Employers recruiting for procurement and supply professionals face a real and intensifying talent challenge. Latest findings from the CIPS Procurement & Supply Salary Guide 2024, in partnership with Hays, show a persistent struggle for talent and skills and, with that, a growing demand for MCIPS and procurement and supply qualifications.
This environment is both daunting and exciting for procurement and supply professionals. You’ll need the right balance of knowledge, expertise and experience to flourish. And the right qualifications to match.
For many, a career in procurement and supply is an opportunity to effect change and make a positive difference. And by focusing on the right skills and developing them, procurement and supply professionals can make a positive difference both to themselves and to the environment and wider society.
The top five most important skills globally for procurement and supply professionals are a mix of technical and soft skills, according to the latest salary guide. Interestingly, soft skills account for three of the five.
So, how can you thrive in a world where the value of procurement and supply is rising? Build on these five skills:
Negotiation
This year voted the number one most important skill for procurement and supply professionals in our salary guide, negotiation has a wide application and a growing importance. As CIPS guidance shows, negotiation can help with everything from sourcing supplies and services to negotiating the right terms of engagement. Common reasons for negotiating as a procurement and supply professional include helping reduce the cost of acquisition or helping improve lead times and cycle times. Our series My most instructive negotiation gives some great examples of effective negotiation in practice.
Supplier relationship management
A close second to negotiation in this year’s salary guide, as voted for by 44% of respondents globally, supplier relationship management has in recent years maintained a prominent position as one of the profession’s most important skills. Why? Because relationship management is critical for creating value when dealing with suppliers and supplier contracts. By collaborating better, procurement and supply professionals can be more innovative and achieve a competitive advantage. Our members-only supplier relationship management guide provides an excellent starting point for learning about supplier relationship management.
Communication
A core soft skill for procurement and supply professionals, communication is as important for those entering the profession as those leading it. Great communication skills are the basis for collaborating and building trust, and for communicating effectively at all levels. Whether for developing the correct specifications or to look after stock control, communication is the bedrock of brilliant working relationships.
Internal stakeholder management
Internal stakeholder management continues to feature as a critical skill for the profession. Some 30% of respondents globally in this year’s salary guide say internal stakeholder management is important for procurement and supply professionals. Why? Because there are always competing demands within organisations and projects; for procurement and supply to make sure its voice is heard (and input implemented), you have to build robust relationships and have the skill set to manage stakeholders across the organisation.
Sourcing
Against a backdrop of climate change, no one should underestimate the value of sourcing. Procurement and supply professionals who can source effectively not only drive the performance of their organisation, they drive positive social and environmental change. People with excellent sourcing skills can drive ethical sourcing (the practice of sourcing products and services by sustainable and responsible means) – a growing focus area for procurement and supply professionals. Our intelligence resource, Sourcing strategy, shows you how to develop a sourcing strategy and find value in your supply chain.