What is a procurement manager?
A procurement manager is a person who sources products and services for a
company. They create a buying strategy that takes into account the company
budget and necessary supplies and then they find matching vendors.
In larger companies, a procurement manager may oversee a small team of buyers.
In smaller companies, the procurement manager job description will likely
include both strategy and purchasing.
How is this role monitored?
A day in the life of a procurement manager includes meetings with superiors,
like the chief financial officer (CFO) or the chief operating officer (COO).
Generally, supervisors task procurement managers with finding suppliers that
meet demands at the right price.
Procurement manager salary
The average salary for a procurement manager is $69,600, or an hourly wage of
about $33.50. You can expect to work full time in this position with most jobs
set at the traditional 40 hours per week. However, there may be a need for
overtime at both smaller and larger companies, particularly if there’s a supply
shortage or if the company experiences a busy season.
What does a procurement manager do?
Procurement manager responsibilities include meeting with supervisors and
department heads to understand the needs across the company. They’re then tasked
- Researching suppliers and vendors that meet the goals of the company
- Finding suppliers that have certain certifications, accreditation, and insurance, along with a steady stream of materials that fit within budget restraints
- Managing inventory
- Reviewing requests for proposals (RFPs)
- Reviewing and negotiating contracts with vendors and suppliers
- Seeing that partners continue to meet company needs
- Collecting and analyzing data to ensure the company is making the best decisions
- Balancing department budgets with needs
- Delegating tasks to the procurement team (at a larger company)
- Training new employees and supporting team members as necessary (at a larger company)