Procurement Agent Salary
Procurement Agents in the United States take home approximately $58K annually on average. Including potential for bonuses and profit sharing — peaking near $5K and $4K, respectively — total cash payment to Procurement Agents can bottom out near $35K or peak near $87K depending on individual performance. Residence is the biggest factor affecting pay for this group, followed by years of experience. Most report receiving medical coverage from their employers and a large number collect dental insurance. Women Procurement Agents who took the survey just slightly outnumber men. Most Procurement Agents report high levels of job satisfaction. This overview is based on answers to PayScale's salary questionnaire.
Job Description for Procurement Agent
A procurement agent is responsible for buying high-quality items for clients at the lowest possible prices and in the correct amount. They also prepare purchase orders and solicit bid proposals, as well as review requests for goods while making sure items' suppliers offer appropriate pricing, selection, support, and reliability. The procurement agent must also follow all local laws and regulations related to purchasing and selling items, as well as negotiate and renegotiate contracts with vendors or suppliers as necessary. They must also keep their supervisors informed of their progress and provide business transaction logs, information on contract changes, and updates on item shipments.Read More...
The procurement agent is also responsible for hiring, training, and supervising clerks. They may need to hire other buyers and supervise them, ensuring the subordinate agents meet all pricing and quality standards within deadlines. Additionally, the procurement agent is responsible for going to trade shows and conferences, along with seminars to find potential suppliers and develop contracts with them.
Procurement agents generally must have at least a bachelor's degree in finance, business, or a related field. They must have excellent leadership skills, proficiency with basic computer programs, and good communication skills. Fluency in a language in addition to English may be required or preferred if the procurement agent works with suppliers in countries that speak other languages.
Procurement Agent Tasks
- Negotiate with different suppliers for price, quality, timeliness and other factors.
- Expedite and liaise with suppliers to ensure timely delivery of goods.
- Write and analyze requisitions, invoices, supply requests and supply orders.
- Track and monitor inventory and needs to determine when to order or purchase new items.
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Popular Skills for Procurement Agent
Procurement Agents seem to wield many skills on the job. Most notably, facility with Procurement, Contract Management, and Project Management are correlated to pay that is significantly above average, leading to increases of 38 percent, 34 percent, and 24 percent, respectively. Skills that pay less than market rate include Materials Requirement Planning, Data Analysis, and Inventory Management. Those proficient in Contract Negotiation are, more often than not, also skilled in Negotiation.
Pay by Experience Level for Procurement Agent
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Experience does not seem to be a strong driver of pay increase in this role. The average worker who claims fewer than five years of experience earns around $51K. In contrast, however, individuals who report five to 10 years in this occupation see a much larger median of $61K. People with 10 to 20 years of experience make an average of about $68K in this role. Procurement Agents who have stuck around for more than two decades see earnings that are only slightly higher than those of folks who have worked for 10 to 20 years; the more senior group makes around $69K on average.
Pay Difference by Location
Home to some of the best pay for Procurement Agents, Houston offers exceptional salaries, 50 percent above the national average. Procurement Agents can also look forward to large paychecks in cities like Mesa (+37 percent), Everett (+24 percent), Los Angeles (+15 percent), and Denver (+14 percent). One of the biggest compensable factors for Procurement Agents is geography, with workers in Orlando earning a whopping 29 percent below the national average. Miami and St. Louis are a couple other places where companies are known to pay below the median — salaries are 14 percent lower and 11 percent lower, respectively.
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Key Stats for Procurement Agent
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