Senior Associate - Sourcing & Procurement

 

Location Designation: Hybrid - 3 days per week 

 

 

Job Title: Senior Associate – Sourcing Associate – PF3

 

Role Overview: 

This Sourcing Associate’s key responsibilities are to i) lead the planning and development of sourcing strategies for sourcing requests of varying complexity, and ii) take responsibility for the execution of these strategies.

This role partners with New York Life's business stakeholders, legal resources and other Procurement team members to deliver value-added business solutions through New York Life's supplier base. In addition to recommending appropriate procurement strategies and methodologies, the Sourcing Associate oversees the sourcing, negotiating, and contracting of goods and services.

 

What You'll Do:

This role requires specific experience in sourcing professional services, including but not limited to legal, consulting, marketing, and financial services. The candidate should be comfortable managing complex vendor relationships and negotiating high-value service contracts within these categories.

The Sourcing Associate is expected to effectively collaborate with all Procurement team members to provide coordinated and consistent customer service. The Sourcing Associate will also be expected to effectively interact with business partners and other relevant stakeholders including technology, risk, and legal to ensure proper risk mitigation and alignment with business capabilities and objectives.

· Articulate, influence and translate external market trends, along with internal business priorities, to develop Sourcing insights aligned with NYL objectives

· Develop short- and long-term strategies and oversee execution of such strategies that leverage economies of scale and scope across the organization

· Assess overall spend, current and prospective suppliers, as well as client requirements, reporting structures and relationships within NYL and be accountable for procurement goals and initiatives

· Work directly with Procurement team members and stakeholders to develop a project pipeline and prioritization schedule

· Assist in the creation and communication of savings targets and programs based on knowledge of market categories and business unit strategies resulting in savings execution and other objectives

· Ensure senior level management understanding of the sourcing recommendations and assist in the implementation of sourcing and contract initiatives, ensuring understanding of related risks, costs, and savings opportunities

· Accountable for managing large strategic procurement initiatives and/or programs

 

What You'll Bring:

· 2-3 years minimum level of experience; minimum 1 years in a procurement/sourcing role, specifically sourcing professional services

· Bachelor’s degree

· A high-level understanding of relevant procurement processes is required including strategic sourcing, sourcing management, competitive bidding (RFx, reverse auction), contract management, purchasing, etc.; must have expertise in legal terms and conditions

· Knowledge and experience in insurance or financial service industries is helpful; candidate should i.) have a broad understanding of sourcing and Sourcing trends and their commercial application and ii.) have strong project management skills

· Intellectually curious analytical and strategic thinker. Demonstrated ability to analyze/research problems, identify and consider potential solutions, and make timely recommendations; works with others to effectively address issues when they occur

· Demonstrates a strong ability to influence and build consensus among members of the organization, communicates clearly and adapts style to suit audience requirements and

demonstrates ability to listen, interprets and presents information effectively using verbal and non-verbal cues

· Assists with decision making on vendor selection in concert with the requirements as well as prioritizes sourcing projects and transactions

· Strong data analysis capabilities, with an emphasis on sourcing analytics, supplier performance metrics, and cost modeling. Proficiency in Microsoft Excel is essential to support decision-making and reporting.

· Experience using procurement data to create insights that influence strategy and support stakeholder alignment is strongly preferred.

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Pay Transparency

Salary Range: $77,500-$112,000 

Overtime eligible: Exempt 

Discretionary bonus eligible: Yes 

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