Salary stats might just be numbers, but they reflect the perceived relative value that professional titles apparently hold. So, it’s good to see that procurement ranks so high.
CPOs are numbers people, so here are six numbers to think about:
1. 209,954
2. 264,742
3. 301,391
4. 302,174
5. 109,760
6. 295,037
So, what do those numbers refer to? They’re compensation figures.
The first four are from a web site called salary.com and they’re based on HR reported data for the US. Number one is the median salary and bonus for top engineering executives in the US. Statistically, the median is the point where half the respondents get paid more, and half get paid less.
Number two is the reported median salary and bonus for a top marketing executive. The third salary and bonus figure is the median for a top R&D executive. Next is the median for a top sales executive.
The fifth number comes from the magazine Logistics Management, and reflects the top salary and bonus for a logistics director.
Finally, we come to the last number. It’s the average base compensation for a chief procurement officer, according to the latest salary survey conducted by the Institute for Supply Management in the US. ISM released its survey two weeks ago.
All the numbers - particularly the last - are interesting by themselves, but their greater significance is in their relationship to each other. To the extent that the numbers are accurate and reliable - and remember, they come from different surveys and different sources and are probably based on different survey criteria - they reflect the perceived relative value each of the professional titles apparently hold. So, it’s good to see that procurement ranks so high.
Of course, these are raw numbers without context except for my pitting them against each other. Later this year, Procurement Leaders will release the results of its own most recent salary survey, and there will be plenty of context to consider in it. Last year’s survey reported CPO salaries in some 24 countries, and broke down salary and benefits numbers by such criteria as organisational spend, category, and gender, to name a few.
As Rutgers professor, former Colgate Palmolive CPO, and most recently, winner of the Procurement Leaders Lifetime Awards Don Klock said in Procurement Leaders’ latest cover story (“How procurement has changed the world”): "Inflation, commodity shortages and risk management all put focus on procurement."
It’s gratifying to see from these numbers that the focus is giving procurement the respect it deserves.
from Procurement Leaders Blog http://ift.tt/1n30fGh
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The views expressed in this post and throughout the series are the autor's own and not intended to reflect the views the YQ Matrix platform, its users or any associated organisations.
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