In this age of uncertainty, as women fight to close the pay gap and many professionals struggle with work / life balance and financial insecurity, the future looks bright for procurement experts and other supply chain professionals.
In a recent PartProcurer article, we reported that the average salary for procurement managers is 43% higher than other occupations, based on Department of Labor Bureau of Statistics information. But that’s not the only good news for those in supply chain careers.
Find Satisfaction in a Supply Chain Career
The Association for Supply Chain Management (ASCM), just released the 2019 Supply Chain Salary and Career Survey Report. Supply chain professionals reported high job satisfaction, rising salaries, and benefits contributing to a healthy work and life balance. In today’s uncertain economy, they also reported strong job stability, a factor that should make careers in procurement desirable in coming years.
According to a recent Gallup World Poll, 85% of workers are displeased with their jobs, however the mood is much happier for supply chain professionals. When asked to rate their overall satisfaction with working in the supply chain field on a 0-10 scale, 80% of respondents provided a rating of 8 and above. Furthermore, an overwhelming majority (82%) said they are likely to stay working in the supply chain field for the next five years.
Not only are supply chain professionals happy in their jobs, they also have time off to enjoy their lives. Nearly all respondents said they receive holiday pay, and 80% have three weeks or more of vacation. More than half are offered flexible schedules and can work from home if needed.
Earn More in Procurement
Although the survey showed a gap between men’s and women’s salaries, it appears to be narrowing, especially for supply chain professionals under 40 where the difference between salaries is less than $1,000. These results challenge other industries where, according to the Bureau of Labor and Statistics, the average difference between men’s and women’s salaries was $10,000 in 2018.
Certification matters in this field. Supply chain professionals who hold one certification reported a median salary that was 18% higher than those who are not certified. Furthermore, each additional certification earned correlates with an additional rise in salary.
With room for advancement through certifications, increased job stability, and plentiful opportunities, there aren’t many reasons not to pursue a career in procurement.