Are you looking to become an inventory control manager? We don't blame you! The job is interesting, important, and the pay isn't bad either.
We can answer any questions you have and help you make an informed decision about the job.
Read on for an overview of what an inventory manager is, their normal tasks, required skills, and how much they're paid.
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What Is an Inventory Control Manager?
Inventory control managers are in charge of all aspects of inventory management process and inventory control. They are a vital part of a company's management team and are responsible for warehouse operations and inventory tracking. The inventory control manager should have the proper knowledge of how to calculate ending inventory.
Inventory Control Manager Salary
The average salary for an inventory control manager is $60,643. To ensure the most accurate number, we took the average inventory control manager salary from the five largest nationwide employment websites.
Given that number combined with the fact that inventory control manager duties take an average of 40 hours per week, inventory control managers make an average of $29.16 an hour. They have a lot of responsibility in keeping the warehouse operational.
Here’s the data we used:
At Home Inventory Control Manager Salary
The average salary for an at-home inventory control manager is $47,557. There is less information regarding this career as it is relatively new. As such, his number is an average salary from two of the largest nationwide employment websites.
At-home inventory control manager's duties are essentially the same as their in-person counterparts. However, the compensation is lower due to the remote nature of the job. At-home inventory control manager duties take an average of 40 hours per week, so they make an average of $22.86 an hour.
Inventory Control Manager Job Description
Inventory control managers are responsible for every aspect of inventory management. This includes everything from inventory tracking to conducting an inventory audit to inventory maintenance and more. They must also manage and direct warehouse personnel.
5 Important Inventory Control Manager Skills
Due to the varied nature of this role, inventory control managers must have a wide variety of skills.
Here are the five most important skills:
- Leadership. Inventory control managers are in charge of a number of employees who work with inventory. They need to be able to lead by example, resolve conflict, and take decisive action.
- Problem solving. There are many issues that may arise like inventory shrinkage, dead stock (see dead stock meaning), or missing product. Inventory control managers need to be able to quickly and efficiently find solutions.
- Data analysis. Inventory is built around data. It is used to calculate reorder point (use our reorder point formula), lead time (what is lead time?), economic order quantity, and more. A good inventory control manager makes informed, data-driven decisions to help the business grow.
- Organization. A disorganized warehouse is more of a liability than an asset. It's highly important for an inventory control manager to maintain order and optimize processes. An efficient warehouse typically has each product organized by the SKU number and product characteristics.
- Attention to detail. Every mistake comes with a price. A manager with an eye for detail can avoid most mistakes and save the company money. This also includes paying attention to detail when using the inventory turnover formula and inventory days formula.
Inventory Supervisor Responsibilities
Inventory control managers may also be called inventory supervisors. This is because the majority of their responsibilities are regarding inventory.
Here are the main responsibilities:
- Monitor all inventory counts. Inventory managers are responsible for ensuring inventory counts are done correctly. This is true whether it's physical inventory counting, inventory cycle count, or data from perpetual inventory management software or an order management system.
- Perform inventory audits. Inventory numbers need to be accurate, or they can damage a business' bottom line. Inventory control managers must perform audits regularly to uncover any problems. This can be done through inventory management or ERP software (see benefits of ERP).
- Inventory forecasting. Using the data gathered from inventory counting and sales, a manager needs to predict future trends. Done correctly, they can optimize the amount of product kept on hand and keep costs low.
- Train warehouse staff. A manager is a manager, regardless of their other functions. As such, inventory managers must ensure their employees are properly trained and working as a team.
- Track and control shipping. An inventory control manager's job doesn't end when the product leaves the warehouse. They need to ensure it gets to the final destination on time and intact. They also need to make decisions to lower shipping costs and increase profit.
Assistant Inventory Manager
An assistant inventory manager is a junior leader who reports to the inventory control manager. Their job functions are essentially the same, but at a lower level. They manage inventory, conduct inventory counts, and help with audits.
You may not be ready to make the leap to become an inventory control manager or maybe there's only an assistant manager position open. This role is a great first step. It can prepare you for becoming an inventory control manager and give you valuable experience in inventory management.
We Want to Speak to the Manager
Now you know more about the role of an inventory control manager and their responsibilities. They are an important part of any company and are responsible for millions of dollars worth of inventory. The role offers a busy and diverse work schedule that can only be mastered by someone who can manage people, products, and data.
Now, get out there and get the job! Don't forget to read our inventory control guide so you can further master the role. If you can find a manager who also knows how to navigate an online marketplace to find the best suppliers, you'll really get the most bang for your buck.
Frequently Asked Questions About Inventory Control Manager Salary
Looking to hire an inventory control manager for your warehouse or business? It’s important to have reasonable salary expectations. Check out the commonly asked questions below for more info:
What is the salary of a stock manager?
The average stock manager salary is $52,256.50. Stock managers are responsible for overseeing all inventory operations, including shipments, transfers, restocking, and merchandising.
How do you become an inventory control manager?
Becoming an inventory control manager requires the minimum education of a high school diploma or GED certificate and real-world inventory experience. It helps to work in warehousing, a distribution network, or a third party logistics company (3PL).
Some companies require candidates to have a relevant Bachelor’s degree, like business management or supply chain logistics. Education in these fields gives you a clear overview of industry operations and what companies expect of your skills.
While working at a warehouse or distribution center, continue doing your best work and watch for fresh opportunities. Many individuals currently in a managerial role gained significant on-the-job experience and were promoted to managerial status later.