The Financial Services Sector is set to provide the most job opportunities for procurement specialists over the next 12 months as banks continue to cut their external spend, according to a survey by Langley Interim Management (‘Langley’), a leading procurement and supply chain recruitment firm.
Almost a third (29%) of procurement and supply chain specialists surveyed by Langley expect most new roles to be created in the Financial Services Sector this year.
Langley says that banks have been active hirers of procurement staff as part of their battle to reduce their cost base and improve their cost-to-income ratios.
Ross Pheby, Head of Langley’s Executive Interim Practice, says: “Since the financial crisis, the banking industry has been involved in an almost constant round of cost-cutting programmes. With revenues still under pressure, banks are trying to find efficiencies in their business wherever they can to boost profits.”
“Banks’ supply and procurement processes provide them with plenty of opportunities to make cuts, and banks are turning to experts to help find them.”
Ross Pheby, Head of Langley’s Executive Interim Practice, adds: “Whether it’s finding more reliable or faster IT systems or trading platforms, or improving a bank’s outsourcing or offshoring strategy, procurement and supply chain specialists, especially those recruited on a short-term basis to manage periods of transition or change, are increasingly central to banks’ cost-cutting efforts.”
“Specialist Purchasing Managers can have an almost immediate impact on the bottom line of a bank. Pressure to reduce costs means banks are increasingly on the lookout for suitably qualified specialists to keep their external spend constantly under review.”
Langley adds that a further 29% of supply chain and procurement specialists expect the most new opportunities to be in the technology sector in the next 12 months.
Philip Long, Managing Consultant of Langley Interim Management, says: “Increased flexible working, the rapid development of technology, and the competitiveness of operating systems and applications means businesses will be looking to update their workplace hardware and software over the next year. Many businesses will turn to interim procurement and supply chain experts to find them the most favourable procurement terms.”
“There are also some key technology infrastructure projects in the UK that will boost demand for supply and procurement experts over the next year. These include the building and testing of the UK’s 4G mobile network and the installation of ‘smart’ utility meters in new build houses and with more and more blue chips moving towards cloud computing.”
“Procurement and Supply Chain specialists have a key role to play in making sure the physical infrastructure for these new technologies gets to where it needs to be.”
Pay for Interim Procurement and Supply Chain Managers weathers the recession, says Langley
Langley says that procurement and supply chain day rates have performed well despite the UK economy continuing to struggle.
The average day rate for Interim Procurement and Supply chain professionals surveyed by Langley was £530 over the last 12 months. 40% of those surveyed told Langley that their day rate was between £500 and £799.
12% of respondents said their day rate exceeded £800 – approximately £180,000 a year.
Christina Langley comments: “Interim Supply chain and Purchasing experts’ rates have held up very well over the past year or so. There is demand in key sectors of the UK’s economy, but many Interim Managers will also be working abroad, helping them avoid economic problems at home.”
Langley’s survey also found that:
- Almost half of respondents believe earnings will rise slower than inflation over the next 12 months
- Just under half of specialists (47%) surveyed only had to wait up to two weeks between roles – only 4% had to wait over a year
- 41% of procurement and supply specialists said that their role required them to work overseas
