Sr. Strategic Sourcing Manager Salary
Generous salaries abound for Senior Strategic Sourcing Managers in the United States, with average pay above six figures ($110K) per year. Cash earnings for Senior Strategic Sourcing Managers — including $29K in bonuses and $10K in profit sharing proceeds near the top of the pay scale — generally stretch from $78K to $159K depending on individual performance. Location and experience level each impact pay for this group, with the former having the largest influence. Almost all report receiving medical and dental coverage from their employers and a large number collect vision insurance. Generally, women make up less than a third of all Senior Strategic Sourcing Managers who answered the questionnnaire. For the most part, Senior Strategic Sourcing Managers enjoy their work and report high levels of job satisfaction. The information for this snapshot was generated by responses to the PayScale salary survey.
Job Description for Sr. Strategic Sourcing Manager
Senior strategic sourcing managers create effective strategies for identifying and driving sourcing initiatives for their company. They are in charge of analyzing current and new products or services to identify new sourcing opportunities. In addition, they communicate with external partners and cross-functional teams, as well as identify possible problems and resolve them in a timely manner. One of their main tools include a personal computer to communicate with colleagues and create sourcing reports.Read More...
Senior strategic sourcing managers are responsible for conducting audits and leading cross-functional team during site audits. Their main responsibilities also include managing upgrades and improvements to the sourcing supply base, managing a group of professionals to reach all company sourcing objectives, and developing and improving sourcing strategies. In addition, they ensure high-quality solutions are achieved through competitive bidding and effective negotiations.
A bachelor's degree in business administration or a related field is required for this job. Previous experience is also generally needed, and industry and leadership certifications may be beneficial. Senior strategic sourcing managers must perform effectively by themselves, as well as in a group setting. They must have strong analytical and communication skills, as well as be proficient with basic computer programs such as the Microsoft Office suite.
Sr. Strategic Sourcing Manager Tasks
- Lead bidding process and ensure quality and cost goals are met.
- Report on actual costs, negotiation opportunities and overall strategic plan for sourcing, logistics, and return on investment (ROI).
- Analyze data to identify opportunities to reduce costs, negotiate and manage existing providers.
- Develop and lead implementation of sourcing strategies, procurement, and process flow throughout the organization.
- Ensure compliance to existing contracts and service levels.
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Popular Skills for Sr. Strategic Sourcing Manager
Survey results show that Senior Strategic Sourcing Managers use a fair number of skills. Most notably, skills in Negotiation, Contract Negotiation, Supplier Management, and Project Management are correlated to pay that is above average. Skills that pay less than market rate include Sourcing, Procurement, and Project Management. For most people, competency in Contract Negotiation indicates knowledge of Project Management.
Pay by Experience Level for Sr. Strategic Sourcing Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Senior Strategic Sourcing Managers do not generally earn higher incomes from more experience in the field. Although inexperienced employees take home approximately $90K, those who have five to 10 years under their belts benefit from a six-figure median of $110K. After working for 10 to 20 years, Senior Strategic Sourcing Managers make a median salary of $127K. Respondents who claim more than 20 years of experience may encounter pay that doesn't quite reflect their extensive experience; these veterans report a median income of around $129K.
Pay Difference by Location
Senior Strategic Sourcing Managers will find that San Jose offers an impressive pay rate, one which exceeds the national average by 30 percent. Senior Strategic Sourcing Managers will also find cushy salaries in Dallas (+27 percent), San Francisco (+26 percent), Seattle (+14 percent), and Charlotte (+14 percent). Senior Strategic Sourcing Managers in Columbus report much lower salaries than the rest of the country — 26 percent below the national average — proving that residence is a major factor in overall pay. Employers in Pittsburgh and St. Louis also lean toward paying below-median salaries (25 percent lower and 12 percent lower, respectively).