Commodities Sourcing Manager Salary
Job Description for Commodities Sourcing Manager
Commodities sourcing managers are responsible for executing commodities and finding the best sources for client portfolios on behalf of their company. These individuals are in charge of managing vendor and client relationships to find the best cost/expense commodities ratios for customers and must have strong communication skills to interact with a variety of clients and find the best sourcing strategies for financial projects.Read More...
These managers develop and create administrative and operational activities in order to create strong business relationships and lower operational expenses when completing transactions. They are also responsible for assessing and building sourcing strategies while maintaining objectives and strict timelines, and following privacy guidelines to keep client data safe. They generally lead a group of financial professionals in meeting all department goals within specific time-frames; they also share information with other managers to complete bid processes in a timely manner. However, they must also perform efficiently on their own with minimal supervision.
Commodities sourcing managers communicate frequently with legal and risk management departments to analyze a variety of commodities negotiations and also manage e-commerce initiatives. They must be organized and pay close attention to detail when revising documents and conducting performance review meetings. Additional responsibilities may include analyzing price proposals, contractor abilities, and financial reports.
A bachelor's degree in a field related to purchasing and supply chain management is required for this position. Previous years of work experience in a relevant capacity can be helpful. Industry and leadership certifications are also beneficial.
Commodities Sourcing Manager Tasks
- Implement and train employees on company best practices and ensure department-wide compliance.
- Effectively manage team and ensure that established guidelines and benchmarks are met.
- Build and maintain effective supplier and vendor relationships.
- Maintain key performance metrics appropriate for each commodity category and suppliers.
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Pay by Experience Level for Commodities Sourcing Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For Commodities Sourcing Managers, level of experience appears to be a somewhat less important part of the salary calculation — more experience does not correlate to noticeably higher pay. Salaries for the relatively untried average out to around $72K, but survey participants with five to 10 years of experience earn a significantly higher median of $80K. The average pay reported by folks with 10 to 20 years of experience is around $85K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $87K.
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