Hunter Campbell is pleased to bring you our updated Supply Chain Salary & Employment Forecast Series.
This series profiles Supply Chain, Operations, Procurement and Technical positions with information including jobs in demand, salaries and employment prospects with recently updated information to reflect salary changes and the everchanging market conditions.
In our next instalment, the role of Procurement Analyst is up.
Purpose of the role
Procurement Analysts act as a go between for current and potential vendors and the business. They analyse and evaluate potential suppliers, test products, and then negotiate and review the contracts.
Procurement Analysts prepare monthly reports on supply costs to offer valuable insights to other departments within the organization. They work internally to coordinate with each department and ensure that the company’s purchasing needs are met, while staying up-to-date with any changes in costs. They also access delivery timelines to ensure deliveries are made on time.
A successful Procurement Analyst is able to provide commercial insights that highlight changes in cost and consumption which enables the business to make good decisions and ultimately keep costs down.
Key skills required
- Strong interpersonal and communication skills to establish and maintain relationships with vendors and third-party suppliers as well as internal stakeholders.
- Solutions focused and having problem solving skills – this could involve finding new suppliers or finding ways to reduce costs of products.
- Strong analytical background in procurement with the ability to conduct and interpret qualitative and quantitative research, present findings and give suggested improvements.
- Effective contract management skills.
- Typically, a degree qualification in subjects such as supply chain or procurement, engineering or a mathematical/statistical degree.
Procurement Analysts hold strong relationships internally and externally as well as being technically minded. With extensive experience in this role, individuals may have the chance to progress into a Procurement Specialist or, further down the line, a Procurement Manager position.
As Procurement Specialists and Managers typically engage in procurement analysis as part of their job, the need for a dedicated procurement analyst position arises when the procurement team grows more established.
Outside of procurement, experience as a Procurement Analyst could pivot into a broader operations or commercial based role where the knowledge of procurement is an asset.
This year we expect heads of procurement to continue focus on crisis management.
Significant increase in inflation will effect supply chains and cause unpredictable cost increases. Focus will be to maximise daily performance in order to maintain business operations, eliminate any disruptions and keep costs under control, which is pivotal in the procurement analyst role. This will not be made easier by the expected continuation of labour shortages. With increased pressures on procurement teams, 2023 could see many job changes in this field.
Procurement Analysts are going to be in high demand so looking for individuals with strong analytical skills, business acumen along with an excellent communication style outside of the procurement industry could be a great way to hire this year.
Junior – $65,000-$75,000
Intermediate- $85,000- $95,000
Senior – $105,000-$115,000
Junior analysts are typically university graduates and part of a large procurement team solely focusing on the analysis, so would be sitting around $65,000-$75,000.
Intermediate Procurement Analysts could very well be taking on wider procurement duties such as category management and would therefore sit around $85,000-$95,000.
Senior Procurement Analysts would be making more strategic and commercial decisions and could have more junior team members sitting underneath them, they would sit around $105,000+.
All of these salaries will be very dependent on the size of the wider procurement team and their spend within the business.
If you would like to find out more about the role of Procurement Analyst, please contact Senior Consultant Chelcea McCauley. Chelcea specialises in the recruitment of Supply Chain, Procurement & Operations roles. For more news and views visit our website by clicking here, see what opportunities we have available here or follow us on LinkedIn.