The average pay for a Strategic Sourcing Manager is $38.46 per hour.
The median Strategic Sourcing Manager has a base pay of $89,311. Salaries generally range from $62k to $119k. The median bonus is $9,078. Skills that can affect salary include Contract Negotiation, Procurement, Negotiation, Supplier Management, Sourcing, Project Management, Supply Chain, Purchasing, Microsoft Office, Data Analysis, Vendor Management.
$20.27
10%
$38.46
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$73.97
90%
MEDIAN $38.46
$62k
10%
$89k
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$119k
90%
MEDIAN $89,311
$62,238 - $118,914
$62K
$75K
$89K
$100K
$120K
MEDIAN: $89,311
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90%
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$20.27 - $73.97
$20
$27
$38
$61
$74
MEDIAN: $38.46
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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).
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).
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$62,933 - $130,734
Country: United States
Currency: USD
Updated: 10 Feb 2019
Individuals Reporting: 21
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.
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 2019 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.
Common Career Paths for Strategic Sourcing Manager
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There are some Strategic Sourcing Managers — though it's uncommon — that transition into Directors of Strategic Sourcing, where earnings are an average $136K annually. Senior Strategic Sourcing Managers or Global Sourcing Managers are common next-step roles for Strategic Sourcing Managers moving up in their careers; annual pay for Senior Strategic Sourcing Managers is $12K higher on average, and it's $7K higher for Global Sourcing Managers.
Strategic Sourcing Manager Job Listings
Popular Skills for Strategic Sourcing Manager
Survey takers working as Strategic Sourcing Managers report using a large range of professional skills. Most notably, skills in Supplier Management, Contract Negotiation, Vendor Management, and Project Management are correlated to pay that is above average. Skills that pay less than market rate include Data Analysis, Microsoft Office, and Sourcing. People who know Procurement usually also know Negotiation and Project Management. Those educated in Contract Negotiation tend to be well versed in Project Management and Negotiation.
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 $83,000 based on 239 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 $92,000 based on 289 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 $104,000 based on 219 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 $109,000 based on 72 salaries.
Q: What is it like working as a Strategic Sourcing Manager?
Strategic Sourcing Manager in Los Angeles:
"Stressful with constant competing priorities."
Pros: The people
Cons: The new management company
Strategic Sourcing Manager in Marinette:
"Stressful and ever changing priorities."
Pros: My voice carries a lot of weight
Cons: Very poor senior leadership
Strategic Sourcing Manager:
My 6 years experience in Morgan Stanley, I learnt that it is great for someone who has no work experience, fresh out of college who can absorb all the work load to gain the experience and get the corporate discipline of time management. Sourcing has a high attrition rate due to the high stress environment, long hours, non-promotion rates, below par bonuses and base salary. Because this firm has employees doing 5 head counts job, I would advise new comers to stay no more than 1-2 years if there are no career growth. Especially if you do not have an amazing boss that supports/sponsors you. I will say, MS especially within sourcing, hire the best people from which you can learn, build personally and professionally. If you are looking to get paid market, this is not the place. The general consensus from most employees are they are overwhelmed and underpaid, it is never market. This industry,
IT sourcing always focuses on expense management, and does not have work from home flexibility (unsaid rule). This area of work is very process heavy, email and status update heavy, you will use most of your cycles proving your savings then actually do more strategic sourcing, not because we cannot, it is encouraged, but there are not enough cycles to do it, unless you take work home, and use weekends. This create burn outs for most.
You need to evaluate what is value for you every year you are here and make the right call. Highly recommend not staying longer than 2 years,
If you like th
Strategic Sourcing Manager in Mora:
Pros: Like the location and the people
Cons: not a lot of employment options
Strategic Sourcing Manager in Seattle:
"Fast paced, exciting, stressful."
Pros: Relationships with vendors. Tangible savings to bottom line of company. It is never monotonous.
Cons: Stressful. Unrealistic expectations. Other functional groups aren't always moving in the same direction.
Strategic Sourcing Manager in Chicago:
Know how to multitask, understand current hotel/ industry trends.
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