $134,614 | $64.72 | 7 |
| 8 | Thoughtworks | $134,472 | $64.65 | |
| 9 | Anaplan | $133,615 | $64.24 | 1 |
| 10 | Boehringer Ingelheim | $130,557 | $62.77 | 38 |
| 11 | American Tower | $130,188 | $62.59 | |
| 12 | BNP Paribas | $130,172 | $62.58 | |
| 13 | Capgemini | $129,711 | $62.36 | 185 |
| 14 | Parexel International | $129,144 | $62.09 | 7 |
| 15 | ViacomCBS | $128,628 | $61.84 | |
| 16 | Hoffmann-LA Roche Inc | $128,627 | $61.84 | 5 |
| 17 | Nomura Securities | $127,603 | $61.35 | 42 |
| 18 | Vertex Pharmaceuticals | $127,559 | $61.33 | 12 |
| 19 | Amgen | $127,046 | $61.08 | 18 |
| 20 | Moderna | $126,415 | $60.78 | 2 |
A principal business 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 principal business analyst job description:
There are a few common ways to find principal business analysts for your business:
Your first interview with principal business 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.
It's also good to ask about candidates' unique skills and talents to see if they match your ideal candidate profile. If you think a candidate is good enough for the next step, you 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 principal business 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.
You should also follow up with applicants who don't get the job with an email letting them know that you've filled the position.
Once that's done, you can draft an onboarding schedule for the new principal business analyst. Human Resources should complete Employee Action Forms and ensure that onboarding paperwork is completed, including I-9s, benefits enrollment, federal and state tax forms, etc. They should also ensure that new employee files are created for internal recordkeeping.
Recruiting principal business 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.
You can expect to pay around $115,081 per year for a principal business analyst, 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 principal business analysts in the US typically range between $42 and $72 an hour.