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Procurement analyst hiring summary. Here are some key points about hiring procurement analysts in the United States:
Here's a step-by-step procurement analyst hiring guide:
Procurement analysts procure favorable contracts by acting as liaisons between suppliers and their employers. They are hired by organizations that rely on supply chain management to analyze and evaluate potential suppliers, prepare reports about monthly supply costs, and negotiate contracts. With good critical thinking skills, these procurement analysts who are also known as purchasing analysts, evaluate vendors and suppliers based on the speed of delivery, quality, and price. They use quantitative methods to support fact-based decision-making to become competitive and to ensure cost-efficiency and high quality of the products and services.
The procurement analyst hiring process starts by determining what type of worker you actually need. Certain roles might require a full-time employee, whereas part-time workers or contractors can do others.
A procurement analyst's background is also an important factor in determining whether they'll be a good fit for the position. For example, procurement analysts from different industries or fields will have radically different experiences and will bring different viewpoints to the role. You also need to consider the candidate's previous level of experience to make sure they'll be comfortable with the job's level of seniority.
The following list breaks down different types of procurement analysts and their corresponding salaries.
| Type of Procurement Analyst | Description | Hourly rate |
|---|---|---|
| Procurement Analyst | Management analysts, often called management consultants, propose ways to improve the efficiency of an organization. They advise managers on how to make organizations more profitable through reduced costs and increased revenues. | $21-43 |
| Supply Chain Analyst | A supply chain analyst is responsible for handling the supply chain operations of an organization, aligning processes, and identifying areas of improvement to initiate procedures and create smooth supply delivery transactions. Supply chain analysts monitor the adequacy of stock inventory, including the trends in the market industry, to meet the public demands and ensuring that the business provides those interests... Show more | $24-43 |
| Material Analyst | A materials analyst is responsible for managing the assets and materials of an organization, ensuring the adequacy of office inventories to support business operational functions. Materials analysts identify cost-reduction materials by coordinating with trusted suppliers and third-party vendors... Show more | $23-42 |
Including a salary range in your procurement analyst job description helps attract top candidates to the position. A procurement analyst 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 procurement analyst in Mississippi may be lower than in Maryland, and an entry-level procurement analyst usually earns less than a senior-level procurement analyst. Additionally, a procurement analyst 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 | District of Columbia | $97,255 | $47 |
| 2 | Washington | $80,113 | $39 |
| 3 | Virginia | $77,758 | $37 |
| 4 | New York | $76,675 | $37 |
| 5 | Pennsylvania | $75,509 | $36 |
| 6 | Massachusetts | $74,421 | $36 |
| 7 | California | $71,811 | $35 |
| 8 | Illinois | $68,543 | $33 |
| 9 | Missouri | $66,807 | $32 |
| 10 | Georgia | $65,150 | $31 |
| 11 | Oregon | $64,012 | $31 |
| 12 | Louisiana | $62,216 | $30 |
| 13 | Alabama | $62,208 | $30 |
| 14 | Colorado | $61,858 | $30 |
| 15 | North Carolina | $61,786 | $30 |
| 16 | Texas | $60,595 | $29 |
| 17 | Arizona | $57,029 | $27 |
| 18 | Nevada | $57,007 | $27 |
| 19 | Minnesota | $55,926 | $27 |
| 20 | Florida | $50,644 | $24 |
| Rank | Company | Average salary | Hourly rate | Job openings |
|---|---|---|---|---|
| 1 | PayPal | $117,066 | $56.28 | 12 |
| 2 | Apple | $112,707 | $54.19 | 17 |
| 3 | Bloomberg | $107,508 | $51.69 | 24 |
| 4 | Amazon | $106,409 | $51.16 | 64 |
| 5 | Nike | $99,936 | $48.05 | 5 |
| 6 | Edelman Financial Engines | $97,342 | $46.80 | |
| 7 | Ampere | $94,513 | $45.44 | |
| 8 | Walmart | $89,555 | $43.06 | 23 |
| 9 | FUJIFILM Diosynth Biotechnologies | $88,221 | $42.41 | |
| 10 | Revlon | $86,453 | $41.56 | 2 |
| 11 | Datadog | $85,484 | $41.10 | 2 |
| 12 | Motorola Solutions | $84,978 | $40.85 | 11 |
| 13 | Sun Communities | $83,804 | $40.29 | 1 |
| 14 | CyrusOne | $83,167 | $39.98 | |
| 15 | Arch Capital Group | $83,106 | $39.95 | 4 |
| 16 | Sempra Energy | $83,017 | $39.91 | |
| 17 | Beckman Coulter | $82,210 | $39.52 | |
| 18 | National Grid plc | $80,495 | $38.70 | 3 |
| 19 | Yoh | $79,417 | $38.18 | 1 |
| 20 | Colgate-Palmolive | $79,262 | $38.11 | 3 |
A job description for a procurement analyst role includes a summary of the job's main responsibilities, required skills, and preferred background experience. Including a salary range can also go a long way in attracting more candidates to apply, and showing the first name of the hiring manager can also make applicants more comfortable. As an example, here's a procurement analyst job description:
There are various strategies that you can use to find the right procurement analyst for your business:
To successfully recruit procurement analysts, 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.
It's also good to ask about candidates' unique skills and talents. You can move on to the technical interview if a candidate is good enough for the next step.
The right interview questions can help you assess a candidate's hard skills, behavioral intelligence, and soft skills.
Once you've selected the best procurement analyst candidate for the job, it's time to write an offer letter. In addition to salary, this letter should include details about the benefits and perks you offer the candidate. Ensuring that your offer is competitive is essential, as qualified candidates may be considering other job opportunities. The candidate may wish to negotiate the terms of the offer, and you should be open to discussion. After you reach an agreement, the final step is formalizing 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 employee's start date, you can create an onboarding schedule and complete any necessary paperwork, such as employee action forms and onboarding documents like I-9 forms, benefits enrollment, and federal and state tax forms. Human Resources should also ensure that a new employee file is created.
Before you start to hire procurement analysts, it pays to consider both the one-off costs like recruitment, job promotion, and onboarding, as well as the ongoing costs of an employee's salary and benefits. While most companies that hire procurement analysts pay close attention to the initial cost of hiring, ongoing costs are much more significant in the long run.
Procurement analysts earn a median yearly salary is $64,448 a year in the US. However, if you're looking to find procurement analysts for hire on a contract or per-project basis, hourly rates typically range between $21 and $43.