Average Business Development Specialist Salary in Barbados for 2024

In this article, we will look at the average Business Development Specialist salary for 2024 in Barbados 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 Barbadian dollar. To keep things simple, we are using the BBD currency code instead of the currency symbol $.

How Much Does a Business Development Specialist Make in Barbados?

A Business Development Specialist working in Barbados will typically earn around 46,880 BBD per year, and this can range from the lowest average salary of about 25,160 BBD to the highest average salary of 71,400 BBD.

These are average salaries for a Business Development Specialist in Barbados and include benefits such as housing and transport. It's also possible for a Business Development Specialist to earn more or less than the average salaries shown above.

Business Development Specialist 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 Business Development Specialist Salaries in Barbados

So we've looked at the average salaries a Business Development Specialist will earn in Barbados. The next interesting data point is the distribution of salaries.

Salary ranges

We already know that a Business Development Specialist can earn between 25,160 BBD and 71,400 BBD on average in Barbados. 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 a Business Development Specialist in Barbados is 44,540 BBD. This is the middle value in the distribution of salaries.

What this means is that approximately 50% of the population earn less than 44,540 BBD, and 50% of the population earn more than 44,540 BBD.

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 Business Development Specialist salary in Barbados, 25% of the population are earning less than 33,120 BBD while 75% of the population earn more than 33,120 BBD.

75% of the population earn less than 55,140 BBD, and 25% of the population earn more than 55,140 BBD.

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.

Business Development Specialist Salary by Experience Level in Barbados

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 business development specialist 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. A Business Development Specialist in Barbados that has less than two years of experience can expect to earn somewhere in the region of 31,080 BBD.
• 2 - 5 Years Experience. With two to five years of experience the average Business Development Specialist salary would increase to 37,800 BBD.
• 5 - 10 Years Experience. From five to ten years of experience as a Business Development Specialist, the average salary would be 50,340 BBD.
• 10 - 15 Years Experience. Once you have more than ten years of experience the average salary reaches around 59,940 BBD.
• 15 - 20 Years Experience. A Business Development Specialist with 15 to 20 years of experience can earn an average of 65,800 BBD.
• 20+ Years Experience. For a Business Development Specialist with more than 20 years, the expected average salary increases to 71,700 BBD.

Average Salary by Experience Chart

Business Development Specialist Salary by Education Level in Barbados

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 a Business Development Specialist in Barbados based on the education level of the employees in order to find out whether a better education level would increase your salary.

• High School. A Business Development Specialist in Barbados with a high school education can earn an average salary of 36,580 BBD.

• Certificate or Diploma. A Business Development Specialist in Barbados with a certificate or diploma education can earn an average salary of 41,560 BBD.

• Bachelor's Degree. A Business Development Specialist in Barbados with a bachelor's degree education can earn an average salary of 55,940 BBD.

• Master's Degree. A Business Development Specialist in Barbados with a master's degree education can earn an average salary of 69,240 BBD.

Average Salary by Education Chart

Business Development Specialist 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 Barbados, a male business development specialist will earn an average of 50,240 BBD, while a female business development specialist will earn around 47,760 BBD.

This means that a male business development specialist earns approximately 5% more than a female business development specialist for performing the same job.

Average Salary by Gender Chart in Barbados

Business Development Specialist Average Pay Raise in Barbados

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 a Business Development Specialist in Barbados is around 9% every 28 months.

The national average pay raise across all professions and industries in Barbados 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 = ( 9 ÷ 28 ) × 12  = 4%

What this means is that a Business Development Specialist in Barbados can expect to receive an average pay raise of around 4% every 12 months.

Annual Pay Raise by Industry in Barbados for 2024

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

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

Business Development Specialist Bonus and Incentive Rates in Barbados

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.

A Business Development Specialist is a moderate bonus based job, with 59% of employees reporting at least one bonus in the last 12 months.

41% 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 6% to 7%.

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 Barbados earn approximately 8% more than private sector employees in the same role.

Salaries for Jobs Similar to a Business Development Specialist

In the table below, we have salary information for jobs that are similar to a Business Development Specialist in Barbados.

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