What are the responsibilities and job description for the Sourcing Manager position at EDWARD JONES?
At Edward Jones, we help clients achieve their serious, long-term financial goals by understanding their needs and implementing tailored solutions. To ensure a personal client experience, we have located our 15,000 branch offices where our more than 7 million clients live and work.
In a typical branch office, a financial advisor meets with clients and receives branch office support, so they can focus on building deep relationships with clients. Headquarters associates in St. Louis, Tempe and Mississauga provide support and expertise to help U.S. and Canada branch teams deliver an ideal client experience. We continue to grow to meet the needs of long-term individual investors.
In a typical branch office, a financial advisor meets with clients and receives branch office support, so they can focus on building deep relationships with clients. Headquarters associates in St. Louis, Tempe and Mississauga provide support and expertise to help U.S. and Canada branch teams deliver an ideal client experience. We continue to grow to meet the needs of long-term individual investors.
Responsibility Summary:
The Sourcing Manager is responsible for negotiating vendor contracts on behalf of business units, with a primary focus on medium-to-high value and moderately complex sourcing initiatives. Negotiations include contract terms (e.g. Indemnification, Limitation on Liability, Confidentiality provisions, etc.) and pricing. This role is responsible for partnering with business units to develop an understanding of their strategic goals and support projects which require vendor relationships. This role requires the Sourcing Manager to coordinate with various business units to understand requirements for new projects, as well as firm-wide impacts associated with initiatives. The Sourcing Manager must possess a high level of systems thinking and analytical capabilities. These skills will be employed to identify, communicate, and implement supply-base opportunities to achieve the best solution for the firm through a mix of cost savings, cost avoidance, and risk mitigation strategies. This role requires an ability to build relationships within cross-functional teams, communicate effectively, and plan strategically in order to drive progress across sourcing initiatives and influence firm leadership.
In this role, the Sourcing Manager must:
Applicants must possess a passion for continuous learning and ability to coach others within the department.
Problem Solving:
As a financial institution, many issues are governed by regulation, internal policies, procedures and guidelines which give guidance, but also present constraints in problem solving.
Decision Making:
This position has a high level of autonomy. Initiatives are reviewed with colleagues and leaders; however the Sourcing Manager is responsible for working directly and independently with the business areas to develop a strategic solution that incorporates the business needs, while minimizing the business, legal and regulatory risk.
Span of Influence:
This position has influence over vendor and product recommendations which can impact the entire firm – including the local branch offices. This position is seen as a subject matter expert and acts as a consultant for business areas having needs in contract formation, negotiation strategy and contract execution. Business areas look to Sourcing to provide sound advice and ask the difficult questions to ensure the firm is making the correct decision. This position regularly interacts with the firm's Senior Leaders, Legal department, and Partners as well as vendor Senior Executives (C-Level). Contracts can be in place for multiple years and control millions of dollars in potential firm spend.
This position has no direct supervisory responsibilities.
The Sourcing Manager is responsible for negotiating vendor contracts on behalf of business units, with a primary focus on medium-to-high value and moderately complex sourcing initiatives. Negotiations include contract terms (e.g. Indemnification, Limitation on Liability, Confidentiality provisions, etc.) and pricing. This role is responsible for partnering with business units to develop an understanding of their strategic goals and support projects which require vendor relationships. This role requires the Sourcing Manager to coordinate with various business units to understand requirements for new projects, as well as firm-wide impacts associated with initiatives. The Sourcing Manager must possess a high level of systems thinking and analytical capabilities. These skills will be employed to identify, communicate, and implement supply-base opportunities to achieve the best solution for the firm through a mix of cost savings, cost avoidance, and risk mitigation strategies. This role requires an ability to build relationships within cross-functional teams, communicate effectively, and plan strategically in order to drive progress across sourcing initiatives and influence firm leadership.
In this role, the Sourcing Manager must:
- Lead multiple, concurrent sourcing initiatives in a cross-functional team environment that will include strategy, vendor selection, market intelligence, vendor and product viability and contract execution.
- Lead the negotiation of complex commercial and contractual terms with executives and legal representatives.
- Direct Senior Leaders towards the best purchasing decision by balancing solution cost with business requirements.
- Support the talent development of the Sourcing team by mentoring Buyers and Sourcing Specialists while sharing knowledge, experience, and leading practices across Divisions
- Execute on defined objectives aligned to Sourcing Strategies through the development and distribution of RFx's (RFI, RFQ, RFP), vendor communication, development of vendor selection criteria, and collaboration with cross-functional teams including business owners and legal.
- Maintain accurate records and data within the contract management system and other related sourcing tools
- Use procurement tools and systems to create operational efficiency and visibility across the enterprise
- Identify and pursue ad hoc opportunities to reduce product/service costs and support the implementation of operational improvement initiatives
Applicants must possess a passion for continuous learning and ability to coach others within the department.
Problem Solving:
As a financial institution, many issues are governed by regulation, internal policies, procedures and guidelines which give guidance, but also present constraints in problem solving.
- Ability to collaborate with Senior Sourcing Managers and Sourcing Leadership to understand the strategic impact of a project and assess risk and business impact
- Ability to independently bring a negotiation to close with the best possible outcome for the firm
- Partner with Stakeholders to identify cost savings opportunities, efficiencies and cross divisional impacts and reduce risk to the firm
- Ability to learn to interpret legal document architecture and language
- Ability to logically break down problems and provide multiple options for resolutions
- Ability to develop creative solutions to business issues and vendor negotiations
- Lend expertise and provide direction to buyers and more junior negotiators when difficult or unusual problems are encountered.
- Ability to identify and execute internal process improvements within the team.
Decision Making:
This position has a high level of autonomy. Initiatives are reviewed with colleagues and leaders; however the Sourcing Manager is responsible for working directly and independently with the business areas to develop a strategic solution that incorporates the business needs, while minimizing the business, legal and regulatory risk.
- Ability to identify and analyze a situation to make the most prudent and cost effective decision considering all available data
- Most decisions have a medium to high degree of complexity as each firm contract is different and can impact firm earnings.
- Leads multiple business initiatives at one time
Span of Influence:
This position has influence over vendor and product recommendations which can impact the entire firm – including the local branch offices. This position is seen as a subject matter expert and acts as a consultant for business areas having needs in contract formation, negotiation strategy and contract execution. Business areas look to Sourcing to provide sound advice and ask the difficult questions to ensure the firm is making the correct decision. This position regularly interacts with the firm's Senior Leaders, Legal department, and Partners as well as vendor Senior Executives (C-Level). Contracts can be in place for multiple years and control millions of dollars in potential firm spend.
This position has no direct supervisory responsibilities.
Qualifications Required in the Job:
- Bachelor's degree required. Master's degree in Business, Law, Information Systems or Supply Chain Management preferred.
- Requires a minimum of 8 years related work experience, preferably involving negotiation and contracts
- Understanding of Supply Chain management concepts and procedures
- Understanding of legal and contracting environments
- Understanding of operating environments of areas such as Finance, HR, Marketing, Information Systems.
- Ability to identify and avoid potential conflict of interest to ensure ethical business standards and practices are followed.
- Ability to communicate complex cost models, risk, and business concepts at the executive levels throughout the firm and with any given vendor
- Strong people and project management / organizational development skills required
- Demonstrated ability to influence without authority and communicate upward and across divisions are required.
- 2021 FORTUNE 100 Best Companies to Work For® By Great Place to Work® and FORTUNE Magazine – Edward Jones was named No. 20 on the list.
- From FORTUNE ©2021 FORTUNE Media IP Limited. All rights reserved. Used under license. FORTUNE and FORTUNE 100 Best Companies to Work For are registered trademarks of Fortune Media IP Limited and are used under license. FORTUNE and Fortune Media IP Limited are not affiliated with, and do not endorse products or services of, Edward Jones Investments.
- 2021 Corporate Equality Index – Edward Jones joins the ranks of 767 major U.S. businesses that received top marks in the Foundation’s 19th annual scorecard on LGBTQ workplace equality.
- From The Human Rights Campaign. All Rights Reserved
- 2021 Training Top 100 list - Edward Jones ranked No. 19, up six spots from last year in its 21st consecutive year on this prestigious list.
- J.D. Power, 2021 – Edward Jones has ranked "highest in Employee Advisor Satisfaction among Financial Investment Firms" in the J.D. Power 2021 U.S. Financial Advisor Satisfaction Study.
- Edward Jones received the highest score among employee advisors in the J.D. Power 2007,2008, 2010, 2012-2015, 2017-2021 Financial Advisor Satisfaction Studies of employee advisors’ satisfaction among those who are employed by an investment services firm. Visit jdpower.com/awards for more information.
Edward Jones does not discriminate on the basis of race, color, gender, religion, national origin, age, disability, sexual orientation, pregnancy, veteran status, genetic information or any other basis prohibited by applicable law.
At Edward Jones, we value and respect our associates and their contributions, and we recognize individual efforts through a rewards program that promotes a long-term career, financial security and well-being. [ Link removed ] - Click here to apply to Sourcing Manager to learn more about our total compensation approach, which in addition to base salary, typically includes benefits, bonuses and profit sharing. The salary range for this role is based on national data and actual pay is based on skills, experience, education, and other relevant factors for a potential new associate:
Salary: $76798 - $130764
Category: Headquarters
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Salary : $76,798 - $130,764
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