What are the responsibilities and job description for the Associate, Sourcing & Supplier Management position at Principal Financial Group?
Responsibilities
At Principal, we invest in what matters. And building talented teams is where it all begins. We’re drawn to people who bring unique perspectives, passion, and expertise to help us advance the financial security and well-being of our customers, transform our growing business, and drive positive change in the communities where we live and work.
When we invest in you, and you invest in us, great things happen.
About the role
Job Responsibilities:
- Assist in Company-wide business-partnering efforts, and execute on all aspects of strategic sourcing for medium-to-high complexity (dollar and risk) third-party needs in accordance to business objectives and defined sourcing / category strategy including but not least: supply & demand analysis and planning, development of RFx, facilitate bidding process, supplier selection and onboarding, contract review and negotiation, performance and risk management.
- Assist to deliver successful preferred supplier network that yields benefits to the Company including cost optimization, re-engineered business processes, sustainable long-term agreements and risk mitigating strategies. Defines aspirational targets; and helps internal stakeholders to understand metrics and establish appropriate tools, scorecard, and channel for the evaluation of supplier performance and due diligence.
- Understand the Company’s relevant processes, tools and approved buying channels for goods and services; supports to guide internal stakeholders based on established procedure, to the most optimal buying practice; Proactively participate in further improvement of supplier management policies, processes, systems, tools and operational efficiencies.
- Analyze and establish spend baselines, and drive benchmarking onto relevant sourcing categories, which includes provide analysis on the optionality, cost benefits, insights into demand drivers, innovations, trends, and market intelligence, in order to yield fact-based decisions for spend under assessment.
- Provide support to audit, compliance, and risk management efforts.
- Provide support for SEA supplier management activities, when needed.
Qualifications
- Ability to provide prompt, courteous and excellent service at an acceptable cost to all customers; operate in an ethical manner in accordance with all applicable laws and regulations, the company's Corporate Code of Ethics, employee handbook, applicable compliance and operations policies and procedures, and other policies of the company. Possess a high degree of integrity and actively cooperate and interact with all entities of the Principal Financial Group.
- Minimum 5 years in the area of procurement and/or strategic sourcing are required.
- Relevant experience in the Financial Services industry is an added advantage.
- Spend analysis, cost management and supplier management (performance tracking, reporting, and governance) experience preferred.
- Solid working knowledge with Microsoft Office Tool is a must, especially in Excel and Powerpoint.
- A data-driven individual with solid critical thinking, business and financial acumen, as well as strong bias for action.
- Aptitude for independently solving problems, develop and maintain relationship with both internal and external stakeholders.
- Good interpersonal and communication skills, both verbal and written.
- Ability to multi-task and juggle many competing demands in an ambiguous environment, and work independently.
- Bachelor’s degree or equivalent required; Supply chain management or other business-related discipline preferred.
