10 years in the making: The 2024 CIPS Procurement & Supply Salary Guide
Written by: CIPS Career Success
Written by: CIPS Career Success
This year we are proud to celebrate 10 years since the first edition of the Procurement & Supply Salary Survey, in partnership with Hays, exploring the latest trends in talent recruitment and retention for the profession – and how much you should be getting paid!
The 2024 edition, in partnership with Hays, is also our most in-depth yet, including a re-vamped hub with enhanced salary and skills calculators, as well as a dedicated report for employers.
The headline findings from this year’s survey reveal that salaries for the profession continue to grow at pace, with the average reported pay increase globally standing at 8.0%.
The biggest pay increases can be found in Sub-Saharan Africa, where salaries rose by some 14.0%. Meanwhile, those based in Australia and New Zealand reported a still-not-insignificant average pay rise of 5.8%.
In the UK, the average salary now stands at £53,502, ranging from an average of £34,514 for those with responsibility for delivering procurement and supply services to £94,190 for those with influencing roles.
But how does this compare to salaries for your specific job role?
Well, our newly enhanced salary calculator has the answers. It shows you the average salary for people in jobs like yours across the different regions covered by our survey.
Our skills calculator can also be used to determine where you should focus your learning and development efforts to make the most of your career progression.
Answer just a few short questions and it will highlight exactly which skills are most important for the jobs you aspire to.
A commitment to career-long learning
Encouragingly – and unsurprisingly – our profession is one that has always been committed to career-long learning. Over the last 10 years we have seen this commitment first-hand through the results of our survey.
Employers appreciate this commitment, creating a competitive job market where standing out is crucial.
CIPS supports these ambitions through technical training and the MCIPS designation that is highly-valued by employers. Now, more than half (54%) of employers globally prefer candidates with or studying towards MCIPS.
And did you know that having MCIPS can also earn you more money? In some regions, professionals with MCIPS earn over a third more than their peers.
The value of technical qualifications is growing too.
Indeed, some 64% of professionals across the UK expect organisations to value procurement and supply qualifications more highly over the course of the next decade.
Making a difference
The training received while working towards MCIPS can also help individuals to have an impact on the profession, whether through enhanced technical capabilities or a more considered approach to issues such as ED&I.
The procurement and supply profession is already seen as inclusive and diverse, and the majority of respondents to our survey agree that their organisation performs strongly in these areas.
However, improvements can always be made, and MCIPS professionals are one of the key driving forces behind the profession’s efforts to better itself.
Those with MCIPS are much more likely to make use of diverse and inclusive hiring practices – meaning that MCIPS is an important tool for helping to improve ED&I within the profession.
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