How to Win the War for Talent in Procurement

We’ve all been there. Dreamed of a career as an Olympian, a footballer or becoming as famous as pop icons like Taylor Swift.

However, for most of us, these dreams change as we grow up. Ambitions of celebrity glory is replaced with dreams of decent pay, and an excellent work/life balance.

The procurement landscape is shifting. Tasks are being increasingly automated and digital tools are helping to strengthen supplier relationships. There is a growing commitment to ESG and sustainability and we are figuring out how to unlock the potential of AI.

However, none of this can be achieved without a talented and motivated workforce. Some organisations are currently prioritising attracting new talent. But to stop the revolving door procurement teams currently face, they have to focus on the team players they have.

Concentrating on retention and upskilling but This alone will not solve the problem. To stop employees from shopping around for other opportunities, more has to be done than ever before. (Spoiler alert: It is not just higher pay).

Why is Turnover so high?

When working in any role, employees are always looking for opportunities for growth and development. They want good, constructive feedback and regular check-ins where their voice is prioritised and to be offered greater flexibility.

Procurement by its very nature is diverse and constantly evolving. This can present significant challenges when it comes to employee satisfaction. When individuals feel their roles lack potential for growth or their voices go unheard, it can breed doubt and dissatisfaction. It's crucial to ensure that their daily work aligns with the aspirations and responsibilities they envisioned when joining the team.

The solution does not lie in simply throwing money at external hires. Chief Procurement Officers (CPOs) need to focus on building and retaining talent from within. Why?

•  Insider Advantage: Experienced procurement professionals hold invaluable institutional knowledge and strong relationships within the business units. Their category expertise and strategic understanding contribute significantly to organisational success.
• Early Recruitment & Development: Instead of scrambling to fill vacancies, attract high-potential individuals early in their careers. Invest in comprehensive onboarding, mentorship, and skill development programs to cultivate future procurement leaders.

Overcoming the Great Resignation

Rather than embracing despair, CPOs should follow a few simple steps for success.

Keep on Collaborating

From TikTok, to Instagram, people today live their lives online. They are constantly reacting to friends posts, sharing hot topics around and reaching out to new people. In translation, they live and breathe collaboration.

This is no different when they are at work. Sourcing a certain product is not their main goal. They want information. They want feedback. They want to be working towards one common goal as part of a team. Organisations need to start shifting their culture to adapt to how their employees work where they can thrive.

Let's get Digital

It is an old cliché by now, we know millennials and Gen Z are brought up as digital natives. However, modern user-friendly procurement technology is a requirement for everyone. To be able to provide digital experiences that feel contemporary, intuitive and not a relic from the past.

However, the key tor retaining talent boils down to one crucial step: training your staff. Empowering your teams to be confident when leveraging new intelligent tools could mean the difference between increased efficiency and frustrated employees.

Making Purpose a Priority

Prioritising meaningful work that aligns with employees' values is non-negotiable. This could be anything from showcasing how procurement impacts your organisation's social responsibility efforts, to supporting diverse suppliers and implementing sustainable solutions. By highlighting the positive impact your organisation can and is making, you will elevate the procurement function and attract purpose-driven individuals.

Foster an open and transparent environment where employees feel valued and heard. Regular communication, clear expectations, and opportunities for feedback create a sense of trust and engagement, reducing the urge to seek greener pastures.

Cracking the Glass Ceiling

Procurement, often overlooked and misunderstood, struggles to attract diverse talent, particularly women. Why? It boils down to perception and a disconnect between reality and outdated stereotypes.

Reframing the Narrative: Many professionals stumble upon procurement, not actively choosing it. We need to reach graduates and educate them on the dynamic, strategic, and impactful nature of modern procurement. Showcase the diverse skillset it demands, including negotiation, communication, and relationship building – skills often naturally aligned with women's strengths.

The image of the aggressive, old-school buyer persists. We must emphasise the collaborative, data-driven approach that defines today's procurement. Highlight opportunities to shape strategy, build partnerships, and contribute meaningfully to organisational goals.

Breaking Down Barriers: "Boys club" events and exclusionary practices create obstacles. Champion inclusive networking events and flexible work arrangements that attract and retain diverse talent.

Role Models & Mentorship: Amplify the voices of female CPOs and leaders. Their experiences and journeys can inspire the next generation and showcase the viability of women in procurement.

Actionable Steps:

• Develop targeted outreach and engagement programs for universities and career fairs.
• Invest in mentorship and leadership development programs specifically for women.
• Review internal policies and practices to ensure equity and inclusivity.
• Showcase success stories of women in procurement through internal and external communication.

Attracting women to procurement requires a multi-pronged approach. By actively addressing perception, promoting inclusivity, and implementing tangible initiatives, we can build a diverse and thriving pipeline of future procurement leaders. This isn't just about gender equality; it's about harnessing the full potential of the talent pool for a stronger, more successful procurement function.

To read more about talent in Procurement, join us live in Barcelona in September here.