The annual ASCM report looking at 2024 Global Supply Chain Salaries and Careers yet again gives a great perspective on progression, and areas where more is needed. Above all, it shows what a valuable & great career option Supply Chain is.
Here is a summary of what we took from it but go to the ASCM website to view the report for yourself. It is one of the benefits of your IPICS/ASCM membership.
Salaries and Compensation
- United States: The median salary for supply chain professionals reached a milestone of $103,000, marking a 4% increase from the previous year. Those with degrees earned a premium of $25,000 above the national average.
- Certifications Matter: Professionals with APICS certifications (CPIM, CSCP, CLTD, or CTSC) enjoyed a median salary increase of 18%. Early-career professionals with ASCM certificates saw increases ranging from 6% to 20%.
- Additional Compensation: In the U.S., 64% of supply chain professionals received cash bonuses, with the median bonus at $8,000.
Job Satisfaction and Work-Life Balance
- Career Satisfaction: Globally, 60% of supply chain professionals rated their career satisfaction as 8 or higher out of 10, and 81% plan to stay in the field for at least five more years.
- Work-Life Balance: Professionals reported high satisfaction with flexible work arrangements, particularly in Europe, where less pressure to work outside regular hours was noted.
Professional Development
- Value of Certifications: Holding at least one APICS certification can significantly boost earning potential. Certified professionals reported median salaries of $104,000, an 18% increase over non-certified peers.
- Continuous Learning: Canadian professionals with certifications earned 9% more, and those with two or more certifications saw a 16% increase in salaries.
Diversity, Equity, and Inclusion
- Gender Pay Gap: A concerning trend of re-emerging salary gaps was noted, particularly among professionals with less than four years of experience. Efforts towards DEI are crucial to counteract these disparities.
- Ethnicity and Salaries: Asian professionals reported the highest average salaries, while Black professionals experienced a slight decrease, widening the pay gap to 11% compared to white colleagues.
Regional Highlights
- Canada: Median base salary is $81,000 CAD, with total compensation climbing to $87,075 CAD. Job market stability was noted with only 21% of respondents switching jobs.
- Europe: Median base salary of €60,720, with significant increases in salary typically occurring at the five- and ten-year marks.
- India: Median total compensation stands at ₹2,197,400, reflecting strong growth potential in the developing economy.
Key Skills and Technologies
- In-Demand Skills: Critical thinking, collaboration, and problem-solving are essential emotional intelligence skills. Technological advancements such as cloud computing, AI, and robotics are widely used.
- Professional Pride: 85% of professionals take pride in their work, though only 58% feel appreciated by their organizations.
Company Demographics and Job Market Optimism
- Company Size and Revenue: Larger, publicly held companies tend to offer higher salaries and more equitable pay. The job market remains optimistic, with 42% of professionals viewing it positively.
The report underscores the importance of continuous education, professional development, and addressing DEI issues to foster a thriving supply chain workforce. For more insights, visit ASCMs official report
https://www.ascm.org/making-an-impact/research/salary-survey
