Market factors, disruptive global events, and technological improvements can all result in corporate contraction, job termination, or replacement, and career upheaval. It’s no different in the area of supply chain management. While technological advancements have created new job possibilities and capacities in the supply chain, the COVID-19 pandemic has significantly impacted practically every industry’s worldwide supply chain.
The need for savvy logistics professionals to oversee the complexities of moving a service or product from inception to purchase hasn’t abated and it will only grow more complex as the way customers can purchase – and even obtain – their materials and services have changed dramatically, just in the class of 2020, and continues to change as even more work, events, and buying takes place online.
In the UK, buying and supply chain occupations have increased by 22%.
According to the latest report from Robert Walters UK Jobs Index, the amount of procurement and supply chain job openings in the UK increased by 22% in the second quarter of 2017. Despite the political and economic instability surrounding the national election previously this year, employers across a variety of industries have continued to seek supply chain management expertise.
Here are four reasons why supply chain management might be a good fit for you:
1. A Career in Supply Chain Management Offers a Wide Range of Opportunities
Supply chain management encompasses a wide range of duties and functional areas, including operations, purchasing, warehousing, distribution, and logistics. As a result, a supply chain management profession could lead you down a range of paths. The industry can also affect the need and diversity of employment, as each organization has its unique set of everyday activities for supply chain experts.
The following are examples of common job titles:
- Agent for Purchasing
- Manager of Purchasing
- Manager of Operations
- Analyst in Logistics
- Manager of Logistics
- Manager of Distribution
- Manager of the Supply Chain
This diversity of jobs and job titles translates to a diversity of daily job duties, task kinds, and skills and knowledge required on the job. Respondents were asked to select their major role based on functions listed in the ASCM Supply Chain Operations Reference (SCOR) model in the 2020 Supply Chain Salary and Career Survey Reports from the Association for Supply Chain Management (ASCM). Half of the people polled said their major responsibility was to “plan.”
The supply chain is a field of expertise that undergrad students who are good in their studies are also providing supply chain assignment help to other students apart from their studies.
2. Job Growth in Supply Chain Management
For Logistics Management, Patrick Burnson argues, “If an inventory is the heartbeat of supply chains, labor is the nervous system.” “The general labor market was good heading into 2020, with massive unemployment and growth in the median wage. The bad news is that job growth has been focused in low- to mid-paying positions, and labor force participation has been low.”
This is reflected in the predicted growth rates for various supply chain management professions, with several hanging around an “average” growth outlook equivalent to all management occupations throughout industries, according to the US Bureau of Labor Statistics.
3. Salaries in Supply Chain Management
As these new opportunities arise and the position of supply chain and logistics grows incredibly valuable, the demand for elite people to serve as top managers is anticipated to rise, resulting in competitive wages, particularly at the manager level and higher.
“Researchers were thrilled to see that logistical wages for early 2020 jumped drastically above 2019 estimates,” Patrick Burnson says in his reflection on the outcomes of Logistics Management’s Annual Salary Survey for 2020, which was issued in April 2020.
According to ASCM’s 2020 Supply Chain Salary and Career Survey Report, supply chain salaries have a bright future. According to the ASCM Survey Report, supply chain professionals with at least a bachelor’s degree earn a median pay of $78,750. It’s a figure that’s 24% greater than the national median wage (Robert Walters).
As you progress up the supply chain career ladder, your earning potential improves, with six-figure wages not uncommon for individuals in management or higher positions.
4. Career Advancement in Supply Chain Management
There are several prospects for advancement within the supply chain, from entry-level positions through the management and director-level positions. There could also be prospects for VP-level positions or product-specific line ownership in larger firms.
Entry-level supply chain employment, such as planners, purchasers, or supply chain analysts, frequently allow early-career workers to scan the company and industry while working with a variety of divisions, including finances, sales, research, and development (r&d), advertising, engineering, and quality.
In the Logistics Management Annual Salary Survey for 2020, 45 percent of respondents said that continuing their education, whether through training programs or completing a degree program, “had been the most essential step in developing career.” The most prevalent programs/courses indicated by this group were degrees in commerce, economics, administration, shipping, logistics, or supply chain.
Leveling up, training, and certification courses can all influence compensation, so continuing your academic achievement as you grow in your job might add up. According to the ASCM Survey Report, supply chain professionals with a master’s degree or higher earned median pay of $95,750. Finally, whether you require a certificate program or a degree program, your history and career goals can help you pick the ideal curriculum for your supply chain management career.
Supply chain management is prepared to expand and transform in responding to the issue of these unprecedented times, with several areas and specializations in which to consider a career, higher-than-average compensation, and chances for development and career progression.
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Conclusion
Professionals with the capacity to create and implement the strategy are in great demand as organizations increasingly recognize the value of efficient systems in building a profitable export network. Employers must compete for the top talent by moving promptly to make an offer of employment and offering significant wages and benefits packages, given the scarcity of individuals with this in-demand skill set.
References
Robert Walters. Procurement and supply chain jobs up 22% in the UK. https://www.robertwalters.co.uk/hiring/hiring-advice/Procurement-and-Supply-jobs-up-in-the-UK.html
