Procurement Salary Statistics For 2023 — 46 Key Figures You Must Know

The procurement salary statistics let you see your dream job’s earnings for the whole year. However, there are many factors that affect salary.

For this article, we will discuss the procurement salary statistics of different countries around the world. We will also check the 46 key figures that you should know for the next 12 months. 

After this article, you will have an in-depth knowledge of procurement salary statistics that will help you in your procurement journey. 

Whatare Procurement Salary Statistics?

Many professionals, especially fresh graduates, compare the salary of each industry they will apply to. Negotiating salary is hard because businesses are currently taking back all the losses they incur from the disruption of COVID-19.

A procurement salary statistics is used to determine the average compensation paid to employees in their respective professions. With this being said, these statistics focus more on one or more professions, regions, employer size, and industries.

Whatare the Usual Procurement Jobs?

Before we go to salary statistics, you must identify first the job roles to which you are qualified to apply. For this, we created a table that will make you understand each role easily.

Where can Procurement ProfessionalsBenchmark Salary?

Before we check the websites we can use to benchmark, it is important to know why we do this in the first place. Salary Benchmarking is the method of comparing job descriptions with similar responsibilities to know their local market rate.

In simple terms, salary benchmarking is a method to see how much a specific profession earns annually, monthly, or even daily. 

Salary benchmarking is often conducted through salary surveys. The factors for these surveys are the education level, work location, industry, and company size.

The typical entry-level education for procurement jobs is to have a bachelor’s degree in procurement or even a related course.

Now that we know why salary benchmarking is conducted, we must know where we can find the figures for these surveys. Below is the list where you can benchmark your salary:

• CIPS
• Glassdoor
• Payscale
• Indeed
• SalaryList
• Salaryexpert

The 46 KeyProcurement Salary Statistics for 2023

1. Human Resource Executive’s data indicates that HR leaders are planning to turn to larger-than-usual salary increases in 2023. 

2. A report from Salary.com finds that U.S. employers plan higher year-over-year budget increases for 2023. 

3. New Willis Towers Watson data finds that salary boosts are forecast to be 4.6% in 2023.

4. According to a report by Procurement Salary Guide, two-thirds (66%) received a pay rise in the past 12 months, while 74% of those eligible for a bonus received one. 

5. In the same report, the gender pay gap narrowed from 15% to 13%.

6. 65% of hiring managers say that starting salaries and wages at their organization are higher than usual right now because of inflation and talent shortages.

7. A new forecast by CNBC shows companies are planning 4.6% salary increases in 2023, up from a mid-year estimate of 4.1%.

8. 82% of companies have been polled and found out that they have no plans for workforce reduction. 

9. 27% of companies are now requiring their employees to be back in the office full-time. 

10. According to Hays Salary Guide, 87% of procurement employers will increase salaries in their next review, up from 59% last year.

11. 76% of procurement professionals say an increase of 3% or more would reflect their individual performance and the demand for their skills.

12. According to a report by Hays Procurement, 65% of employers say the skills shortage has forced them to offer higher salaries than otherwise planned.

13. Only 32% of procurement professionals surveyed are satisfied with their current salary.

14. 56% of procurement professionals say that the skills shortage has made them more confident to ask for a pay rise. 

15. 76% of procurement professionals believe that their performance and the demand for their skills merit an increase greater than 3%.

16. For 2023, the highest-rated skill in procurement is negotiation. 

17. 40% of procurement professionals are still feeling the impact of the pandemic.

18. 56% of employers have struggled to find the right talent in procurement.