Procurement Manager in Chennai Salary (India)
A Procurement Manager in Chennai, Tamil Nadu earns an average salary of Rs 797,000 per year. Skills that are associated with high pay for this job are Negotiation and Vendor Management.
|Range||Rs 0Rs 1M|
|Salary||Rs 345,310 - Rs 1,322,108|
|Bonus||Rs 9,635 - Rs 203,099|
|Profit Sharing||Rs 0.00|
|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).)
|Rs 361,817 - Rs 1,422,294|
Job Description for Procurement Manager
A procurement manager is the primary point of contact between a business and its suppliers. Using superb analytical skills, a procurement manager identifies potential suppliers, screens them, and negotiates favorable payment terms with selected suppliers. After formalizing the supply contract with the aid of legal professionals, the procurement manager then monitors supplier performance to ensure contractual obligations are met and to help make the supply procurement process as cost-effective and efficient as possible.Read More...
Aside from dealing with external suppliers, a procurement manager also works with managers, engineers, and executives within the company to engage in capital projects. By being involved early in the process, a procurement manager can ensure essential supplies are procured. Furthermore, a procurement manager monitors changes in the industry and develops forecasts to determine appropriate budgets. These forecasts are used to to develop comprehensive strategies to further the company's operational goals.
Due to the technical and analytic nature of the position, a procurement manager often has at least a bachelor's degree in a technical discipline. Also, a procurement manager will often have certification as a professional in supply management (CPSM) or will be a certified purchasing manager (CPM). A procurement manager also must be an excellent negotiator with in-depth knowledge of supply chain structures. Finally, a procurement manager must be able to effectively communicate with all levels of a business, and reconcile differences in understanding and vision. An effective procurement manager must be able to use diplomacy to keep various groups within a company on the same page and working towards the same goals. (Copyright 2018 PayScale.com)
Procurement Manager Tasks
- Negotiate contracts, policies and deadlines with suppliers and vendors.
- Monitor prices by product and vendor to predict and account for financial fluctuations.
- Manage flow of goods and supplies for optimum production, analyzing and adapting internal policies.
- Prepare and process purchase orders and purchase requisitions, and maintain documentation of the acquisition of goods.
- Manage staff and vendors for timely arrival of products and goods.
Procurement Manager Job Listings
Pay by Experience Level for Procurement Manager
Pay by Experience for a Procurement Manager has a positive trend. An entry-level Procurement Manager with less than 5 years of experience can expect to earn an average total compensation of Rs 570,000 based on 12 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Procurement Manager with mid-career experience which includes employees with 5 to 10 years of experience can expect to earn an average total compensation of Rs 824,000 based on 9 salaries. An experienced Procurement Manager which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of Rs 805,000 based on 10 salaries. A Procurement Manager with late-career experience which includes employees with greater than 20 years of experience can expect to earn an average total compensation of Rs 1,038,000 based on 8 salaries.
Key Stats for Procurement Manager
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