Obsolescence Insurance, a New High-Margin Business for EMS Companies
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Supply chain professionals have higher job satisfaction and salary prospects than in comparable careers, according to the Association for Supply Chain Management (ASCM), and the salary gap between men and women is narrower.
In its 2019 Supply Chain Salary and Career Survey Report, the ASCM found trends remain favorable for the profession. “We are seeing a shift in demand for knowledge workers and that bodes well for the supply chain,” ASCM CEO Abe Eshkenazi told EBN. “The responsibility that the supply chain is being given has transformed the technical and functional capabilities demands on the supply chain workforce.”
The ASCM surveyed more than 1,700 supply chain professionals in the United States. The survey found that the median salary for supply chain professionals in 2018 was $80,000, up from $78,000 in 2017.
The global electronics manufacturing industry has been facing a talent gap for supply chain jobs. Universities are stepping up with new and more flexible educational programs, and the ASCM wants to publicize the promising opportunity for those who choose a career in supply chain.
“The supply chain industry offers people of all profiles and backgrounds a fast-track to career advancement, professional and personal satisfaction, and high levels of compensation,” Eshkenazi said, adding that supply chain jobs often include benefits that contribute to healthy work and life balance which in turn leads to greater job stability.
“Organizations are clear about metrics and those who drive success get rewarded,” said Eshkenazi. “Companies are willing to pay for individuals who drive results in strategy as well as implementation. The talent pool shortage means organizations are willing to invest more in individuals both in starting salaries and ongoing training and certifications.”
Many respondents to the ASCM survey enjoy job stability. Over half remained in their current position from 2017; nearly a quarter were promoted; and 13 percent moved laterally within their company.
In general, most workers (85 percent) are displeased with their jobs, according to a recent Gallup World Poll. Eighty percent of supply chain professionals, meanwhile, rated their satisfaction at a level of eight or above. Eight out of 10 supply chain workers also said that they were likely to continue to work in the supply chain field for the next five years.
Other key findings:
Increasing salaries: Surveyed supply chain professionals received an average base salary increase of 4.2 percent in 2018, up from the reported 3 percent pay raise in 2017. Nine out of 10 respondents (91 percent) received an increase.
Certifications correlate with higher income: Supply chain professionals who hold one certification reported a median salary that was 18 percent higher than their uncertified counterparts. More certifications translated into additional salary increases. Supply chain professionals who hold an APICS Certified in Production and Inventory Management (CPIM); Certified Supply Chain Professional (CSCP) or Certified in Logistics, Transportation and Distribution (CLTD) designation reported a median salary that is 25 percent higher than those without a certification.
Time off and flexibility: Nearly all respondents receive holiday pay, and 80 percent have three weeks or more of vacation. More than half are offered flexible schedules and can work from home as needed.
The gender pay gap in the profession appears to be narrowing, especially for younger professionals (under 40). The salary gap for this demographic is less than $1,000. In other industries, the average difference between male and female salaries was $10,000 in 2018, according to the Bureau of Labor and Statistics.
“This shows that talent irrespective of gender is significant. We are seeing a gap closing in terms of recruitment and hiring of individuals and pay parity within the next five and 10 years,” Eshkenazi added.
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