Average Approval Team Manager Salary in Saint Vincent and the Grenadines for 2024

In this article, we will look at the average Approval Team Manager salary for 2024 in Saint Vincent and the Grenadines and how that compares to other countries and professions. We'll also look at interesting salary data points like median salary, 25th and 75th percentile salaries, salary amounts based on experience, bonus ranges and more!

The data in this article has been compiled using official government salary data, salary surveys, and other sources such as job postings which contain salary information.

All salary information is in the local currency, which is the Eastern Caribbean dollar. To keep things simple, we are using the XCD currency code instead of the currency symbol $.

How Much Does an Approval Team Manager Make in Saint Vincent and the Grenadines?

An Approval Team Manager working in Saint Vincent and the Grenadines will typically earn around 45,720 XCD per year, and this can range from the lowest average salary of about 21,300 XCD to the highest average salary of 73,020 XCD.

Average Annual Salary
45,720 XCD
Average Monthly Salary
3,810 XCD

Lowest Annual Salary
21,300 XCD
Lowest Monthly Salary
1,775 XCD

Highest Annual Salary
73,020 XCD
Highest Monthly Salary
6,085 XCD

These are average salaries for an Approval Team Manager in Saint Vincent and the Grenadines and include benefits such as housing and transport. It's also possible for an Approval Team Manager to earn more or less than the average salaries shown above.

Approval Team Manager salaries will vary a lot based on your experience, location, skills, and gender. Keep reading below to research more data on each of these areas.

Distribution of Approval Team Manager Salaries in Saint Vincent and the Grenadines

So we've looked at the average salaries an Approval Team Manager will earn in Saint Vincent and the Grenadines. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that an Approval Team Manager can earn between 21,300 XCD and 73,020 XCD on average in Saint Vincent and the Grenadines. This is known as the range in statistics.

The difference between the maximum and minimum values is a good indicator of variability in salaries, and can be used by employers to figure out how much they can expect to pay, and for employees to know how much they can earn.

Median salary

The median salary for an Approval Team Manager in Saint Vincent and the Grenadines is 48,940 XCD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 48,940 XCD, and 50% of the population earn more than 48,940 XCD.

If you are earning more than the median salary, that's a good indicator that you are being paid well.

If you're not earning more than the median salary, your objective should be to increase your earnings to be at least as high as the median salary (which you can do by asking for a pay rise, looking for a better paying job, etc).

Percentiles

Percentiles are similar to the median salary, but instead of looking at the middle value, they look at the values in the top and bottom half of the distribution.

For the average Approval Team Manager salary in Saint Vincent and the Grenadines, 25% of the population are earning less than 31,520 XCD while 75% of the population earn more than 31,520 XCD.

75% of the population earn less than 63,040 XCD, and 25% of the population earn more than 63,040 XCD.

Like the median salary, the 25th and 75th percentile salaries can be used to determine which quartile you fall into so that you know whether you are being paid well enough compared to others in your profession and location.

The difference between a median and an average salary

The median and average salary are both indicators you can use to see if you are being paid fairly based on the overall population.

  • If your salary is higher than the average and the median salary, you are earning well compared to others.
  • If your salary is lower than the average and the median salary, it could indicate you are not being paid well enough.
  • If you are somewhere in between then it's tricky to determine if you are being paid well enough and you might need to research more closely.

Approval Team Manager Salary by Experience Level in Saint Vincent and the Grenadines

The most important factor in determining your salary after the specific profession is the number of years experience you have. It stands to reason that more years of experience will result in a higher wage.

We have researched the average approval team manager salary based on years of experience to give you an idea of how the average changes once you've worked for a certain amount of time.

  • 0 - 2 Years Experience. An Approval Team Manager in Saint Vincent and the Grenadines that has less than two years of experience can expect to earn somewhere in the region of 25,440 XCD.
  • 2 - 5 Years Experience. With two to five years of experience the average Approval Team Manager salary would increase to 36,700 XCD.
  • 5 - 10 Years Experience. From five to ten years of experience as an Approval Team Manager, the average salary would be 50,080 XCD.
  • 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 60,880 XCD.
  • 15 - 20 Years Experience. An Approval Team Manager with 15 to 20 years of experience can earn an average of 65,940 XCD.
  • 20+ Years Experience. For an Approval Team Manager with more than 20 years, the expected average salary increases to 72,360 XCD.

Average Salary by Experience Chart

0-2 Years
25,440 XCD
2-5 Years +42%
36,700 XCD
5-10 Years +31%
50,080 XCD
10-15 Years +23%
60,880 XCD
15-20 Years +6%
65,940 XCD
20+ Years +10%
72,360 XCD

Approval Team Manager Salary by Education Level in Saint Vincent and the Grenadines

As well as experience in a job, your education plays a big role in how much you can earn. A lot of higher paying positions require a high level of education, but how much can a degree increase your salary?

In our research we have compared the salaries of employees in the same job and career level with different levels of education to see how much more you can earn at each education level.

The salary you can earn based on your education is very specific to both your location and the career path you choose.

In our research, we looked at the average salary for an Approval Team Manager in Saint Vincent and the Grenadines based on the education level of the employees in order to find out whether a better education level would increase your salary.

  • Bachelor's Degree. An Approval Team Manager in Saint Vincent and the Grenadines with a bachelor's degree education can earn an average salary of 40,600 XCD.

  • Master's Degree. An Approval Team Manager in Saint Vincent and the Grenadines with a master's degree education can earn an average salary of 58,720 XCD.

Average Salary by Education Chart

Bachelor's Degree
40,600 XCD
Master's Degree +43%
58,720 XCD

How Much is a Master's Degree or MBA Program?

The approximate cost of a master's degree or post-graduate program like an MBA in Saint Vincent and the Grenadines is around 17,000 to 50,900 XCD and takes two years to complete.

As you can see above, there are financial benefits from reaching master's degree level, but don't expect to see much of a salary increase until you have completed the degree.

It's common for people to pursue an MBA or other post-graduate program in order to switch to a a job that pays more. On average, you can expect to earn around 10% more when switching to a new company.

Whether you decide to pursue a master's degree depends on many factors. If you are able to afford it, the numbers suggest that the return on investment is worth it and you could recover the costs in a few years from the salary increase you would receive.

Approval Team Manager Salary Compared by Gender

In the modern age, we know that there should never be a pay gap between men and women. Unfortunately, in many professions, there is still a significant difference between the salaries earned by men when compared to the salary of women in the same job.

In Saint Vincent and the Grenadines, a male approval team manager will earn an average of 51,080 XCD, while a female approval team manager will earn around 45,000 XCD.

This means that a male approval team manager earns approximately 14% more than a female approval team manager for performing the same job.

Average Salary by Gender Chart in Saint Vincent and the Grenadines

Male
51,080 XCD
Female -14%
45,000 XCD

Approval Team Manager Average Pay Raise in Saint Vincent and the Grenadines

In many countries, an annual pay raise is often given to employees to reward their service with a salary increase.

From our research, we can see that the average pay raise for an Approval Team Manager in Saint Vincent and the Grenadines is around 7% every 31 months.

The national average pay raise across all professions and industries in Saint Vincent and the Grenadines is around 4% every 29 months.

In this case, we can see that the number of months between the average pay raise is higher than the typical 12 months.

To make the data more meaningful, we can calculate what the approximate annual pay raise would be using a simple formula:

Annual Increase = ( Increase Rate ÷ Months ) × 12

So for this example, it would be:

Annual Increase = ( 7 ÷ 31 ) × 12  = 3%

What this means is that an Approval Team Manager in Saint Vincent and the Grenadines can expect to receive an average pay raise of around 3% every 12 months.

Annual Pay Raise by Industry in Saint Vincent and the Grenadines for 2024

In the chart below, you can see the average annual pay raise percentages for each of the major industries in Saint Vincent and the Grenadines.

You will see that companies in bigger and more lucrative industries tend to have the higher annual pay raises.

Banking
7%
Energy
5%
Information Technology
3%
Healthcare
1%
Travel
8%
Construction
6%
Education
4%

Approval Team Manager Bonus and Incentive Rates in Saint Vincent and the Grenadines

Another part of your overall compensation in a job is how much bonus you receive. Some job roles will be more likely to pay a bonus than others and also more likely to have higher bonus rates.

Generally speaking, jobs that are more involved with direct revenue generation will receive higher bonuses based on the performance towards revenue goals.

An Approval Team Manager is a low bonus based job, with 40% of employees reporting at least one bonus in the last 12 months.

60% reported that they had not received any bonuses in the previous 12 months.

For the employees that did receive a bonus in the previous 12 months, the reported bonuses ranged from 3% to 6%.

Received Bonus
40%
No Bonus
60%

What are the Types of Bonus?

There are a number of difference types of bonus you can receive in a job. Including:

  • Individual performance bonus - This is a bonus that is awarded to an individual employee for general performance in the job. It's the most common type of bonus.
  • Company performance bonus - This is a bonus that is awarded to a company employees to share profit with the staff.
  • Goal based bonus - This is a bonus that is awarded to an individual employee (or a team) for achieving specific goals, objectives, or milestones.
  • Holiday bonus - This type of bonus is usually paid around the holidays, often the end of the year, and is a token of appreciation for the hard work throughout the year.

Government vs Private Sector Salaries

Another commonly asked question is whether you get paid a higher salary working in the public (government) sector or the private sector.

Public sector employees in Saint Vincent and the Grenadines earn approximately 19% more than private sector employees in the same role.

Public Sector
45,060 XCD
Private Sector -19%
37,880 XCD

Salaries for Jobs Similar to an Approval Team Manager

In the table below, we have salary information for jobs that are similar to an Approval Team Manager in Saint Vincent and the Grenadines.

Job Title Category Salary
Assistant Quality Manager Quality Control and Compliance 41,560 XCD
Compliance Officer Quality Control and Compliance 23,260 XCD
Document Analyst Quality Control and Compliance 19,060 XCD
Document Control Officer Quality Control and Compliance 19,200 XCD
Document Control Specialist Quality Control and Compliance 20,460 XCD
HACCP Coordinator Quality Control and Compliance 23,520 XCD
Inspection Supervisor Quality Control and Compliance 37,880 XCD
Internal Compliance Officer Quality Control and Compliance 23,140 XCD
Product Complaints Associate Quality Control and Compliance 26,080 XCD
Product Owner Quality Control and Compliance 43,260 XCD
Product Quality Leader Quality Control and Compliance 48,160 XCD
QMS Coordinator Quality Control and Compliance 28,820 XCD
Quality and Safety Site Leader Quality Control and Compliance 46,720 XCD
Quality Assurance Administrator Quality Control and Compliance 37,880 XCD
Quality Assurance Analyst Quality Control and Compliance 47,540 XCD
Quality Assurance Associate Quality Control and Compliance 25,440 XCD
Quality Assurance Auditor Quality Control and Compliance 39,960 XCD
Quality Assurance Document Control Quality Control and Compliance 17,740 XCD
Quality Assurance Engineer Quality Control and Compliance 24,820 XCD
Quality Assurance Executive Quality Control and Compliance 59,000 XCD
Quality Assurance Inspector Quality Control and Compliance 40,240 XCD
Quality Assurance Manager Quality Control and Compliance 65,940 XCD
Quality Assurance Specialist Quality Control and Compliance 40,420 XCD
Quality Assurance Supervisor Quality Control and Compliance 44,180 XCD
Quality Assurance Technician Quality Control and Compliance 19,980 XCD
Quality Assurance Tester Quality Control and Compliance 24,280 XCD
Quality Control Analyst Quality Control and Compliance 39,560 XCD
Quality Control and Compliance Officer Quality Control and Compliance 23,500 XCD
Quality Control and Quality Assurance Officer Quality Control and Compliance 28,720 XCD
Quality Control Auditor Quality Control and Compliance 36,580 XCD
Quality Control Chemist Quality Control and Compliance 43,080 XCD
Quality Control Coordinator Quality Control and Compliance 26,500 XCD
Quality Control Engineer Quality Control and Compliance 25,220 XCD
Quality Control Executive Quality Control and Compliance 58,280 XCD
Quality Control Manager Quality Control and Compliance 60,840 XCD
Quality Control Supervisor Quality Control and Compliance 43,080 XCD
Quality Control Technician Quality Control and Compliance 20,460 XCD
Quality Data Analyst Quality Control and Compliance 34,280 XCD
Quality Director Quality Control and Compliance 66,140 XCD
Quality Engineer Quality Control and Compliance 22,340 XCD
Quality Executive Quality Control and Compliance 45,600 XCD
Quality Improvement Coordinator Quality Control and Compliance 26,100 XCD
Quality Management Officer Quality Control and Compliance 24,200 XCD
Quality Manager Quality Control and Compliance 64,040 XCD
Quality Surveyor Quality Control and Compliance 39,160 XCD
Quality Trainer Quality Control and Compliance 40,640 XCD
Six Sigma Black Belt Quality Control and Compliance 50,560 XCD

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