Strategic Sourcing Manager Salary (India)
A Strategic Sourcing Manager earns an average salary of Rs 974,830 per year. Experience strongly influences pay for this job. People in this job generally don't have more than 20 years' experience.
|Range||Rs 0Rs 2M|
|Salary||Rs 504,342 - Rs 2,145,551|
|Bonus||Rs 12,080 - Rs 246,128|
|Profit Sharing||Rs 82,349|
|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 543,369 - Rs 2,269,088|
Job Description for Strategic Sourcing Manager
Strategic sourcing managers are responsible for directing and analyzing how a business spends money. Their ultimate goal is to make sure the business is cost effective so it maintains higher profit margins and a competitive advantage. The research that strategic sourcing managers conduct drives the purchasing decisions for the business. They are expected to rigorously locate and analyze new opportunities and developments for the business. When plans are adopted, these managers also may have to lead conversion management within their organization.Read More...
Strategic sourcing managers deal with many suppliers and vendors to negotiate pricing. They work closely with purchasing and procurement departments because the plans that they create directs their activities. In addition, they take direction from and report to senior management. They are ultimately responsible to business stakeholders and may have to present business cases and analyses to stakeholders for approval.
Typically, strategic sourcing managers work in a business setting during regular business hours. At times, they may be required to travel to develop, promote, or maintain business relationships.
Most companies require strategic sourcing managers to have at least a bachelor’s degree in economics, finance, logistics, or a related field. A master’s degree in business is preferred for this position. Strong communication and negotiation skills are required to broker the deals that will be advantageous to the company with suppliers. Additionally, depending on the field, candidates may be required to have at least four years of experience in the business' industry. (Copyright 2018 PayScale.com)
Strategic Sourcing Manager Tasks
- Manage procurement and sourcing policies and activities, including overseeing specific contracts.
- Conduct market research, create estimates and forecasts, and identify cost reduction strategies.
- Hire, train, and manage sourcing team.
- Negotiate with suppliers and vendors for contracts for timely supplies at fair prices and in compliance with regulations.
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Pay by Experience Level for Strategic Sourcing Manager
Pay by Experience for a Strategic Sourcing Manager has a positive trend. An entry-level Strategic Sourcing Manager with less than 5 years of experience can expect to earn an average total compensation of Rs 532,000 based on 14 salaries provided by anonymous users. Average total compensation includes tips, bonus, and overtime pay. A Strategic Sourcing 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 991,000 based on 28 salaries. An experienced Strategic Sourcing Manager which includes employees with 10 to 20 years of experience can expect to earn an average total compensation of Rs 1,474,000 based on 24 salaries. A Strategic Sourcing 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 1,910,000 based on 5 salaries.
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