We will tackle how much the VP product salary is. Also, we will tackle the various factors of a VP product salary.
How Much Is A VP Product Salary?
The VP Product Salary depends on a variety of factors. They are the company size, region, and industry.
For instance, the salary of a VP of product at a large company in Silicon Valley is different from a small company in the Midwest. If we look at the top companies like Google, Facebook, or Amazon.
So a salary for a VP product starts from $300K and goes upwards to $600K. If we look at mid-sized companies, then it can go as high as $200K-600K and at smaller companies, it may be from $150K-350K.
But, if we look at the factors that play an important role in determining the VP product salary it is as follows:
Company Size :
The bigger the company, the higher will be your salary because for the following reasons: More people can implement your ideas and innovations thereby increasing your value.
The larger the company, there will be more resources you can tap into to grow your business. The larger the company, there are more investments which they can make with your advice.
So this will help them grow their businesses faster. The larger companies have more visibility and hence they get more business due to their name.
It means that they need someone with a better experience to handle their business.
Depending on the region where you work, your salary would differ due to various factors: The cost of living in different regions is different depending on their economic status.
For instance, in Silicon Valley and New York salaries are much higher than in other regions because of their high cost of living. So, if you are working in one of these areas.
Then you will get paid higher even if you have an average experience. Since people with better experience might not live there due to its high cost of living.
If you have a great experience then it might be worth moving to these places for better pay. But if you are just starting then it might not be worth it since there would be less opportunity for learning new things.
There will be less competition since there would be less talent available considering its high cost of living. Hence big companies might offer you better salaries.
Since they can afford to pay higher wages by having more money coming in due to their business volume. Also, being able to pay higher wages due to not having enough talent around the corner.
The industry also plays a huge role in deciding the VP product salary. The following are the factors that play a key role in deciding the VP product salary:
The sector and the vertical that you are working in effect the salary. For instance, if you are working in an insurance company.
Then your pay would be lower than if you would work at a gaming company and vice versa. Similarly, if you work for Coca-Cola then your payment will be higher than if you work for an online clothing store.
The type of company also has a huge factor to consider. For instance, if you have worked in a tech startup.
Then your payment will be much higher than if you have worked for an insurance company or any other type of company. The passion of the founders also affects the salary of the employees there.
If the founder is very passionate about what he does. They will invest more money into his business thus making it possible to pay their employees more.