Vendor Manager Salary
An average Vendor Manager in the United States can expect to take home roughly $73K per year. Overall incomes of Vendor Managers generally bottom out at around $44K and peak near $132K; the final number can, in exceptional cases, include upwards of $29K each for bonuses and profit sharing proceeds. While years of experience and the specific company impact pay for this group, location is the most influential factor. Most workers in this position report moderate levels of job satisfaction. Almost all receive medical and dental insurance and a fair number get vision plans. Men working as Vendor Managers who took the survey just slightly outnumber women at 59 percent. Figures cited in this summary are based on replies to PayScale's salary questionnaire.
Job Description for Vendor Manager
A vendor manager oversees the relationship between their business and its vendors (or suppliers). They manage these relationships from the start of the contract through the sales process and after, when a financial analysis may be of strategic assistance. These professionals must provide analyses to their organization on vendors, oversee costs, and ensure the terms of contracts are followed by all parties. They should also be able to identify trends related to product needs for their employer. Vendor managers must be able to build positive relations with new vendors and maintain good relationships with existing ones as well.Read More...
A vendor manager may be someone directly employed with a single company, or they may work as a subcontractor for several different companies. Typically vendor managers work full time in an office setting. This may be in the same location as the business in which they are performing services (an "in-house" vendor manager), or the vendor manager might have their own office location because they are working simultaneously with several companies.
Educational and experience requirements vary for this position depending on the company. However, a bachelor's degree relevant to their field of work is generally needed. Previous experience in a similar role is generally needed as well. Vendor managers must have excellent interpersonal skills, as they work with a variety of internal and external professionals on a regular basis. Excellent multitasking skills and good attention to detail are needed as well.
Vendor Manager Tasks
- Manage company relationships with vendors, making sure contract terms are fulfilled and mitigating vendor risk.
- Create sales partnerships with vendors which benefit both parties.
- Identify potential vendors and conduct research to determine who offers the best products, prices, and services.
- Coordinate vendors to develop efficient supply chain strategies.
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Popular Skills for Vendor Manager
Vendor Managers report using a pretty varied skill set on the job. Most notably, skills in Business Analysis, Operations Management, Contract Negotiation, and Project Management are correlated to pay that is above average, with boosts between 7 percent and 10 percent. Skills that are correlated to lower pay, on the other hand, include Vendor Management and Vendor Relations. Most people experienced in Contract Negotiation also know Business Analysis.
Pay by Experience Level for Vendor Manager
Median of all compensation (including tips, bonus, and overtime) by years of experience.
Vendor Managers generally obtain higher compensation for more plentiful past experience. Workers in their first five years can expect to earn $65K, but people who have been around for five to 10 years earn a noticeably bigger sum of $83K. Vendor Managers who work for 10 to 20 years in their occupation tend to earn about $91K. Seasoned veterans with 20 years under their belts enjoy a median income of $110K.
Pay Difference by Location
For Vendor Managers, busy Seattle offers a higher-than-average pay rate, 26 percent above the national average. Vendor Managers will also find cushy salaries in Jacksonville (+23 percent) and Denver (+16 percent). Location significantly influences compensation, with Austin Vendor Managers earning much less — 42 percent less — than the national average. A couple other locations with smaller-than-average paychecks include Dallas (21 percent lower) and Phoenix (20 percent lower).