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Contracts manager hiring summary. Here are some key points about hiring contracts managers in the United States:
Here's a step-by-step contracts manager hiring guide:
A contract manager is responsible for finalizing contract agreements between the company and its clients, revising documents, creating procurement proposals, and managing breach of contracts immediately. Contract managers respond to clients' inquiries and concerns about the contract's terms, conditions, and adjustment requests. They should be highly knowledgeable with legal terms and legislation regulations, ensuring that documents align with their objectives. The contract manager should also stay updated with the latest trends to meet contract demands, identify more business opportunities to boost revenues, and achieve profitability goals.
Before you start hiring a contracts manager, identify what type of worker you actually need. Certain positions might call for a full-time employee, while others can be done by a part-time worker or contractor.
Hiring the perfect contracts manager also involves considering the ideal background you'd like them to have. Depending on what industry or field they have experience in, they'll bring different skills to the job. It's also important to consider what levels of seniority and education the job requires and what kind of salary such a candidate would likely demand.
Here's a comparison of contracts manager salaries for various roles:
| Type of Contracts Manager | Description | Hourly rate |
|---|---|---|
| Contracts Manager | Purchasing managers plan, direct, and coordinate the buying of materials, products, or services for wholesalers, retailers, or organizations. They oversee the work of procurement-related occupations including buyers and purchasing agents. | $21-55 |
| Director, Procurement | The responsibilities of a procurement director revolve around ensuring the efficient and smooth flow of supplies within the company, developing procurement strategies for optimal services and operations, assessing risks, and overseeing the implementation of new policies and regulations in the company. It is essential to coordinate with analysts to identify areas with potential opportunities or those needing improvements... Show more | $47-95 |
| Director Of Purchasing | A director of purchasing oversees the procedures related to buying resources and supplies, directing operations from planning to execution while adhering to standards and company policies. They primarily perform research and assessments to understand project needs in terms of price, quality, and delivery time... Show more | $32-79 |
Including a salary range in your contracts manager job description helps attract top candidates to the position. A contracts manager salary can be affected by several factors, such as geography, experience, seniority, certifications, and the prestige of the hiring company.
For example, the average salary for a contracts manager in Massachusetts may be lower than in California, and an entry-level contracts manager usually earns less than a senior-level contracts manager. Additionally, a contracts manager with certifications may command a higher salary, and working for a well-known company or start-up may also impact an employee's pay.
| Rank | State | Avg. salary | Hourly rate |
|---|---|---|---|
| 1 | California | $92,132 | $44 |
| 2 | North Carolina | $85,571 | $41 |
| 3 | Virginia | $79,834 | $38 |
| 4 | Texas | $78,690 | $38 |
| 5 | Pennsylvania | $76,914 | $37 |
| 6 | Nevada | $76,787 | $37 |
| 7 | District of Columbia | $75,311 | $36 |
| 8 | Maryland | $74,768 | $36 |
| 9 | Illinois | $72,544 | $35 |
| 10 | Arizona | $71,098 | $34 |
| 11 | Ohio | $70,710 | $34 |
| 12 | Oregon | $70,589 | $34 |
| 13 | Washington | $70,082 | $34 |
| 14 | New Mexico | $69,531 | $33 |
| 15 | Georgia | $68,064 | $33 |
| 16 | Alabama | $66,874 | $32 |
| 17 | Indiana | $66,838 | $32 |
| 18 | New York | $65,121 | $31 |
| 19 | Colorado | $64,261 | $31 |
| 20 | Missouri | $64,188 | $31 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | McKinsey & Company Inc | $153,992 | $74.03 | |
| 2 | $137,979 | $66.34 | 22 | |
| 3 | Meta | $137,610 | $66.16 | 75 |
| 4 | Databricks | $131,230 | $63.09 | 2 |
| 5 | Accenture | $128,955 | $62.00 | 49 |
| 6 | Intel | $124,243 | $59.73 | |
| 7 | Q2ebanking | $122,006 | $58.66 | 1 |
| 8 | Boehringer Ingelheim | $121,177 | $58.26 | |
| 9 | AstraZeneca | $120,855 | $58.10 | |
| 10 | Control Risks | $120,099 | $57.74 | |
| 11 | Microsoft | $120,002 | $57.69 | |
| 12 | Genentech | $118,636 | $57.04 | |
| 13 | T.D. Williamson | $118,298 | $56.87 | |
| 14 | Signature Healthcare | $118,112 | $56.78 | |
| 15 | Amazon | $117,019 | $56.26 | 54 |
| 16 | Chevron | $116,536 | $56.03 | |
| 17 | Autodesk | $115,513 | $55.54 | |
| 18 | First DataBank | $115,467 | $55.51 | |
| 19 | ServiceNow | $115,383 | $55.47 | |
| 20 | Snowflake Computing | $115,367 | $55.46 | 2 |
A contracts manager job description should include a summary of the role, required skills, and a list of responsibilities. It's also good to include a salary range and the first name of the hiring manager. Below, you can find an example of a contracts manager job description:
To find contracts managers for your business, try out a few different recruiting strategies:
To successfully recruit contracts managers, your first interview needs to engage with candidates to learn about their interest in the role and experience in the field. You can go into more detail about the company, the role, and the responsibilities during follow-up interviews.
You should also ask about candidates' unique skills and talents to see if they match the ideal candidate profile you developed earlier. Candidates good enough for the next step can complete the technical interview.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you have selected a candidate for the contracts manager position, it is time to create an offer letter. In addition to salary, the offer letter should include details about benefits and perks that are available to the employee. Ensuring your offer is competitive is vital, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and it is important to be open to discussion and reach a mutually beneficial agreement. After the offer has been accepted, it is a good idea to formalize the agreement with a contract.
It's also important to follow up with applicants who do not get the job with an email letting them know that the position is filled.
To prepare for the new contracts manager first day, you should share an onboarding schedule with them that covers their first period on the job. You should also quickly complete any necessary paperwork, such as employee action forms and onboarding documents like I-9, benefits enrollment, and federal and state tax forms. Finally, Human Resources must ensure a new employee file is created for internal record keeping.
There are different types of costs for hiring contracts managers. One-time cost per hire for the recruitment process. Ongoing costs include employee salary, training, onboarding, benefits, insurance, and equipment. It is essential to consider all of these costs when evaluating hiring a new contracts manager employee.
The median annual salary for contracts managers is $72,691 in the US. However, the cost of contracts manager hiring can vary a lot depending on location. Additionally, hiring a contracts manager for contract work or on a per-project basis typically costs between $21 and $55 an hour.