The demands of the purchasing profession continue to grow, but compensation levels remain stable as electronic components buyers anticipate a modest 2% pay raise this year. Staying up-to-date on the latest government regulations, sourcing a wider variety of products to meet Internet of Things demands, and keeping up with outsourcing trends in an increasingly global economy are some of the issues keeping buyers on their toes.
“We are being asked to handle a broader range of issues and teach younger employees how to manage major issues on their own,” said one of the more than 700 respondents to Global Purchasing’s annual Salary & Profile Survey, conducted over the summer.
“The purchase of electronic parts is an ever-changing world,” added another respondent. “And we are all asked to do more with the existing resources we have in-house today.”
Despite such challenges, electronic components buyers remain largely satisfied with their average annual salary of $83,000, which is higher than the average of $79,000 reported in last year’s survey. Many also report receiving higher bonus pay these days—an average $4,500 yearly bonus compared to the $4,000 bonus reported in last year’s survey.
“Bonuses are fairly consistent, but raises are getting smaller and smaller due to corporate pressure to get rid of them,” one buyer said, while another added that bonus plans are improving at his company, with a “stronger linkage between performance and compensation, [along with] educational/skill development opportunities.”
For the first time, we asked buyers to weigh in on the importance of government regulations to their jobs, and the majority said it’s vital for them to keep up with certain issues—especially surrounding counterfeit electronic components, conflict minerals, and environmental concerns. We also took a closer look at professional differences between men and women responding to this year’s survey. Women represent almost a third of respondents, which is in line with what we have seen in past years, but continue to earn less than their male counterparts—an average $67,000 per year compared to an average $90,000 for men. A variety of factors play in to the disparity, of course, but we decided this year to compare some of the survey’s other data as well to get a glimpse of the “typical” male versus female buyer.