Procurement is a specialized function that is key to a company’s profitability. As an employee, you can make an impact in a procurement role. If you’re interested in this department, the five FAQs below will answer common questions you have regarding a job in this field.
1. What Is Procurement?
Procurement is a word many are familiar with but have difficulty defining. Working in procurement includes acquiring goods, services, or works from external third parties at favourable terms, often via a competitive bidding process. The better the prices and terms received, the more profitable the company can become.
Procurement employees are goal-oriented visionaries who are always looking forward, implementing business analytics to minimize risk and maximize profit. All companies need a structured approach in order to expand their business. The ability to see beyond short-term business goals helps the procurement department develop a long-range business framework.
2. What’s the Average Pay?
Procurement is a high-demand profession with a limited talent pool. Procurement specialists, on average, make close to $30 an hour. The average procurement role pays well, and previous experience, seniority, and other factors will affect the salary you receive in such a role.
3. What Are the Main Job Responsibilities?
If you’re the type of person who likes each day to be different, a job in procurement will be ideal for you. The duties in this department include a range of challenging and varied assignments, from managing vendor contracts and ordering materials to conducting market research.
Your goal is to facilitate honest, competitive, and cost-effective solutions for purchasing materials and supplies the company needs.
4. What Are the Educational Requirements?
Becoming a procurement specialist doesn’t require a licence, but it does involve some post-secondary education. Most procurement specialists have a bachelor’s degree in the following areas: accounting, business administration, economics, or finance. Some employees may have obtained further education by way of certificates in purchasing or supply chain management, as well.
Like any career, education isn’t the only determining factor in getting a job. Work experience is important, and soft skills, such as interpersonal, leadership, and negotiation skills, are highly sought after.
5. Is There Room to Grow?
When you first get into a procurement job, you could work in a company that manufactures jet engines or in a firm that provides legal services.
A career in procurement presents vertical growth opportunities. While you may start off as a procurement analyst, searching for prospective vendors and analyzing historical purchasing costs, your skill and expertise could eventually lead you to become the VP of Procurement.
There are many steps in between, but if you have your sights set on moving upwards, a job in procurement could take you from entry-level to department head in your career.
Procurement presents exciting opportunities. See how you can get started in procurement by contacting a staffing firm today.