There is consensus that the talent pipeline is too thinly populated to meet the expected demand for strategic sourcing professionals in 2020. The CPO will need to function as a magnet for procurement talent by promoting global talent, utilizing state of the art technologies, training people broadly, and ensuring they are positioned to move up into bigger roles.
The emerging workforce has very different motivators. The younger generation wants the latitude to pursue all of their interests, both professional and personal. Flexible work arrangements, non-traditional compensation models with bigger bonuses and variable compensation tied to individual and team performance will become common. Companies will need to ensure that the procurement staff remains visible in the organization, and that people are developed so that they are promotable.
Adapted from VISION 2020: Ideas for Procurement in 2020 by Industry Leading Procurement Executives http://bit.ly/kIwoW3
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