There is no doubt that organisations are better recognising just how important a role the procurement function plays in driving the success of a business, and as I discussed in my recent blog, this is leading to pay rises as employers strive to hire the best.
Our latest UK Salary & Recruiting Trends 2019 guide shows that just under three-quarters of procurement, supply chain and logistics employers increased their team’s salaries in the last year. Wages rose by an average of 1.8%, and this has led to a spike in professionals who say they are happy with their salary – a rise of 15% to 59% this year.
Staff still consider leaving despite pay rises
Although employees are happier with their salary, employers must not be complacent. Last year a quarter of professionals who changed jobs did so because of a lack of career development opportunities, and this issue will continue to be a driving factor for employee movement in the year to come.
Almost three-fifths of procurement professionals told us that they plan to move jobs in the year ahead, a staggering number for any employer to consider. Almost a third say they want to make a change because of a lack of future opportunities at their current organisation, which comes over and above wanting to move for more money.
A lack of future opportunities is the main reason for 30% of procurement professionals to consider leaving their job next year.
Career development is key
It is clear that professional development and career progression are extremely important to professionals, and investing in these areas will not only assist with staff retention, but also helps you to succeed as a procurement leader. After all, the success of a business leader is dependent of having a strong team around you. So what steps can you take to make this a reality?
1. Communicate with your team
The easiest way to find out the career development your team wants is to simply ask them. Be proactive and invite your team to one-on-one meetings to discuss their professional development. Once you know what they want to achieve in the coming months, you can put a career plan in place. It doesn’t stop there though – book in regular catch ups to check in on progress, maintain open channels of communication and have the opportunity to amend the plan as necessary.
2. Offer support for training
The most obvious way to provide professional development opportunities to your team is through investing in support for training. Hays recognises the importance of CIPS qualifications in the profession, and through our partnership with CIPS we offer a discount on CIPS membership fees – if you are planning to train your team you can find out more by contacting one of our expert consultants. Training support doesn’t have to have a price tag though – you could consider in-house training, for example.
3. Consider the broader options
Career progression doesn’t need to be a promotion. Lateral movement to another role can offer professionals a new challenge and serves to broaden their skillset. You could also set up a mentoring scheme which helps to support career progression. Mentors aren’t just reserved for junior team members – they can make a difference wherever you are in your career.
Contact your local consultant if you are looking to hire or train your team to find out more about our waiver on CIPS membership fees. For further information about salary and recruiting trends, request your copy of our latest guide.