What constitutes ‘reward’ for Procurement in 2015?

As 2015 gathers momentum it is becoming increasingly clear that job seekers hold the balance of power in the market as companies face more and more competition to attract and retain the best talent. As a result reward packages have begun to play a significant part in talent attraction strategies with business leaders tailoring benefit schemes to suit their target candidate markets.

In a recent interview, Brenda Boateng, HR Operations Manager for communications company The Engine Group, reveals how creation of a diverse benefits program has been invaluable in reflecting their company culture to the external market. Options such as flexible working and flexible holiday have helped the organisation appeal to a diverse workforce giving a welcome boost to talent attraction and retention.

But where does this leave Procurement which is by nature, a discipline where success is measured by money (the saving of) and rewarded by similar means? A good benefits package in the Procurement Market can usually be defined by two or three key attributes; competitive salary, achievable and generous bonus structure and possibly a company car. In the past getting these pitched at the right level would have given an organisation the leverage needed to draw in the right people, but as competition in the market shows no sign of abating it’s not realistic to assume companies can continue to inflate salaries or boost bonus schemes to stay ahead of the competition in the procurement talent war.

All this assumes however that procurement professionals are only motivated by salary and bonus schemes when in fact demographics are changing. We are now entering a time where shared parental leave is coming into play and millennials, who are reported to be inspired by a work/life balance, strong ethics and philanthropy are starting to form a significant part of the workforce. The Procurement sector has also grown in popularity as a career choice so it’s realistic to expect that these changes will filter down into the workforce and begin to influence the type of reward packages that procurement job seekers ultimately want.

To conclude? If Procurement is to continue to attract talented people and evolve as a function then in the words of Jerry Maguire, it’s no longer enough to ‘show them the money.’ Leading procurement teams are built on diversity and reward packages need to reflect this moving forward.

About the Author

Helen Harling

Office and Marketing Manager for both Procurement Heads and sister brand HR Heads. Graduating with a marketing degree, Helen has continued her passion by leading our marketing function forward. You will see her blogging, tweeting, posting, videoing about Procurement Heads. You can see this on our LinkedIn, Facebook, Twitter, Google+ and Instagram page.

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