Director, Strategic Sourcing Salary
Job Description for Director, Strategic Sourcing
Directors of strategic sourcing provide executive leadership related to strategic procurement within their organization. Most of their work revolves around communicating with other employees and clients. These professionals are responsible for negotiating with executives in other organizations to achieve desired outcomes, attending internal meetings to develop strategic policy within the organization, and helping create and implement internal sourcing strategies. They must perform supplier management and development, as well as accurately asses suppliers' capabilities as they relate to company needs.Read More...
Additionally, directors of strategic management must monitor and evaluate existing procurement strategies to ensure they are as effective and efficient as possible; if any potential improvements are discovered, the director must oversee their development and implementation. Directors of strategic sourcing must have an in-depth knowledge of their field and use that insight to make sourcing decisions that positively impact their company.
Besides demonstrating outstanding communication, interpersonal, and negotiating skills, a minimum of a bachelor's degree is usually required for this position. Another typical requirement is at least 10 years' experience in corporate strategic sourcing. There is no physical labor involved in this position, and minimal safety hazards exist. Travel is often required.
Director, Strategic Sourcing Tasks
- Research vendors to determine which suppliers have the best prices, reliability, and quality.
- Manage a company's purchase of supplies and lead the development and implementation of procurement strategies.
- Supervise and direct the work of strategic sourcing personnel.
- Lead efforts to improve supply chain efficiency, maintain product quality standards, and reduce costs.
- Negotiate contracts with vendors for the purchase and delivery of goods.
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Popular Skills for Director, Strategic Sourcing
Directors of Strategic Sourcing usually report a few specific skills. Most notably, skills in Procurement, Negotiation, Contract Negotiation, and Strategic Planning are correlated to pay that is above average. At the other end of the pay range are skills like Vendor Management and Strategic Planning. For most people, competency in Contract Negotiation indicates knowledge of Negotiation.
Pay by Experience Level for Director, Strategic Sourcing
Median of all compensation (including tips, bonus, and overtime) by years of experience.
For many Directors of Strategic Sourcing, more experience generally translates to higher pay. Salaries of relatively inexperienced workers fall in the neighborhood of $99K, but folks who have racked up five to 10 years see a notably higher median of $139K. People with 10 to 20 years of experience make an average of about $147K in this role. More than 20 years of experience seem related to solid financial gains; veterans in this group report earning a median of $159K.
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