Recently released salary data from the UK Government has shown the significant value employers are placing on apprenticeships in procurement. The lure of attractive salaries and practical skills training, plus the benefit of having no student loans hanging over the completion, has meant that demand for these apprenticeships is far outstripping supply.
According to The Telegraph (29 April 2024), recent pay data surveyed by the Department of Education has suggested that five years after qualifying, apprentices can typically expect a median annual wage of £27,700, which works out at a wage increase of more than 29%, far exceeding inflation.
However those qualifying with a procurement apprenticeship can expect significantly more.
It’s only natural that some employability skills are more highly valued than others. Salaries need to remain competitive in a world of employment mobility in order to attract the right talent. If salaries are underpaid, there’s a risk staff will eventually move on. So national salary data like this becomes a useful barometer of how much employers value procurement skills.
The latest pay data from the DfE has suggested that procurement apprentices can now expect an average wage of £38,090 within five years of qualifying, which is significantly more than many other professional disciplines.
So what is this value based on?
Procurement professionals manage significant commercial value for their organisations. The total expenditure of most organisation’s third party purchases often exceeds 50% of the organisation’s total income. Procurement practices therefore have a major influence on commercial risk and value.
Typical skills that a procurement apprentice can develop include:
Commercial planning and budgetary control
Supply market analysis
Assessment of supplier capabilities
Commercial cost analysis
Contract development
Sourcing and competitive bidding practices
Negotiation and influencing
Relationship management with suppliers and stakeholders.
Apprenticeships at Cordie focus on developing all of these core skills. They form the professional knowledge, skills and behaviours required to be the rounded value-adding procurement professional needed by modern-day employers.
These skills cover more than just theory and a few exams; they are practical and offer added-value in terms of supplementary information, advice and guidance to help contribute to an employer’s strategic and operational goals.
There are three procurement apprenticeships available, offering a career pathway for practitioners:
The Level 3 Procurement & Supply Assistant Apprenticeship
The Level 4 Commercial Apprenticeship in Procurement & Supply
The Level 6 Senior Procurement & Supply Apprenticeship.
All three are available to study with Cordie and you can find out more on this website or by contacting us directly.