There are many ways to value your worth. The important aspects of life that include health, family, and happiness far outweigh money. However, we do need to earn a living to support ourselves and our families.
It is taboo to discuss your salary with others. It does not matter whether it is family, friends or coworkers. The advice is not to discuss compensation with others. So how do you find out what you are worth and how your salary measures up against the norms in the profession? We have just the thing for you!
Next Level Purchasing has recently published their fourth annual Purchasing and Supply Management Salary Report. You can get the full report by going to their website at this link.
It is a very comprehensive look at the procurement roles across industries, geographies, and education levels. The results are sliced and diced into twelve different views. They interviewed over 1100 individuals in early 2014 to gather their findings. The good news is that salaries on average are up 18% over last year. The report attributes this increase to the fact that more and more organizations are recognizing the value and practices that the procurement team offers and therefore, compensating them accordingly.
However, the report also revealed that there is still a large disparity in the gender gap. The profession male to female ratio is 4:1 and the male associates make 24% more than the females on average. It was discussed that the disparity resolves itself at the director and above levels.
Have a look for yourself. I think you will find it interesting and enlightening. Have you found any other sources that are helpful for this type of review?
Share your thoughts by commenting below or tweeting us @buyersmeetpoint.