Spotlight on – Salaries

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Salaries for new hires continue to rise at greater rates than for existing employees fuelling additional attrition-driven factors in the talent market.

Average increase in salary being achieved by candidates when moving to a new company in the last quarter:

0%

Supply Chain

0%

Procurement

0%

Commercial

Despite numerous organisations implementing workforce reductions, there remains a robust demand for top-tier procurement, supply chain, and commercial professionals in the UK. The most exceptional talent typically engages in interviews for multiple roles simultaneously, empowering them to negotiate for a substantial salary increase.

Overview

According to the latest CIPS, The Chartered Institute of Procurement & Supply salary guide, there has been a remarkable 7.3% growth in procurement salaries across the UK. The average salary for all UK procurement and supply chain professionals has been revealed as £53,359 for 2023. With current inflation in the UK at 8.7% this shows that Procurement is still behind overall inflation.

+0.3%

7.3% growth in salaries

+0.7%

8.7% current inflation

takeaway

This dynamic won’t last indefinitely; an economic contraction or right-sizing of multiple sectors will free much needed talent and create stabilisation.

The companies avoiding hiring difficulties are shrinking their recruitment/interview processes and timescales to secure the top talent. The skills gap however will continue to deepen and with prolonged increasing demand for Procurement & Supply Chain experience on the horizon, we expect to see salaries and rates continue to increase, but at a slower rate in 2024.

Skills Procurement

Skills Supply Chain

Sustainability

Overview

Average increase in salary being achieved by candidates when moving to a new company in the last quarter:

0%

Supply Chain

0%

Procurement

0%

Commercial

Despite numerous organisations implementing workforce reductions, there remains a robust demand for top-tier procurement, supply chain, and commercial professionals in the UK. The most exceptional talent typically engages in interviews for multiple roles simultaneously, empowering them to negotiate for a substantial salary increase.

Overview

According to the latest CIPS, The Chartered Institute of Procurement & Supply salary guide, there has been a remarkable 7.3% growth in procurement salaries across the UK. The average salary for all UK procurement and supply chain professionals has been revealed as £53,359 for 2023. With current inflation in the UK at 8.7% this shows that Procurement is still behind overall inflation.

This dynamic won’t last indefinitely; an economic contraction or right-sizing of multiple sectors will free much needed talent and create stabilisation.

The companies avoiding hiring difficulties are shrinking their recruitment/interview processes and timescales to secure the top talent. The skills gap however will continue to deepen and with prolonged increasing demand for Procurement & Supply Chain experience on the horizon, we expect to see salaries and rates continue to increase, but at a slower rate in 2024.