Anecdotally, I have been hearing of huge increases in the amount being paid to sourcing professionals in recent years. From the top down, that has been true. As you know, we have a Career Network at SIG and I keep a folder of executives looking to move on to other senior leadership roles, so I know what kind of packages they are getting since I do a lot of match-making.
In the last five years, I have seen that starting salaries for a recent college graduate are at least 25% higher in the sourcing industry. It is not at all odd for a person with three years of experience to command a minimum salary of $100,000 a year. Ten years ago, I didn’t have a single CPO making over $500,000, and now that is becoming a possibility for fully-loaded compensation. Of course, talent-level, cost of living, and location make a huge difference in the numbers. At the Midwestern Regional SIGnature Event in March, I confirmed the jump in salaries for sourcing professionals.
A master’s degree intern from a strong supply chain or finance school commands $31 per hour for a paid internship and an undergraduate intern makes about $26per hour. What happened to the free internships we vied for when I was an undergrad? Interns now make the equivalent of $54,000-$64,000 per year as an intern. I know someone that was named “intern of the year” at a high tech company who was offered a starting salary of $85,000 after receiving a bachelor’s degree, and they turned it down - that was four years ago.
With a new U.S. Presidential Administration, I have been thinking a lot about the future of my little nephew, who is just a toddler now. Like other aunties, I worry about the longterm impact of current votes on our Earth, our communities and our economy. My nephew is considered a "Centennial.” I thought I'd take a moment and learn more about the Centennials and what tools they will have to combat some of these "orders" and "choices."
Centennials, or Generation Z, are kids born in 1997 or after. They are 25% of the population of the United States (about 78 million people). Nearly 48% of them are minorities. They seem to have an excellent grasp on the challenges they face in their generation; those of decreasing environmental resources like water and increasing cultural issues like religious wars. They have learned that being different is okay. They have learned not to be too risky. However, they have also learned to adapt by working around challenges and building their own solutions. Remember, this is the first generation to live entirely with the internet. They have been surfing the web their whole lives. So this makes for a more serious, more open-minded person, albeit with a short attention span.
Mary Zampino, Senior Director of Global Sourcing Intelligence, SIG
They’re in the supermarket, the library and active war zones. They’re on the farm, in schools and even in our own homes. Robots are everywhere. This may sound like the pretense to some futuristic, action-packed Hollywood film but it’s our reality in 2016 and at times it's a somewhat frightening one.
Robots are taking over jobs in nearly every industry imaginable and continue to replace human workers every day. This is one of the biggest fears for those of us who are Millennials. In a world where a bachelor's degree may not get you an entry level job right out of college...or where companies are looking for recent graduates that miraculously have a minimum of 3-5 years experience, the loss of any type of job is terrifying. Really. I understand that jobs that are repetitive and task-oriented in nature, like those in the automotive and textile industries, are most at risk. But there are other "college-level" jobs that are also ripe for the picking, including bank tellers and low-level accountants. Does this mean it's time for us to panic? On the contrary. Other jobs will thrive and will allow our generation a chance to be engaged in our work in a way that hasn't been seen before. If we aren't burdened down by having to do jobs that are more repetitive and even potentially menial, it allows us more time to be innovative and creative.
Whether you're ready or not, we Gen Y-ers are spreading through the workforce like wildfire. And what's next? Gen Z is just around the corner from joining the party. Should companies have prepared for this change? YES. If changes were not made for the immersion of Gen Y-ers, take that as a learning opportunity, and implement "next" practices in preparation for the next round of Millennials, Gen Z. The Millennial generation has a much different take on the workforce and what the future looks like. This is neither a good nor a bad thing. It is exactly what it sounds like: different.
Let's talk stereotypes.
Millennials: pretentious know-it-alls who possess a dire need for instant gratification...whether they deserve it or not.
Baby Boomers: People typically old enough to be our parents who firmly believe in their systematic ways...Why? Because they said so!
Is there some validity to both stereotypes? Sure. But I think it's more prudent to say that baby boomers DO know what they’re doing...after all, they've been out there doing it for much longer than us rugrats. However, do we Millennials have a fresh take on new practices? Of course! So where do we go from here? We have two TOTALLY different generations TRYING to work together. My attempt at a compromise:
Ashley Walsh, Marketing, Social Media and University Outreach Coordinator, SIG