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 $74K. Sourcing Associates will also find cushy salaries in Chicago (+27 percent), Dallas (+25 percent), Minneapolis (+12 percent), and Charlotte (+7 percent).
|Salary||$37,688 - $83,379|
|Bonus||$25.00 - $7,946|
|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).)
|$34,712 - $82,747|
|Hourly Rate||$14.50 - $30.56|
|Bonus||$25.00 - $7,946|
|Total Pay (||$34,712 - $82,747|
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 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.
Common Career Paths for Sourcing Associate
There are some Sourcing Associates — though it's uncommon — that transition into Senior Strategic Sourcing Managers, where earnings are an average $105K annually. More often than not, a Strategic Sourcing Manager role is the next step for Sourcing Associates moving up in the field. Strategic Sourcing Managers usually make $91K per year. Many other Sourcing Associates choose to take on a Buyer role, where salaries are typically $47K.
Popular Employer Salaries for Sourcing Associate
Popular Skills for Sourcing Associate
Sourcing Associates report using a diverse set of skills on the job. Most notably, skills in Contract Negotiation, Negotiation, Vendor Management, and Project Management are correlated to pay that is above average, with boosts between 9 percent and 15 percent. Most people familiar with Contract Negotiation also know Vendor Management and Negotiation. The majority of those who know Project Management also know Negotiation and Vendor Management.
Pay by Experience Level for Sourcing Associate
Pay by Experience for a Sourcing Associate has a positive trend. An entry-level Sourcing Associate with less than 5 years of experience can expect to earn an average total compensation of $55,000 based on 151 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Sourcing Associate with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of $66,000 based on 54 salaries. An experienced Sourcing Associate which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of $67,000 based on 27 salaries. A Sourcing Associate with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of $61,000 based on 6 salaries.
Pay Difference by Location
Related Job Salaries
Key Stats for Sourcing Associate
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