Sourcing Associate Salary
Median pay for Sourcing Associates in the United States is around $58K per year, but employers in Seattle offer the biggest paychecks; average compensation in that city is approximately $76K. Sourcing Associates will also find cushy salaries in Chicago (+25 percent), Dallas (+23 percent), Houston (+12 percent), and Minneapolis (+10 percent).
Job Description for Sourcing Associate
A sourcing associate finds suppliers and evaluates them for quality and price. This associate then negotiates and purchases goods or services from these suppliers. Prior to making purchases, a sourcing associate should come up with a strategy that is approved by management.Read More...
Generally, a minimum of a bachelor’s degree is required for this position. The position requires someone with high analytical, communication, and negotiation skills. Computer skills will be used for many aspects of the job. The sourcing associate will be required to keep track of prospective and past purchases using electronic record keeping. Vendor profiles should also be organized electronically. The sourcing associate will also have to create contracts, reports, and presentations regarding purchasing activity. A sourcing associate needs to have extensive knowledge of current regulations, laws, and company policies in order to effectively create contracts. The associate should know what is going on in the company in order to properly acquire goods that will solve certain issues at work.
When products are acquired, the sourcing associate follows up with the departments receiving them in order to make sure that everything is satisfactory. If anything is unsatisfactory, the associate devises a new plan of action in order to obtain quality goods. The sourcing associate will often need to follow up with suppliers and other departments to make sure that deliveries occur on time. The position generally occurs in an office during standard daytime hours, though some positions may require travel. When positions involve negotiating with international vendors, hours may vary.
Sourcing Associate Tasks
- 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.
- Review historical and competitive costs to identify cost savings opportunities and variances.
- Analyze category, service, material, and vendor costs to provide key decision information.
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Popular Employer Salaries for Sourcing Associate
Popular Skills for Sourcing Associate
Survey results imply that Sourcing Associates put a diverse skill set to use. Most notably, skills in Contract Negotiation, Negotiation, Vendor Management, and Project Management are correlated to pay that is above average, with boosts between 8 percent and 14 percent. Skill sets containing Project Management also tend to include Negotiation and Vendor Management. Those educated in Contract Negotiation tend to be well versed in Vendor Management and Negotiation.
Pay by Experience Level for Sourcing Associate
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Those in the early stages of their career can expect to make around $55K; however, individuals with five to 10 years of experience bring in $65K on average — a distinctly larger sum. Sourcing Associates claiming one to two decades of experience make an estimated median of $69K. Survey participants with more than twenty years of experience only make around $61K on average, though; this group reports a lower median than the one claimed by mid-career individuals.
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Key Stats for Sourcing Associate
Rated 4 out of 5
based on 27 votes.