Specialist procurement technology recruiters Edbury Daley have undertaken some research into salary and bonus trends in the sector on behalf of some of their clients with some interesting findings.
The fundamental issue is that the procurement technology market is growing at a pace that the existing talent pool can’t support and that is leading to shortages in key areas. The result is challenging hiring conditions and rising salaries.
The headlines from their research include:
- Salaries for experienced Sales Directors continue to rise due to the shortage of proven leaders with experience in the sector.
- Furthermore there is an acute scarcity of mid-level sales people with experience of articulating the value technology proposition to procurement and finance stakeholders. This is forcing vendors to go outside of the sector for such hires.
- The salaries required to hire experienced pre-sales specialists from the industry are proving to be prohibitively expensive for several vendors. Unfortunately, the situation is not much better when you consider going outside our market into neighbouring sectors.
- Experienced Implementation consultants are the single biggest skill set in demand. This is driven by both solution providers and consultancies who support the implementation and associated transformation projects. We have a clear supply/demand inequality that is creating real hiring challenges. We’ve been expecting the interim market to gain a boost from this problem for a while and we may be about to reach that point.
- Account Management and Customer Success are two areas where the issue isn’t quite as acute as hiring based on transferable skills is more achievable than in some of the areas mentioned above where specific experience is vital. Even so, strong performers can expect to see their skills in demand as the industry continues to grow.
Edbury Daley provide bespoke salary research for the sector and would recommend it to any organisations thinking about end of financial year pay reviews, staff retention and planned recruitment.
This article is taken from their Procurement & Spend Management Insider report which is available to download here.