Procurement Officer Salary
The average Procurement Officer in the United States can expect to rake in roughly $49K annually. Experience level is the biggest factor affecting pay for this group, followed by geography. Work is enjoyable for Procurement Officers, who typically claim high levels of job satisfaction. Men are slightly outnumbered by their female counterparts who answered the questionnaire, who make up a slight majority at 59 percent. Most report receiving medical coverage from their employers and more than half collect dental insurance. Respondents to the PayScale salary survey provided the data for this report.
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.
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Pay by Experience Level for Procurement Officer
Median of all compensation (including tips, bonus, and overtime) by years of experience.
People who have worked for fewer than five years bring home $44K on average. Median compensation in the five-to-10 year group, however, is higher at approximately $53K. Procurement Officers who work for 10 to 20 years in their occupation tend to earn about $52K. Seasoned veterans with 20 years under their belts enjoy a median income of $67K.