If you’re considering a career in supply chain management, you may be wondering about the potential salary you can expect. Understanding the average salaries in this field and how to increase your earning potential can help you make informed decisions about your career path.
Watch this vlog to understand Why Supply Chain Management is a Great Career Choice.
Average Salary Range for Supply Chain Management Professionals
The average salary range for supply chain management professionals can vary depending on experience, education, industry, and location. According to recent data, the average salary for supply chain managers is around $90,000 annually. However, salaries can range from $60,000 to over $120,000, depending on the specific role and level of responsibility. It’s important to note that salaries can also be influenced by factors such as certifications, additional skills, and the size and complexity of the organization. By continuously developing your skills and knowledge in the field, you can maximize your earning potential in supply chain management.
Improving yourself and your skills consistently is crucial to succeed in life. For employees, upskilling can help you advance in your current organizational roles, provide professional development, and increase your pay. As upskilling also boosts workers’ productivity and morale, enables employee growth, increases flexibility, and improves an organization’s reputation for supporting its staff, companies are often willing to help you in your endeavors.
The salary rises with an increase in position; the average salary of a Supply chain analyst is $78,400, while a supply chain manager earns an average of $114,750. Skills you should hone include decision-making, risk management, time management, commitment to quality, and a strong sense of ethics. Let’s look into how you can help expand your skills to advance your career and earn more.
1. Pursuing Higher Education
While an associate’s or bachelor’s degree makes you eligible to work in the supply chain industry, pursue a master’s degree to upskill or rise to higher ranks. Consider getting a master’s in manufacturing degrees, which will give you an overview of contemporary global manufacturing operations and help you apply the knowledge, skills, and attitude needed by managers in cross-functional environments.
Opting for an online degree will reduce your cost of transportation, course materials, and rent while giving you the same benefits as an in-person degree. Such degrees also come with financial aid and military benefits. With these, you can avoid going into excessive debt and falling victim to ‘expert syndrome’, which refers to getting credentials without real-world experience.
One of the best ways to increase your Salary in Supply Chain Management is to signup to SCMDOJO Academy and become a Supply Chain Pro.
SCMDOJO Academy’s Pro Plan offers world-class online certification courses and best practices that empower you to learn and thrive at your own pace, on your terms.
You can develop connections by becoming part of an extensive alum network, participating in industry events, connecting with peers and mentors in your field, or joining professional associations. Benefits you can avail of include getting member discounts on financial services, discounts on continuing education classes, and developing professional contact. They can help you transition into your new field and stay current with supply chain management issues.
3. Developing Your IT Skills
Supply chain systems today operate on various technology tools, such as enterprise resource planning (ERP) systems, blockchains, artificial intelligence and machine learning, and more, requiring great IT skills to hold a leadership position. You need to understand your company’s technology and discuss them with vendors.
Become familiar with enterprise software applications such as TMS, and understand analytics software to aid decision-making. As you become adept at optimizing procedures and driving innovation in your field, it opens the door for higher positions and higher salaries as you position yourself as a valuable asset.
4. Embodying the 3Cs of a Strong Supply Chain
To advance in your career, you need to demonstrate strong leadership and take different initiatives, which you can do by embodying the 3Cs of effective supply chain leadership.
- Communication: You must communicate your ideas well and articulate complex concepts, goals, and benchmarks so others can understand and fulfill those goals. As many individuals and departments are involved in the supply chain process, you must get the best out of people by building professional relationships and interacting with others.
- Change: Variations, disruptions, and external factors such as natural disasters, power outages, and political instability affect the supply chain. You must be adaptive and resilient to be able to respond to these changes and create safety nets to address problems before they significantly affect the supply chain.
- Collaboration: You’ll work with various teams, both inside and outside your companies, with competing priorities and expectations; you need to foster collaboration skills through negotiation, flexibility, and persuasion to get what you or your company wants. This will also help you share supply chain insights and foster innovative strategies to gain an advantage over rival companies.
A vast number of opportunities are available within the supply chain industry; consider the ones that best match your needs, personalities, and interests. You can open the gates towards higher opportunities by working hard toward your goals, whether through pursuing higher education, networking, advancing you’re, or fostering your skills.