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The Institute for Supply Management (ISM) this month releases analysis of its third comprehensive salary survey. ISM surveyed supply management professionals in the United States during January and February 2008. Information on salary, bonuses and stock options was gathered from a total of 1,050 respondents and examined through multiple breakdowns including job title, years of experience, education level, certification status and buying responsibility.
ISM's salary survey established average salaries (for the 2007 calendar year) for the following job titles:
Chief Purchasing/Supply Management/Sourcing: $128,821
Vice President, Purchasing/Supply Management/Sourcing: $210,419
Director, Purchasing/Supply Management/Sourcing: $125,833
Manager, Purchasing/Supply Management/Sourcing: $90,088
Experienced staff member (3 or more years of experience): $68,537
Entry-level staff member (less than 3 years of experience): $49,682
Additional summary report details include:
Respondents who hold one or more certifications reported an average salary that was higher than those who do not. Overall, those who hold one or more certifications earned an average of $94,648, while those who do not hold a certification earned an average of $89,927. Specifically, respondents who hold the Certified Purchasing Manager (C.P.M.) designation reported earning an average salary that was 7.4 percent higher than those who do not.
Average annual compensation of supply management professionals (which includes wages, bonuses and other income received before taxes and deductions) of the supply management professional who responded to the survey was $92,165.
The average salary for women was $78,920 and the average salary for men was $100,313. This reflects a 27 percent gap, which is an improvement over the 2006 Salary Survey when the survey reflected that men made 38 percent more than their female counterparts.
Bonuses, included in the salary figures, were earned by 59.3 percent of all respondents. On average, bonuses received were $14,874, which was representative of 11.2 percent of total gross salary received. The highest bonus reported was $226,000.
Although salary is one vital aspect of a job, job satisfaction was ranked as the most important factor in overall satisfaction of a career. Benefits package placed second, and wages came in third.
The summary report, 2008 ISM Salary Survey Results, is available to the public, and a detailed report is available to ISM members and available for purchase by nonmembers.
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