On average, purchasing professionals are paid $84,611, an increase of 1.6 percent over last year, according to the survey results. What's more, a sizeable number of survey respondents (62 percent) continue to get bonuses as a reward for good performance in hitting aggressive company financial targets. Respondents receive a bonus for meeting company financial targets (63 percent), development cost targets (21 percent), cost targets for purchased parts (17 percent), supplier quality improvements (9 percent) and cycle time improvements (8 percent).
The survey show respondents responsible for sourcing services are among the highest earners in the profession, with an average annual salary of $104,110. Purchasing pros who buy IT goods and services make $101,104. The respondent with the highest compensation package this year (USD 850,000) is a purchasing director who buys MRO goods and services.
The survey revealed that many companies are so pleased with results of strategies implemented by supply management operations that they're asking purchasing pros to take on more responsibility for sourcing services (e.g. travel, human resources, marketing, legal), information technology (IT) and logistics because of the potential there for big savings. What's more, they are compensating buyers well for their success at venturing into these new areas.