Procurement Officer Salary
For Procurement Officers, yearly average wages total $51K annually. Career duration is the biggest factor affecting pay for this group, followed by geography. The majority of Procurement Officers (60 percent) who took the survey are women. The majority of workers are highly satisfied with their job. Most enjoy medical while a majority get dental coverage. Vision coverage is also available to a little more than half. The data for this snapshot was collected from individuals who took PayScale's salary survey.
|Salary||$32,873 - $80,511|
|Bonus||$0.00 - $16,290|
|Total Pay (|
XTotal Pay combines base annual salary or hourly wage, bonuses, profit sharing, tips, commissions, overtime pay and other forms of cash earnings, as applicable for this job. It does not include equity (stock) compensation, cash value of retirement benefits, or the value of other non-cash benefits (e.g. healthcare).)
|$30,543 - $82,040|
|Hourly Rate||$11.50 - $37.50|
|Bonus||$0.00 - $16,290|
|Total Pay (||$30,543 - $82,040|
Job Description for Procurement Officer
The procurement officer ensures the things purchased for the company provide the best possible value and outcomes, whether they be goods for resale, equipment, services, or materials. The procurement officer must be adept at analyzing the needs of the company and possible choices for purchase to meet these needs at the best prices possible while taking into account quality. The procurement officer must be able to ensure that the delivery of purchases meets the needs of the company without causing shortages or excessive surpluses. They must be able to gauge what levels must be kept of purchases to ensure consistent resource availability and performance.Read More...
The procurement officer must be able to keep excellent records regarding purchases and suppliers, so they and other areas of the company can use this information in analysis and future purchases. They also review and execute the contracts negotiated with the suppliers, ensuring compliance and adherence to the terms by both parties. The procurement officer must be comfortable preparing invitations to bid, as well as conducting analysis and making decisions on those bids. Knowledge of relevant laws pertaining to supplies, equipment, services, and/or materials may be required so that a proper analysis of bids may be executed.
A procurement officer is often expected to work in an office, but they may sometimes need to occasionally physically check inventory supplies. A bachelor's degree in business or a related field is generally preferred, as is at least three years of relevant experience.
Procurement Officer Tasks
- Review historical and competitive costs to identify cost savings opportunities and variances.
- Analyze category, service, material, and vendor costs to provide key decision information.
- Review financial goals and provide metrics to understand and report on initiatives and cost structure.
- Ensure books and databases are up to date and accurate.
Pay by Experience Level for Procurement Officer
Pay by Experience for a Procurement Officer has a positive trend. An entry-level Procurement Officer with less than 5 years of experience can expect to earn an average total compensation of $44,000 based on 56 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Procurement Officer with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $53,000 based on 39 salaries. An experienced Procurement Officer which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $52,000 based on 31 salaries. A Procurement Officer with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $67,000 based on 17 salaries.
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Key Stats for Procurement Officer
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