Update as of January 2019: Students are still getting 3-5 job offers upon graduation. The average starting salary is in the low $60s, with the top students getting offers of over $70K. Most graduates are well over $100K by age 30. Also, CEO backgrounds are trending on SCM work experience.
Thankyou Sime. Your session has been very informative. and I have a Supply Chain experience in FMCG for about 6 years. Please suggest if I can pursue Master in ISM now, or is too late.
Just want to say thank you for your 3 parts videos. They are extremely helpful and informative. They definitely have given me more strength and courage to switch to SCM major. Im happy to say that your videos have finally brought me the answer for what my career path will be. Once again, much appreciate.
@@user-qy6tu9ip9v hi, I'm graduating this December. Good news!! I'll be doing my third internship this summer. The role is in procurement. Any thoughts and insights on this aspect of SCM? Do you think there's much room for advancement in procurement? Thanks again :)
Hi Jerron, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
He explains this so very well. He puts it in a way to understand. He takes a very complex system and simplifies it to better understand the core concept. Sime is a true asset to the wmu supply chain program. We are truly lucky to have his knowledge as part of this team. He makes and shares very great information.
Hi Chidi: See below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/
Hi Caleb, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Hi Job, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
i watched all three parts and don't even know a thing about business, but it is very informative and useful video. Glad to see someone from the Balkans so smart and successful. Greetings from Serbia.
Hi Eric, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
From Professor Curkovic: Yes, delay graduation for work experience (it is a deal breaker)! Students: Most good paying jobs are highly specialized (e.g., purchasing, operations, and logistics). Your degrees are highly specialized but you also have to get good practical work experience related to what you are majoring in. Quite simply, students without work experience in their major do not get good jobs in their major. That means you have to make getting an internship one of your top priorities while in school. You have to do this even if it means delaying graduation. The delay will pay for itself in terms of starting salary and future advancement opportunities (because of what you learned during the internship and what you brought into your full-time job because of the internship). Pasted below is some feedback from a manager that thinks WMU students are less inclined to delay graduation for great work experience. I think his points are somewhat exaggerated, but I just wanted to reiterate the importance of getting work experience related to what you are majoring in. I am currently working with a handful of WMU ISM graduates that are unemployed. What do they have in common? Low GPAs and no work experience. Again, please know that I am not judging. I just want the very best for you. Thank you. Sime *************************** ISM Students (here is an email from a manager): As a bit of feedback, we always seem to have trouble convincing students from WMU that taking a semester off school and working for a large company is "okay". They tend to want to stay in school straight through and graduate in 4 yrs. In my opinion, times have changed, and a student absolutely needs to have some co-op work experience on their resume in order to land a good job in the area of Supply Chain. A summer internship (around 3 months) is just not enough anymore, and more and more companies are moving away from programs like that, and moving to full-semester type co-op positions. I am not certain what WMU's position is on students taking a semester off to relocate and complete a full semester co-op term. Do you have conversations with students about that topic? We primarily work with Bowling Green State Univ.'s Supply Chain program. They seem to help convince students to take a semester off, as the experience gained cannot be matched. This way, when students are interviewing, they are already expecting to take a semester off. Sometimes, at WMU, students seem shocked and uncomfortable about taking that semester off. All in all, we have still had some great co-ops from WMU, and we will continue to look to fill our positions with WMU students. Do you agree? Thank you. Sime
@@shubhendumahapatra1532 Sime Curkovic did another video discussing taking a Masters, his opinion was that if you have a BCom than probably a MBA is a bad idea. Too much duplication in repeating similar-ish business courses. Perhaps if you have say a BE, then maaaaaaybe it makes sense to get a MBA?? As those are the types of people the MBA were *originally* intended for. But even in that case, you're likely still better off getting a more focused Masters programming, such as say a MS in SCM. However, you should go out and get work experience first before getting a Masters. So sit your GRE/GMAT in your final year of undergraduate studies (or immediately after). As that is when your academic skills for those test taking are at your peak! Much easier than trying to take it two years later. And those exam results stay "current" for up to five years or so, so you've got plenty of time to go out and work for a while then come back and get a Masters using your high exam marks from beforehand.
@@shubhendumahapatra1532 good stuff! What was your first degree? I myself, have a BSc(Math) from years and years ago, going back to Uni now to do a Masters in Operations Research & Analytics (i.e. mathematical tools and such to apply to industry problems such as logistics etc, one of my papers next semester is about Supply Chains) which is a degree run ultimately by the Engineering Faculty, but is also an interfaculty degree in the sense we take papers from Business and Science as well
Hi Richard: See below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/
Love the speaker! And the insights he shared in the session - one of the most enjoyable and intellectually appealing hours of my life. Thank you for uploading the series of the videos. And I must say, I feel so sorry for the unwilling audience showing no interest though.
Hi M Wali, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Sir Sime, this lecture is incredibly informative and has helped me leaps in understanding the bigger picture of running a business from the supply chain perspective. Thank you, my man. Much love from the Philippines
Hi Joshua, I have numerous students from SA and they are great, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Amazing speaker, the importance of supply chain managers is on the rise. I got interest for this major not long ago and this video confirms my desire. Competitive and important.
Hi Jon, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
such a good speaker, and really explained it not in technical terms to remember, but in a real life big picture way! so informative, I really enjoyed it. I'm in my final year as an industrial engineering student and I was looking at specializing my skills in supply chain management
Do supply chain managers need the technical skills to interact well with engineers? Why do WMU ISM supply chain graduates interact so well with engineers? Answer: We make them take engineering classes. www.linkedin.com/posts/sime-curkovic-61617a115_should-supply-chain-grads-interact-well-with-activity-6856924520377319424-jKWI
WHAT IS THE FORMULA FOR PROFIT MARGIN? Answer: (Sales minus Cost of Sales)/ divided by Sales. Keep this simple, take your company’s total annual sales revenue and subtract your costs (DM, DL, and overhead). Take that number and divide it by your total annual sales revenue. So, how do you widen margins? Cut costs. Where do most of your costs come from? Direct material purchases. This is what you are majoring in. Why do you want to widen margins? To increase ROI (Return on Investment). ROI is PM multiplied by Asset Turnover Rate (ATR). What is ATR? Doing more with less (i.e., reducing inventory, getting customers to pay sooner, outsourcing, buying less expensive stuff). When ROI goes up, the company’s stock goes up. The global economy currently revolves around shareholder value (and that is good and bad). Good for us (people with college degrees in business), bad for low skilled manual laborers, right? ____ WHAT IS THE FORMULA FOR OPERATING INCOME? Answer: Sales minus the Cost of Sales.
This is simply the money left over that a company has when it sells all its stuff, gets paid by its customers, and then pays for all of its bills/costs. ___ WHAT IS THE FORMULA FOR ROI? Return on Investment equals Profit margin * asset turnover rate. ______ WHAT IS THE FORMULA FOR PROFIT MARGIN? (Sales - cost of sales)/Sales or Operating Income/Sales _____ WHAT IS THE FORMULA FOR OPERATING INCOME? Sales - Cost of Sales Do you know how to make ROI go up? Do you know how to widen margins? Do you know how to increase asset turnover rate? Do you know what your major has to do with doing all of this. No other major has a greater impact on corporate America Here are some T/F questions. Try to make sure you also understand why the answer is T or F as that will help you with the short answer questions... Profit margin can have a negative value. True: Profit margin represents the percentage of revenue that exceeds costs, so it can be negative if costs exceed revenue. Asset turnover rate can have a negative value. False: Asset turnover rate is calculated as net sales divided by average total assets. It indicates how efficiently assets are used to generate sales. Since both sales and assets are non-negative figures, the asset turnover rate can't be negative. ROI (Return on Investment) can be negative. True: ROI can be negative if the return (or profit) from an investment is less than the initial investment. If a company's profit margin is negative and its asset turnover rate is positive, the resulting ROI will ALWAYS be negative. True: A negative profit margin (representing a loss) multiplied by a positive asset turnover rate will give a negative ROI. A negative profit margin always indicates that the company is making a loss. True: A negative profit margin indicates that expenses exceed revenues. A company with a higher asset turnover rate necessarily has a positive ROI. False: A positive asset turnover rate doesn't guarantee a positive ROI. The profit margin also plays a role. If the profit margin is negative, even a high asset turnover rate could result in a negative ROI. If both profit margin and asset turnover rate are positive, the ROI will also be positive. True: Multiplying two positive numbers will yield a positive number. The asset turnover rate is a measure of how efficiently a company uses its assets to generate sales. True: It indicates the sales generated per unit of asset. A company can have a positive ROI even with a negative profit margin if its asset turnover rate is high enough. False: A negative profit margin means the company is incurring a loss on each sale. No matter how high the asset turnover rate, the ROI will still be negative. A company's ROI can be improved by increasing its profit margin, increasing its asset turnover rate, or both. True: Both a higher profit margin and a higher asset turnover rate can contribute to a higher ROI.
Advice: Profit margin represents the percentage of revenue that exceeds costs, so it can indeed be negative if costs are higher than revenues. Asset turnover rate is a ratio that represents the efficiency of a company's use of its assets in generating sales revenue; since both net sales and average total assets are non-negative figures, the asset turnover rate cannot be negative. ROI can be negative if the gains from an investment are less than the cost of the investment.
Hi Ademola, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
wow that was very interesting...thank you Sime for posting these! Looking forward to watching more of your lectures - learned a lot and definitely inspired
Hi Singh, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Great read…Translation: Success = Pick the right major (i.e., demand > supply) + Get work experience (i.e., internships related to major) + Pick the right first job (i.e., they pay a premium for your major because of supply/demand conditions and you are job ready day one because you have professional work experience). www.wsj.com/lifestyle/careers/college-degree-jobs-unused-440b2abd Half of College Grads Are Working Jobs That Don’t Use Their Degrees Notice: “More than any other factor analyzed-including race, gender and choice of university-what a person studies determines their odds of getting on a college-level career track. Internships are also critical.” I chuckled at this one: "He also regrets taking an entry-level sales job in logistics after months of fruitless job hunting after graduation." “Bachelor’s degree holders in college-level jobs earn nearly 90% more than people with just a high-school diploma in their 20s.” “…most of the graduates who don’t find work reflecting their degrees are what they call “severely underemployed, meaning they’re in jobs that only require a high school education or less.” Picking a college major: lnkd.in/eX8XUHxj Notice SCM made the list: #5. Supply Chain (Logistics): $52,290. finance.yahoo.com/news/majored-one-18-subjects-ll-193945292.html Note, WMU SCM grads (2022) have a median wage range of $65-$75K. lnkd.in/dkGr4_uX. I have been trying to explain SCM to high schoolers. It’s not that easy. Parents like to see this: the number of US job postings for supply chain managers on LinkedIn more than doubled between 2019 & 2022: lnkd.in/gyWH5gxt. The U.S. supply chain accounts for 37% of all domestic jobs, according to the Harvard Business Review: lnkd.in/gbV_aMT7. “Employers are fed up with college 'waste,' opt for skilled blue-collar workers instead”…Really? lnkd.in/gR5pNeDe. Ranked: Median Student Debt for a U.S. College Degree: lnkd.in/g_Eaq7zu. Ranked: Most Popular U.S. Undergraduate Degrees (2011-2021): lnkd.in/gWTxiFch. The top 10 most-regretted college majors - and the degrees graduates wish they had pursued instead: lnkd.in/gtapAxUJ. Students/Parents: Which college majors pay off? From WSJ: lnkd.in/gMy3nwS2 & lnkd.in/gH3jSWKt. 90% of 2023 graduates think college is really worth it. lnkd.in/g_Vipjd5. College majors have a big impact on income. Here are the highest- and lowest-earning fields: lnkd.in/gt8BHiFM. Here’s where the jobs are - in one chart: lnkd.in/gN-dSc6E. The 10 highest-paying college majors, five years after graduation: lnkd.in/gTFb6_vw. Top Degrees in demand, current data (2023) from NACE: lnkd.in/g3kM_sZ6. Professional experience that pays well while in college?...Thousands of new internships posted, to name a few - lnkd.in/gVsHEZxz & lnkd.in/gRKmr7QE & lnkd.in/gmMH5myb. What do internships pay (never work for free)? The going rate appears to be $18-30/hr. See: lnkd.in/g6CH_pYv & lnkd.in/g4znXYHu. Being job ready in the post covid market & beyond. lnkd.in/eZGZbkP & lnkd.in/g8cAcBh3. Are students satisfied with their college experience?...Students have overwhelmingly positive reactions to their college experience: lnkd.in/gR5pNeDe. Goals of an internship (it’s not job shadowing): lnkd.in/gMtdr92u. If you look at this 2020-2030 job growth chart closely, all things supply chain related scored VERY well: lnkd.in/g8n-dCz2 hashtag#college hashtag#major hashtag#careers hashtag#supplychainmanagement
Here are some T/F questions. Profit margin can have a negative value. True: Profit margin represents the percentage of revenue that exceeds costs, so it can be negative if costs exceed revenue.
Asset turnover rate can have a negative value. False: Asset turnover rate is calculated as net sales divided by average total assets. It indicates how efficiently assets are used to generate sales. Since both sales and assets are non-negative figures, the asset turnover rate can't be negative.
ROI (Return on Investment) can be negative. True: ROI can be negative if the return (or profit) from an investment is less than the initial investment.
If a company's profit margin is negative and its asset turnover rate is positive, the resulting ROI will ALWAYS be negative. True: A negative profit margin (representing a loss) multiplied by a positive asset turnover rate will give a negative ROI.
A negative profit margin always indicates that the company is making a loss. True: A negative profit margin indicates that expenses exceed revenues. A company with a higher asset turnover rate necessarily has a positive ROI. False: A positive asset turnover rate doesn't guarantee a positive ROI. The profit margin also plays a role. If the profit margin is negative, even a high asset turnover rate could result in a negative ROI.
If both profit margin and asset turnover rate are positive, the ROI will also be positive. True: Multiplying two positive numbers will yield a positive number.
The asset turnover rate is a measure of how efficiently a company uses its assets to generate sales. True: It indicates the sales generated per unit of asset.
"WMU Integrated Supply Management (ISM)...Nation's best undergraduate SCM program (Gartner 2014); 2nd in SCM technology (SoftwareAdvice 2015); 2nd in top global SCM talent (SCM World 2017)
Hi Kwebeiha, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
I'm watching this in 2021 cause I'm about to pursue a MicroMaster in supply chain management at the MIT and I absolutely love the way your present SCM!! Sounds awesome
@@simecurkovic Wow thanks a lot for the quick response! I do have a more specific question tho. I'm about to certify myself as a CAPM (Certified Associate in Project Management) and wanted to pursue the MicroMasters Degree in SCM afterwards. Do you think that's a good idea? I had this idea cause projects like building a new type of EV for example may result in a new type of product afterwards that a company wants to have in their portfolio and therefore need to integrate it in their supply chain management. Does that make sense? Like going from a project to operations
@@kaisteinbeiss Kai, absolutely, project management and SCM go hand in hand and they compliment one another. A quick check, google "CAPM and supply jobs" or "project management and supply chain jobs". A lot of great jobs pop up (that is a great sign). Also, tons of jobs out there that give preference for APICS/ASCM and ISM certifications like CPIM and CSCP. Lots of SCM jobs also have very specific data analytic skills. I tell students to think about the type of company and industry they want to work in and see what they tend to reward culturally (and it can vary within the same industry). Perhaps they prefer graduate degrees, lean training (black belt), business data/predictive analytics (SQL, Python, RapidMiner, Power BI, Tableau), etc.
Mid-Level Supply Chain Positions | Average Salary: $115,000 Senior-Level Supply Chain Positions | Average Salary: $260,000 Nice supply chain website. My students ask great questions when it comes to…money. Recently, someone asked if they could earn a great salary in mid-career. I asked what is mid-career & he said by age 30. I smiled, but also told him many of my students are six digits or above by that age. SCM is very opportunistic. Entry-Level Supply Chain Positions | Average Salary: $69,000 Also: Entry Level Manufacturing Jobs | Salary Range: $66,000 - $78,000 Mid-Level Manufacturing Jobs | Salary Range: $110,000 - $143,000 Senior-Level Manufacturing Jobs | Salary Range: $239,000 - $338,000 Source: lnkd.in/ga8Azij7 __ Yes, WMU supply chain grads from 2022 have a median wage range of $65-$75,000. lnkd.in/dkGr4_uX Salaries per "DC Velocity": 2021 lnkd.in/gESQFNZa vs 2020 lnkd.in/gW-U-KHK vs 2019 lnkd.in/gJquYyT4. From "ISM": 2018 $: lnkd.in/gV53aggX. 2020 $ (right before covid): lnkd.in/gz8WQEhr. 2021 $ (deep into covid): lnkd.in/g-SfG93A & lnkd.in/gn5jM9xt. Salaries per "ASCM" $: 2022 lnkd.in/gtYC5Cnw vs 2021 lnkd.in/gpMvehY5 vs 2020 lnkd.in/gcsrX6tr People want more money & rewarding work (not paperwork). lnkd.in/g7BwX84c. "The demand for logistics talent has never been greater. The low unemployment rate has created a supply/demand imbalance, spurring employers to raise salaries in a bid to attract and retain top talent. Of the 454 respondents to DC Velocity’s 19th annual Salary Survey, 72%) saw a boost in their total compensation in the past year." Should college grads negotiate a higher starting salary? lnkd.in/gMJYNJkh. Salaries in SCM are going up & already average $10K-$20K higher than entry-level positions in other fields. lnkd.in/gCiYgwS2 There isn’t enough young people working in supply chain - lnkd.in/gtUcJpX7. SCM $ Information - lnkd.in/gn5jM9xt lnkd.in/gTBMP5dM lnkd.in/eQvfFMc lnkd.in/g7YamZCU #supplychain #job #salary #manufacturing #logistics #procurement
Hi DS, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
From Professor Curkovic: Read: Clarification on 3PL versus 4PL I think getting an internship at Coyote Logistics (CL) would be an excellent opportunity for ISM students in general. Just keep in mind that non asset based 3PLs such as CL, CH Robinson, TQL, etc., recruit across all majors, especially general management, general marketing, and sales marketing. I would prefer that students work for companies that pay a premium for your ISM/SCM degree. However, 3PLs provide services in an industry that you are majoring in, so to that extent it is a great match for you. Also, some of you have strong sales skills and/or want to develop those skills moving forward in your SCM careers (which makes sense given that you will be interacting with suppliers a lot). A major trend in SCM is reverse marketing and supply base deproliferation. That means buying organizations are trying to shift a larger and larger amount of volume to a fewer and fewer number of suppliers (that way they get huge price discounts from economies of scale, make sense? - this is supply base deproliferation - reduce the number of suppliers that you do business with). Sometimes, you have to go to your current suppliers and convince them to take on more business (that is called reverse marketing). The goal is to do a lot of outsourcing with a few key strategic suppliers. For example, in reality, Toyota only has around 12 suppliers. It would be great work experience and would help you also get your foot in the door for another internship or even a fulltime job at OEMS such as GM and John Deere if you got some work experience at a 3PL or 4PL (all work experience is good work experience). Again, a 4PL is a company that can do all logistics for a company and a 3PL can actually only perform some logistics. For example, if you can only handle warehousing, but cannot handle inbound and outbound, then you are a 3PL (a truck driver with a trailer is a 3PL, but he/she is an asset based 3PL if they own the truck and trailer). 3PLS are evolving into 4PLs, which means if a company goes to them, then they (the 4PL) can perform all logistics services for a customer (i.e., inbound, outbound, warehousing, etc. - one stop shopping for all things related to movement of goods). Coyote Logistics has actually evolved into a non asset based "4PL" because they can do everything logistics related for customers. However, because they are non asset based, they do not own anything themselves. They just outsource everything to 3PLS and manage the process for their customers. Why would their customers not do this themselves? Because CL can do it better, faster, and cheaper and these customers can then focus on their core business (which usually has nothing to do with logistics). Finally, JB Hunt would be considered an asset based 4PL because they can perform all logistics services for companies such as Whirlpool, but JB Hunt actually owns the stuff it takes to move things around. For example, JB Hunt has trucks, trailers, drivers, containers, railway capacity, distribution hubs, etc. However, JB charges a premium for customized services and is not as price competitive as non asset based 4PLs. Whirlpool is very OK with that since JB Hunt offers exceptional quality service and JB Hunt still does it better, faster, and cheaper than Whirlpool. I hope this helps and makes sense. Do you feel like you know the subtle difference between a 3PL and 4PL? Would you want to work for a 3PL or 4PL? Note: With truck drivers collectively racking up 93 billion highway miles in the U.S. every year, 40% of the trips are made with empty trailers. 40%?!!!!!!!!!!!!!!!!!!! The market is mostly made up of small trucking companies, with 91% of companies having six trucks or fewer. 91%?!!!!!!!!!!!!!!!!!! "Convoy", which ranked No. 11 on CNBC’s 2019 Disruptor 50 list, can consider “tens of thousands of trucks at the same time,” and matches customers the best option, making the process more efficient by ultimately saving time, money and CO2 emissions.“ Do you want to work for a potential disruptor? Do you want to create your own disruptor? The SCM field is prime for disruption. See story below on Convoy (the Uber for freight).... Students: On Tuesday (11/19, 530 pm, room 1265), I will have a guest speaker in class from Lineage Logistics to discuss the logistics industry (which is one of the distinct functional areas that you are majoring in). Steve Rosso will be presenting and he moved jobs from JB Hunt to Lineage Logistics (LL). I have attached his former JB Hunt presentation because JB Hunt still hires from WMU ISM. A lot of his jobs with LL are in metro Detroit (Novi). The logistics industry is a $1,000,000,000,000 industry in the U.S. (that’s 12 zeros, $1 trillion). When I say the logistics industry, that includes all dollar signs associated with moving everything around (including people). The 3PL/4PL industry is a component of that and is a $400+ billion industry. Lineage Logistics is an asset based 4th Party Logistics Provider that does around $2 billion a year in revenue. LL is only around .5% of the 3PL/4PL industry, but they are also one of the larger companies in the business. Make sense? This industry is filled with thousands of companies (most of which are small mom and pops - think of the local guy with a truck that delivers stuff from Best Buy to your house). However, this is a high growth industry, and price and economies of scale will be the name of the game. That means the mom and pops will go out business because they cannot be price competitive and the larger ones will acquire and merge (they will get bigger). Buy stocks in companies where the industry will grow over time while the amount of competition will decline. The 3PL/4PL industry is just that. Take a look at 3PL/4PL stocks like JB Hunt over a period of time. JBHT (stock ticker symbol) has doubled in the last five years. Its stock splits often. Do you understand what that means? Had I bought 10,000 shares of JBHT stock for $40,000 when I first came to WMU 21 years ago, it would be worth $1.2M today.
Hi Murad, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Comprehensive Impact on ROI: Return on Investment (ROI) is a measure of the profitability of an investment and is calculated by dividing the gain from an investment by the cost of the investment. The ROI can be influenced by both the profit margin and the asset turnover rate, as these factors directly affect the gain from an investment (in terms of operational efficiency and profitability). In summary, by reducing direct material costs, a company not only widens its profit margins by reducing expenses and potentially increasing profits but also improves its asset turnover rate by reducing the total assets needed to generate sales. Both of these factors contribute to a higher ROI, showcasing the financial leverage and operational efficiency gains from cost reduction strategies in direct material purchases. This dual impact enhances the company's overall financial performance and can be a strategic focus for improving competitiveness and profitability. More T/F Questions: A company can have a positive ROI even with a negative profit margin if its asset turnover rate is high enough. False: A negative profit margin means the company is incurring a loss on each sale. No matter how high the asset turnover rate, the ROI will still be negative.
A company's ROI can be improved by increasing its profit margin, increasing its asset turnover rate, or both. True: Both a higher profit margin and a higher asset turnover rate can contribute to a higher ROI.
Advice: Profit margin represents the percentage of revenue that exceeds costs, so it can indeed be negative if costs are higher than revenues. Asset turnover rate is a ratio that represents the efficiency of a company's use of its assets in generating sales revenue; since both net sales and average total assets are non-negative figures, the asset turnover rate cannot be negative.
ROI can be negative if the gains from an investment are less than the cost of the investment.
Test Question: IMPROVEMENTS IN PURCHASING PERFORMANCE CAN HAVE A SIGNIFICANT IMPACT ON A FIRM’S RETURN ON INVESTMENT (ROI) BECAUSE PURCHASING/SCM CAN DIRECTLY IMPACT: A. DIRECT MATERIAL COSTS B. DIRECT LABOR COSTS C. INVENTORY COSTS (Does this make sense? You also paid less for the inventory if you reduced material prices, see explanation below) D. OPERATING INCOME Answer: E. BOTH A & C F. BOTH B & D Why? If you help reduce your company's direct material purchase costs by say 5%, then that means you also helped reduce the dollar amount of inventory they have on hand. Why? Because you are paying less for the material. So, that means your Asset Turnover Rate will also increase. So, reducing direct material costs helps both sides of the ROI calculation, Profit Margins widen and Asset Turnover Rate goes up. One more time: reducing direct material purchase costs can have a broad and positive impact on a company's financial health, particularly concerning Return on Investment (ROI) metrics like Profit Margins and Asset Turnover Rate. Another question:
MANY NORTH AMERICAN MFG FIRMS SPEND BETWEEN 50 AND 80 PERCENT OF THEIR TOTAL COST OF GOODS SOLD ON PURCHASES OF INPUTS FROM SUPPLIERS. True or False. Absolutely True. Impact on Profit Margins: Profit margin is a measure of profitability calculated as operating income divided by revenue. It shows what percentage of sales has turned into profits. By reducing the costs of direct materials (the actual materials used in the production of goods), a company lowers its Cost of Goods Sold. Assuming sales revenue remains constant, a decrease in COGS leads to an increase in profit/operating income. Consequently, this widens the profit margin because a larger portion of each dollar of sales is retained as profit. Impact on ATR: The ATR is a measure of how efficiently a company uses its assets to generate sales. It is calculated as sales divided by total assets. When a company reduces its direct material purchase costs, it is essentially lowering the cost basis of its inventory. This reduction can lead to a lower dollar amount of inventory on hand, which in turn reduces the total assets on the balance sheet (assuming other assets remain constant). Since the denominator in the ATR calculation (total assets) decreases while sales remain constant, the ATR increases. This indicates that the org is generating more sales revenue for every dollar of assets it owns, signaling improved operational efficiency.
From Professor Curkovic: How should companies use competitive bidding (think long-term)? Typically, buying organizations will use several rounds of the competitive bidding process to pick a low cost supplier. Buying organizations will send out RFQs to get bids from suppliers. RFQ stands for a Request for Quotation. In other words, please give us a quote for this business. Unfortunately, several iterations of the competitive bidding process can be very resource intensive, especially for smaller companies. Larger companies have been able to somewhat reduce these costs by using information based technology (e.g., electronic reverse auctioning). Either way, the data seems to indicate that several iterations of the competitive bidding process does not get the lowest price. Why? Suppliers pad their quotes from beginning to end because they know the game. Data indicates that the most effective way to get the lowest bid is to tell suppliers that they will only have once chance to bid/quote on the business. If they really believe that, then they will deliver their best quote the first time around (because it is the only time). However, very few companies actually make bidding a one shot deal. Most companies are too greedy and are not convinced that the one time only cycle works. Another problem with competitive bidding is that you are just trying to get suppliers to low ball each other and that means you are just hacking away at their profit margins. If you have a current supplier that charges $1.00 per part, and it costs them $.90 to make it, they have about a 10% margin. If you have them rebid and rebid and rebid on the business, and then they agree to $.93 per part, you are indeed paying less per part, but you have reduced the supplier’s margin down to nothing. Smaller companies with larger industrial customers have often been victimized by such approaches. So, why would a smaller company use the same ineffective tactics on its own suppliers? In a perfect world, buying organizations would sit down with suppliers and help them reduce their direct costs (e.g., labor and material). Most of a supplier’s costs are probably already coming from direct labor and material which means there are probably some significant cost savings to be had. What if you could help a supplier cut their direct costs by 30% and then you tell them they can still keep the 10% margin? That supplier would say thank you because their margins do not change. They are just more cost competitive and probably end up getting more business because of it (and you now pay around $.70 per part). Also, there is nothing stopping a smaller supplier from asking its larger customer for assistance in reducing its direct costs. A larger customer probably has the resources and skill sets to offer just this type of assistance. It would also demonstrate the cost improvement intentions that customers often seek in suppliers. A recommendation for smaller companies is to take a strategic approach to their sourcing decisions, even for commodities. That often requires a careful analysis of how its customers manage them and perhaps not necessarily using the same tactics with its own suppliers. Smaller companies can look to the ineffective tactics of their customers to better manage their own supply chains. Perhaps the customer will then ask the supplier for help.
Hi Qurban, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
*2.4M SCM jobs to remain unfilled between 2018 and 2028 *44M people employed in SCM jobs, making up 37% of the job market *A third of current SCM workers have hit retirement age >20,000 jobs on LinkedIn not filled w/ "entry-level supply chain" in job title >35,000 jobs not filled w/ these words- “supply chain” & “analyst” & “data analytics” 113,000 unfilled jobs in Indirect Procurement & > 4K MRO Buyer jobs not filled Supply Chain Data Scientist (>171,000 jobs on LinkedIn - that's all) Supply Chain Finance (>25,000 jobs on LinkedIn - that's all) >10,000,000 (10M) jobs not filled in the U.S., ½ are in SCM
Could you put that sheet of paper somewhere in the cloud and share the link? Would be a good reference point to look at, and see the sheet. Now it is not visible.
Hi Benediktas, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Great time to be a supply chain student: “…growth in procurement salaries overall in North America is 5% & the avg salary for all N.A. supply chain pros was $105,418. Some highlights include the avg pay reported for Advanced Professionals ($126k) for roles such as a Procurement Director. For Professionals ($113k) for roles such as a Procurement Manager and for Operational level ($68k) for roles such as a Procurement Specialist.” See: lnkd.in/gKAZr__H. “Those who invested in career certifications found themselves earning higher salaries. The report found that supply chain professionals who hold at least one credential reported a median salary that is 16% higher than those without. People with two or more certifications earn 34% more.” Also, reminder: CPIM is now reconfigured under version 8.0 moving from two courses & two exams to one. See: lnkd.in/gxTdm8Mu. 12 Supply Chain Certifications To Advance Your Career…and many more at: lnkd.in/gHBkZ5cM. Supply Chain Manager Salary: Your 2023 Guide: lnkd.in/grxANayH & lnkd.in/gp6iMKT9. Indeed has material on supply chain careers...70 Job Titles in Supply Chain (w/ Avg Salary): lnkd.in/gUAk4SPG. 11 Benefits of SCM Careers: lnkd.in/gXG9EkEF. What Does a Supply Chain Manager Do? lnkd.in/gFxhqH2m. For more SCM salary data, see: lnkd.in/gp6iMKT9 & lnkd.in/d7WSAWC3. Free: All Combined Links and Supply Chain Salary Reports lnkd.in/gtffWe55 #supplychain #salary #data #bigdata #cips
The trend line is very positive for data analytic skill sets. Business Analytics (BA) addresses an increasing demand in organizations of all types to understand data related to their operations. Investments in information systems throughout the enterprise for the last 10-15 years are generating tremendous amounts of data, and companies will spend at least the next 10 years developing processes that generate insight from those data. In addition to data generated internally, many companies are exploring the effects of external data, primarily present in social media or web search. The ability to manage data and conduct business projects are the key to success in many disciplines. BA will provide a comprehensive skill set for students to analyze, visualize and report data. Written below is information that shows the importance of BA skills to employers. Data analytics plays an important role in the second decade of the 21st century in corporate America. Tools supporting business analytics are exploding. Software designed to obtain data from multiple sources and transform them into actionable intelligence is a $50 billion business growing at 14 to 18 percent per year. According to Indeed.com (one of the major job search engines), the growth of analytics jobs since 2005 has been approximately 370%. The growth of business analytics jobs specifically is at an even higher rate (approx. 600%) as shown in the figure below. The higher demand of analytics skills in business provides solid support for employers to demand this from our business college graduates. (a) Industry Response Recently, the American Management Association (AMA) surveyed approximately 800 business executives in more than 50 industries and 40 countries. The executives surveyed were overwhelmingly favorable toward the need for business analytics skills with 58.3% of respondents evaluating BA vital to their organization today and 81.5% in 5 years. According to the Vice President of AMA, Robert G. Smith, BA skills are needed because “… competitive and performance pressures are driving the need for better analytics.” See the full summary of the AMA survey at www.amanet.org/news/8598.aspx (b) Academic Offerings Academic institutions are responding to the trend. In a recent study, more than 390 courses containing analytics content were taught in higher education. The scope of analysis responsibilities in industrial practice is also rising with more functional business specialists building analytical models for business teams. With data-driven decisions more common across the industrial spectrum, and analytical models and methods embedded in increasingly sophisticated software, people with diverse backgrounds and expertise are analyzing data. Microsoft has been one of the most prominent software companies promoting “Business Intelligence for everyone”. A few observations of national trends: • In early 2012, 21 or 4.80% of Universities have Business Analytics program/concentration/track/minor out of 438 universities listed by USA today. By 2014, Business Analytics programs number in the hundreds. • MIT and University of Pennsylvania, among the top 10 business schools in the US as ranked by USA Today have Business Analytics programs. • The Walton Business School of the University of Arkansas and the Haworth College of Business at Western Michigan University have published learning objectives for its business analytics majors and minors. At Western Michigan, over 75% of their supply chain majors are picking up the BA minor per employer interest. These students are commanding a premium in the marketplace as a result with starting salaries in the $55,000-$64,000 range. Table 1 shows a partial list of universities offering concentrations in business analytics Table 1 Universities Offering Business Analytics Concentrations American University Rutgers University Arizona State University Simmons College Bentley College State University of Illinois Carnegie Mellon University Stevens Institute of Technology Central Michigan University Syracuse University Chapman University Texas A&M University-College Station City University of New York University of Arkansas - Little Rock Clark University University of California, Irvine Colorado State University University of California, San Diego Columbia University University of California, Santa Barbara Creighton University University of California, Santa Cruz DePaul University University of Chicago Drexel University University of Cincinnati Duke University University of Connecticut Edinboro University of Pennsylvania University of Denver Emory University University of Florida Florida Atlantic University University of Georgia Fordham University University of Hawaii at Manoa Georgia Institute of Technology University of Memphis Harvard University University of Michigan-Ann Arbor Illinois Institute of Technology University of Minnesota-Twin Cities Indiana University University of Nebraska, Lincoln Indiana University of Pennsylvania University of Pennsylvania Louisiana State University University of Rochester Massachusetts Institute of Technology University of Rochester Michigan State University University of San Francisco National University University of South Carolina - Aiken New York University University of Tennessee, Knoxville North Carolina State University University of Texas at Austin Oakland University University of Virginia, Charlottesville Oregon State University University of Washington Pace University University of Wisconsin Milwaukee Providence College University of Wisconsin-Madison Purdue University Villanova Rensselaer Polytechnic Institute Virginia Polytechnic Institute and State University Western Michigan University Employers expect and require these BA skill sets from their SCM professionals. However, SCM university programs are in the early stages of developing these skills for students and their future employers.
Hi Anya, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Hi Samuel, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Hi Chuka: Here you go... www.linkedin.com/posts/sime-curkovic-61617a115_nearly-9-in-10-graduates-say-an-mba-is-worth-activity-6938440371668480000-wvWH? Great read about getting into supply chain management with no SCM background: www.wsj.com/articles/career-reboot-a-music-director-gets-an-m-b-a-to-land-a-job-at-ford-11618747200?st=tijpntxij08lmyp&reflink=article_email_share walton.uark.edu/insights/advanced-supply-chain-degree.php Who Needs an Advanced Degree in Supply Chain, Anyway? Great read on SCM graduate education: www.linkedin.com/pulse/supply-chain-graduate-education-daniel-stanton/ $29,298! That's the salary difference between #supplychainmanagement pros with a Bachelors vs. Masters (according to the recent CSCMP - Council of Supply Chain Management Professionals report.) www.linkedin.com/posts/david-dobrzykowski_supplychainmanagement-waltonsupplychain-activity-6941117394547351553-z5px?
My students in Silicon Valley say making $200K+/yr feels like making $90K/yr in Metro Detroit. Some pay close to $6K/month for rent (so they need roommates). Owning a home will be tough. Kind of related...Ranked: Worst Companies for Employee Retention: lnkd.in/gVqJCXtV. Mapped: What You Need to Earn to Own a Home in 50 American Cities: lnkd.in/eMkG82KF.
Real Estate 2024: 10 Cities Where You’ll Probably Lose a Bidding War for a Home: lnkd.in/efnYNkGM. San Jose, California Redfin competitive score (out of 100): 89 Homes sold above list price: 59% Median days on the market: 18 Median sale price: $1,280,000 The 10 fastest-growing jobs in the U.S. right now-many pay over $100,000 a year: lnkd.in/g7TNMeja. From Gartner 2022 (2 yrs ago data):
Starting salaries for students in supply chain roles also increased. In terms of compensation, U.S. undergraduates finding their first jobs in supply chain roles are earning about $1,600 more per year than in 2020. While the average starting salary is $61,769, graduates from the top 10 programs can expect around $65,000. The highest salary from the ranked schools was $80,000.
Well, that avg now is > $70K. Also, we just had a student get offered $87K, no job rotation (straight into a full time role as she is already loaded with work experience), $8,700 signing bonus, and immediately bonus eligible at 9%.
I talked to one student in the Fall that was given a job offer in Sept. (one month to decide) & he accepted. Yes, he had a summer internship with them. He is a SCM major w/ a Data Analytics minor. $72K base, $14K in relocation, 20% of base bonus eligibility, 4 weeks paid vacation, & a 3 year job rotation (3 jobs in 3 years, and he gets to choose the locations - further, they encouraged him to pick areas outside of his major such as Finance, Engineering, etc., so that he could learn new things & become more cross-functional). Under most circumstances I would encourage my students to negotiate something, but what is there to negotiate lnkd.in/gkmB6BQa.
The jobs paying six figure salaries to help lead supply chain disruptions: lnkd.in/gU9VhJEG. lnkd.in/g8n-dCz2
Hi Aaron, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Some 2022 WMU SCM student success stories…1. Dylan Sing is a team player as a student athlete on the WMU men's soccer team & as a SCM major. lnkd.in/ggqPmMyw. 2. SCM student wins prestigious scholarship. Madison Dober excels as a woman in the supply chain field, winning a scholarship from the Transportation Club of Detroit. lnkd.in/d5UEQVJV 3. Pursuing career in supply chain management is a slam dunk for Megan Wagner. Junior Bronco basketball player and integrated supply management major Megan Wagner is making the most of her time in college. lnkd.in/dBiNSWbC
4. Women in supply chain receive expert professional development from one of their own. This summer a group of women majoring in supply chain management participated in a 6-week professional development class facilitated by WMU supply chain graduate, Trisha Terns. lnkd.in/gKu9XcVy
5. Leading the way with Lean Six Sigma: WMU students earn certification. Students in several process management courses earned their Lean Six Sigma Yellow Belt Certifications, demonstrating their commitment to continuous improvement and ability to become business leaders before graduation. lnkd.in/g2VDbEPx
6. Supply chain spotlight: Industry insight and problem solving put to the test. lnkd.in/gxm-T4Xz
7. WMU supply chain program named top program for 13th straight year. lnkd.in/g4Ch_qxY 8. Jessy Mutombo: Going the extra mile. lnkd.in/gU_Mag6i 9. Presidential Scholar, MIRANDA MCNIVEN. lnkd.in/gFG75HSJ 10. Two WMU ISM students, Madison Dober and Alexandra Henson, have been honored with a scholarship from Achieving Women’s Excellence in Supply Chain Operations, Management and Education (AWESOME). lnkd.in/g4VyPcUq
Hi Shubhendu: See below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/
Hi Joe, I still might be very wrong. Auto is a capital intensive low margin industry (all things that Apple hates). I think Apple either sells their "stuff" to everyone (like batteries and AV software) and/or they subcontract everything to a very big first tier auto supplier (and have that Apple fruit thing on the grille of iCars - brand, brand, brand). It will be interesting to see if Apple actually has the "battery of all batteries". If they do, then game over. If their battery is not a game changer, then I do not think their brand will be enough because everyone can source everything in the auto supply chain (and SCM continues to be where competitive advantage comes from - which is the current state of things, SCM, SCM, SCM - everyone outsources almost everything to almost all of the same suppliers).
Hi Joe, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
“Over time, more companies are choosing to draw from their SCM team when they are looking to fill the CFO role. Therefore, a background in SCM is the perfect preparation for a CFO career path-& possibly even the job of CEO.” CFO to CFO: Finance and Supply Chain Management: lnkd.in/gsCibmeT I really push my supply chain students to learn CFO talk. College Accounting to me feels like Supply Chain Finance. The Accounting Minor for our SCM Majors seems like a great fit & has grown on me. Long term in your careers, understanding SCM Finance will be critical. The worlds of Finance & SCM have collided. Your opportunities are endless if you learn how to talk to the CFO…lnkd.in/eJnVHrsM My discussion on why I maybe recommend a Finance graduate degree for SCM students: lnkd.in/ewNBvPf and lnkd.in/ewA2yq7. The good news is that industry will pay more for more strategic skills (i.e., Finance)… Long term in your careers, understanding SCM Finance will be critical. At the end of the day, SCM executives are evaluated on generating shareholder value (bottom line financial kind of stuff, of which has gotten very creative and complicated). Also, more and more SCM VP’s (C-suite types) are reporting directly to the CFO of the company (because SCM is that important to the bottom line). Students often ask me, if they go on to get a graduate degree, what should they get it in. I say get a graduate degree in something you are weak in but will matter in your career (especially long term). You will hit a ceiling professionally if you do not understand SCM Finance. So, I would give that serious consideration in your graduate education. The Monthly Metric: Cash Flow From Operations A great read: lnkd.in/erfZdWk Do you know what this means? 2/10 net 30 (now employers want Supply Chain Managers to be Financiers!!??) lnkd.in/e2TztjY Here it comes: lnkd.in/eNdih2e2 Supplier financing disclosure would be required under proposed accounting rule. The trade payable arrangements, which help companies manage cash, typically aren’t publicly reported even though they pose a liquidity risk. Creative Payment Terms & Buyer-Supplier Financing Industry often sees suppliers complaining about cash-flow issues. But the supplier havoc, for the most part, does not need to happen. The solution might be as simple as robust payment terms & creative buyer-supplier financing. Large OEM buying orgs often try to negotiate not paying suppliers for as long 90-180 days after they actually receive material &/or services. As a function of being the customer & often larger, buying orgs often have this kind of leverage. Many large OEMs currently have cash on the sidelines & appear to be very liquid. Sitting on that cash for several months might not be necessary all the while suppliers in...for rest of story, see... lnkd.in/eJnVHrsM #supplychain #finance #cfo
From Professor Curkovic: People that read a lot make way more money Here is an astounding fact - readers make more money - a lot more! It's true. According to a number of studies*, business people who read at least 7 business books a year earn over 2.3 times more than people who read only 1 book per year. Why exactly do readers earn so much more money? One of the core reasons is that they have a constant stream of new ideas and strategies they can use to help their careers (e.g., developing core competencies), their teams and their companies. The Japanese call this act of using a stream of new ideas to improve business practices "Kaizen". They constantly use new ideas to make incremental improvements, which over time, stack up one on top of the other to create massive success. The same success principle applies to managers. But where can you find a stream of new and practical ideas to help drive your success? The easiest and most underutilized method is to learn directly from the world's business experts (e.g., the Harvard Business Review). Many of them have written great books that offer their proven strategies and winning ideas - ideas and strategies that took years to develop and perfect. This information is just sitting there for the taking - ready to propel you to the next level. The problem is, who has the time to do all that reading? A recent study showed that 74.9% of all managers understand they need to read more to stay ahead of the curve, but they simply don't have the time. And this troubling reality is directly impacting their incomes - not to mention their careers! There is a solution! Just read. ************************** Recommended Books to Read (perhaps during break or...now?)... Students: Recommended summer book reading: HOW TO WOW FRANCES COLEJONES THE EXCEPTIONAL PRESENTER TIMOTHY J KOEGEL THE SEVEN HABITS OF HIGHLY EFFECTIVE PEOPLE STEPHEN COVEY GOOD TO GREAT JIM COLLINS THE PRESENT SPENCER JOHNSON FISH STEPHEN LUNDIN THE GOAL ELIYAHU GOLDRATT THE SERVANT JAMES C HUNTER Recommended by Sime: The Goal is a management-oriented novel by Dr. Eliyahu M. Goldratt, a business consultant whose Theory of Constraints has become a model for systems management. It was originally published in 1984 and has since been revised and republished in 1992 and 2004. This book is usually used in college courses and in the business world for case studies in operations management, with a focus geared towards the Theory of Constraints, bottlenecks and how to alleviate them, and applications of these concepts in real life. This book is widely used in leading colleges of management to teach students about the importance of strategic capacity planning and constraint management. Another great choice and my first choice would be Car Guys vs. Bean Counters: The Battle for the Soul of American Business by Bob Lutz. He took over GM design around 2000 until about 2009. He's responsible for a lot of the good designs coming out. He was a marketing guy, and there's a lot about marketing in it. Thank you. Sime 10 Greatest Supply Chain Management Books of All Time In dynamic supply chain environment, people have to make the quick and decisive actions against various issues. This can only be achieved by the knowledge and skills of the team. Then companies try to motivate staffs to continue developing their skills on regular basis. For both entry and executives, the self-study method has proven to be a cost-effective option. In order to facilitate smooth learning process, this article will show you 10 greatest supply chain management books that can help you accelerate the learning. Results: And the winners of 10 Greatest Supply Chain Management Books of All Time are listed in alphabetical order as below, - Designing and Managing the Supply Chain by David Simchi-Levi, Philip Kaminsky and Edith Simchi-Levi - Essentials of Supply Chain Management by Michael H. Hugos - Logistics and Supply Chain Management by Martin Christopher - Logistics Management and Strategy: Competing through the Supply Chain by Alan Harrison and Remko Van Hoek - Manufacturing Planning and Control for Supply Chain Management F. Robert Jacobs, William Berry, D. Clay Whybark and Thomas Vollmann - Purchasing and Supply Chain Management by Robert Monczka, Robert Handfield, Larry Giunipero and James Patterson - Purchasing and Supply Chain Management: Analysis, Strategy, Planning and Practice by Arjan J. Van Weele - Supply Chain Logistics Management by Donald Bowersox, David Closs and M. Bixby Cooper - Supply Chain Management: Strategy, Planning, and Operation by Sunil Chopra and Peter Meindl - The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage by Yossi Sheffi
From Professor Curkovic: What do ISM internships pay (and they all pay, never work for free)? The going rate is $16-25 per hour. Note, this data is around 4 years old. Hello All: I just wanted to clarify that all ISM internships are paid internships and they tend to pay very well. The companies at the career fairs pay and they pay very well. If you meet any companies that will not pay you (which is very un-American), then just let me know. I will gladly escort them off campus with great force and vigor (very American). Demand for you exceeds supply and that means they have to pay market value for you (very American). Pasted below is some ISM student information on internship pay. Note, this data is around 3-5 years old also. Thank you. Sime ISM Student Survey Data for Internships • Pay Structure - Weekly or monthly salary, 25% - Hourly rate of pay, 75% • Provide interns with relocation, housing or meal allowances - Yes, 67% - No, 33% • There were several variations - one lump sum/stipend ($2k - $3k), monthly housing allowance (~$200), mileage reimbursement ************************* • Pay Rate (Hourly or Salary) for Interns - $10 - $12/hour, $400 - $480/week, $1600 - $1920/month - 8.5% - $13 - $15/hour, $520 - $600/week, $2080 - $2400/month - 25% - $16 - $18/hour, $640 - $720/week, $2560 - $2880/month - 33% - $19 - $21/hour, $760 - $840/week, $3040 - $3360/month - 25% - $22 or more/hour - 8.5% - Some ranges varied more than the ones provided - Companies may breakdown pay based on student status (e.g. freshman, sophomore, junior, senior) *********************** • Supply Chain Careers - Purchasing/Procurement/Buyer, 58% - Materials/Inventory Management, 50% - Transportation/Distribution/Logistics, 42% - Forecasting/Planning/Scheduling, 25% - Global Supply Chain Development Program, 16% - Sales or Management Training Program, 8% *Note: Multiple answers could be chosen - Some companies use a rotational format also *********************** Add around $5,000 to the numbers below... • Average Salary of recent ISM graduate - $42,001 - $44,000/year, 16.5% - $44,001 - $46,000/year, 0% - $46,001 - $48,000/year, 8.5% - $48,001 - $50,000/year, 8.5% - $50,001 - $52,000/year, 0% - $52,001 - $54,000/year, 8.5% - $54,001 - $56,000/year, 16.5% - $56,001 - and above, 41.5%
www.linkedin.com/feed/update/urn:li:activity:7226565253252218880/ $1 saved by Procurement is the same as $10 in additional sales: When you want to increase profits, you’ve got 2 options: → Increase sales → Reduce costs - 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗦𝗮𝗹𝗲𝘀 - Assuming equal margins, a 5% increase in sales leads to a 5% increase in profits. Simple enough. 𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $1 Million → $1.05 Million (5% increase) 𝗖𝗢𝗚𝗦: $900K → $945K (5% increase) 𝗣𝗿𝗼𝗳𝗶𝘁: $100K → $105K (5% increase) - 𝗥𝗲𝗱𝘂𝗰𝗲 𝗖𝗼𝘀𝘁𝘀 - However, reducing Costs of Goods Sold (COGS) is much more powerful… 𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $1 Million (No change) 𝗖𝗢𝗚𝗦: $900K → $855K (5% = $45K) 𝗣𝗿𝗼𝗳𝗶𝘁: $100K → $145K That’s a 45% increase in profit! I would need 40% more sales to increase my profit by 45% in my first example... So why do we celebrate additional sales more than we celebrate cost savings? It’s the “supply chain double standard”. → Sales bring something new into existence! New client! New deal! Wow, exciting! → New savings shed light on the fact we could have been doing a better job in the past. Wow, depressing… Let’s change the narrative. Procurement is about: → Innovation → Mitigating risk → Operational excellence → More sustainable practices → Making better products and services → And, yes... doing it all while saving where possible. But, mainly, it’s about bringing into existence new and better ways of doing things. It's about generating VALUE. Savings is but only one dimension. Wow - Exciting! P.S. Yes, I know my model is too simplistic but the core tenant remains. And putting a system in place, when done right, will amplify what you're able to do. P.P.S. What other ways does Procurement generate value for the business? Let me know in the comments. 👇
How soon before AI/RPA/Bots do everything in SCM and procurement? I mean, is automation any good if your processes are poor? Or, will AI be able to actually create more efficient processes? Of course AI will be able to do the tactical stuff, but what about the strategic stuff that we claim to arm our students with, like negotiation? AI will help our students negotiate, but it cannot actually negotiate, correct? Hmmm. Per a brilliant colleague: The way I see it is that the greatest threat at this moment lies in the areas of tasks that can be automated by any technology. The next in line would be tasks that require some level of optimization. It is not impossible to create negotiation bots, each with its own optimization algorithms. In fact, it doesn't have to be in the form of bots. Software agents are capable of doing that already. The question is probably not so much about technology (machine learning, AI, IoT, etc.), but more about industry's trust on such a technology and their timeline for deployment. Therefore, my hunch is that procurement will likely be impacted first, since the process and activities involved could be optimized and automated in some way. It could happen as soon as 10 years, unless trust and technology diffusion are the holdback. There is then the question of agility of businesses being able to adapt their procurement and other processes in the event of new requirements. AI + machine learning + big data are move towards that agility to process change as well. But, no worries yet. There are two kinds of AI: Artificial Narrow Intelligence (ANI) and Artificial General Intelligence (AGI). ANI includes smart speakers, self-driving cars, web agents, etc. AGI does things that humans do. So, a total replacement of students by AGI is not going to happen soon. However, ANI's negotiation bots may be a threat. Therefore, understanding analytics (especially higher level of analytics) is really important!
@sime I'm going to take this course in the coming months in Canada as I took a liking towards this course, Can I do a 2 years of post-baccalaureate in this or a Masters is compulsory in SCM ? Looking forward for your response From India ❤️
Ready for a HW assignment that will sharpen your SCM Finance skills?... Students: See the one-page financial statement on ROI at: wmich.edu/sites/default/files/attachments/u56/2023/LectureROIHandoutPDF.pdf
Let’s say you just started working for this company and you are a problem-solver that is obsessed with finding ways to do every part of your job better, faster, and cheaper. Over a six-month period, you work very aggressively to reduce your organization’s direct material purchases/costs by 5%. For example, you figured out a way to consolidate your purchases by reducing the number of suppliers you use. So, you are giving a fewer number of suppliers larger amounts of business and volumes. By the way, that is called supply base deproliferation and it usually results in lower prices from economies of scale for suppliers. Suppliers are very OK with lowering their prices if you give them higher volumes of business (suppliers reduce their costs that way and share the cost savings with you by charging you less per part). Question #1 (fill in the blanks): Here is the question: what impact does reducing your employer’s direct material (DM) costs by 5% have on its ROI (use the numbers on the attachment)? Note, if you reduce your DM costs by 5%, it also reduces your inventory value by 5% (in other words, it will also increase your asset turnover rate - so you have to recalculate profit margin and asset turnover rate). Such a cost reduction (5%) would increase profit margins from __% to __% and ROI from 10% to __%? This equals a __ percentage point increase improvement in return on investment for each 1 percentage reduction in material costs…Hint, (new ROI - old ROI)/5. My thoughts…The 5% reduction used in this example is certainly a realistic expectation if the firm hires a high performer and if the SCM operation in this firm is not particularly progressive/strategic or well run. In a well-managed supply chain organization, a more realistic target might be a 2-3% cost reduction. However, this new post covid inflationary environment has made trying to cut costs VERY difficult. Remember, I said earlier that a dollar saved in SCM is the same as a dollar of new profit. However, an additional dollar of income from sales is NOT a new dollar of profit. Applicable expenses (your costs) must be deducted from the sales dollar to determine the remaining profit. Question #2 (fill in the blanks): Back to the financial statement…A 5% reduction in direct material costs produces a profit increase of $____? If the same profit increase had to be increased by sales, what sales increase would you need? At the existing 8% profit margin, the following calculation provides the answer: Profit increase (plug in the number from the blank above in Question #2) = New sales x .08 New sales = $______ This represents a sales increase of: ($_____/$5,000,000) x 100 = ____% So, for comparative purposes, in this case study, the same absolute profit improvement can be achieved by reducing material costs by 5% or by increasing sales ___%, approximately a ratio of ___ to 1. My thoughts: If the profit margin were greater than 8%, the ratio would be somewhat less; if material costs, as a percentage of sales, were higher, the ratio would be somewhat greater. Look, most progressive/strategic (long term thinking) managers strive to improve the firm’s profit position by both increasing sales revenue (if possible in global saturated hyper competitive markets) and by reducing the various elements of operating costs (which is always a viable option since most costs come from the supply chain!). Sales and Marketing majors: Yes, selling more stuff to make more money is great, especially stuff with wide margins, but cutting costs can be a way more viable and effective option. In practice, the cost of materials can easily vary as much as 10%, depending on the skill sets of your supply chain management organization. This is why typically there are more opportunities available for reducing purchasing costs 5% per se than there are for increasing sales volume by 20-30%. Also, additional profit from purchasing savings can normally be made without increases in expense. If an increase is required, it is usually for hiring more Broncos which pays for itself because they are trained to be problem solvers that do things better, faster, and cheaper. On the other hand, additional profit from increased sales volume normally entails increases in both expenses and increases in risk of capital. Additional expenses are incurred for such things as expanded sales and/or workforce, expanded advertising budget, additional plant capacity, overtime production pay, or some combination of these factors. Additional profit from sales, therefore, entails increased capital risk and increased managerial effort. Additional profit from purchasing/supply chain management normally only entails increased managerial effort, plus an occasional modest increase in management expense (hiring Broncos). What’s wrong with hiring a high performer for $70K/year ($100K/year with benefits and bonuses) if they save you hundreds of thousands of dollars annually (maybe millions in savings). Question #3 (start over with the case study): Go back to the original financial statement on ROI. Let’s say you start working for this company and you tell the owner of the company that you need around six months to reduce direct material costs by 5%. You tell the owner that it will make the ROI go up by X% (your answer to question #1 above). The owner says that is great but he/she does not have that much time and wants instant cost savings results. This company is privately owned and family run. That means they are not publicly traded (you cannot buy stock in the company). The hourly workforce in the factory is also not represented by a union. So, the owner said he/she is going to cut direct labor costs by 5%. How much will doing so improve the owner’s ROI? How effective do you think that is and what might be the consequences? What would you have done if this was your company and you were dealing with low, thin, and tight margins? My notes (I keep giving you my notes): How can Supply Chain Management (SCM) increase company profit? For the typical firm, SCM is responsible for spending well over half of every dollar the firm receives as income from sales. More dollars are spent for purchases of materials and services than all other expenses combined, including wages, taxes, dividends, and depreciation. The fact that SCM is responsible for spending well over half of most companies’ total dollars highlights the profit-making possibilities of SCM. Every dollar saved by SCM is equivalent to a new dollar of profit. Note, almost all of my students that go into SCM, are immediately bonus eligible. That is management’s way of saying Broncos will get extra money added to their salary if they help the company save money (saving money is the same as making money). Top management’s performance is frequently evaluated on the basis of the rate of return management is able to earn on the total capital invested in the business. A firm’s profit margin reflects management’s ability to control costs relative to revenue. The asset turnover rate reflects management’s ability to effectively utilize the firm’s productive assets. Hence, a firm’s management (SCM) can improve ROI (and managerial performance) in three ways: 1) by reducing costs relative to sales; 2) by getting more sales from available assets (or increasing sales proportionately faster than investment); or 3) by some combination of the two. As seen from the handout, SCM can contribute to ROI by both increasing the profit margins and/or increasing the asset turnover rate. That’s it! Email me if you want the answer key. Thank you. Sime
www.linkedin.com/posts/sime-curkovic-61617a115_1-saved-by-procurement-is-the-same-as-10-activity-7226916835894382592-KY3g? The one-page handout in the lecture can be found in the comments section: lnkd.in/gVZ_zJbB. lnkd.in/g8e-y-3d lnkd.in/gn-97v_B Remember, ROI = profit margin * asset turnover rate (ATR). ATR = sales/total assets and total assets = current assets + fixed assets, and current assets = inventory + accounts receivable + cash.
I keep telling my students if they can widen margins and/or increase ATR, then ROI will go up. So, if you can reduce your total assets without changing sales and/or increasing sales, then ATR goes up. For example, reduce your inventory and your ATR will go up and ROI will go up. If you can do more with less, then your ATR will go up. No other major/function (SCM) has a greater impact on what goes into the ROI calculation. That is why SCM graduates will likely be immediately bonus eligible and their highest ranking functional area (SCM) leader will have a VP in front of their name (VP of SCM).
What are most companies doing to increase ATR? I also asked this in class and it was one of the most important parts of the lecture. It was a major reason for the supply chain chaos during covid! Hint: xxxsourcing. Do you know the answer? The answer to this question has been the focus of most supply chain organizations for the last 30+ years. Why would doing this increase ATR? Answer: it helps them do more with less (better, faster, cheaper).
Lastly, I am of course a huge fan of the Business Analytics minor for all business majors. For details: lnkd.in/g6eTb6SC. I am also a huge fan of the Accounting minor. Why? College Accounting to me feels like Supply Chain/Corporate Finance. The Accounting Minor for SCM Majors & most other majors seems like a great fit & has grown on me. Long term in your careers, understanding SCM/Corporate Finance will be critical. Basically, your opportunities are endless if you learn how to talk to the CFO. You will hit a ceiling professionally if you cannot talk CFO talk. Tomorrow’s CEOs Will Come from an Unlikely Place: The Supply Chain: lnkd.in/gcbie2iD. lnkd.in/gBPZJsVq I had a student ask: Shouldn’t I major in Finance or Accounting if I want to become a CEO? Note, (I encourage my SCM students to get an Accounting minor): College Accounting to me feels like Supply Chain Finance. The worlds of Finance & SCM have collided. Your opportunities are endless if you learn how to talk to the CFO…lnkd.in/guejd-vi. Two classes in our Accounting minor, good fit for SCM types, right?: 3220: Cost & Managerial Accounting and ACTY 4220: Cost Mgmt & Analytics. FYI, we make EVERY business major take FIN 3200 - Business Finance Decisions.
www.inboundlogistics.com/cms/article/logistics-grads-suit-up-for-the-future/ Working Together Building the new logistics workforce is truly a team effort. "Companies, schools, governments, and nonprofits must do more to identify, recruit, train, and employ skilled workers," says Dr. Sime Curkovic, professor of supply chain management at Western Michigan University (WMU) in Kalamazoo, and the director of the integrated supply management program. "Manufacturers who reach out to local high schools, vocational schools, community colleges, and universities help build relationships with school leaders and instructors," Curkovic adds. "This outreach also helps companies shape training programs to ensure they teach relevant skills to future workers."
www.linkedin.com/posts/joelcollindemers_pureprocurement-procurementtransformation-activity-7071825560678625281-TYKI? $1 saved by Procurement is the same as $10 in additional sales: When you want to increase profits, you’ve got 2 options: → Increase sales → Reduce costs - 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗦𝗮𝗹𝗲𝘀 - Assuming equal margins, a 5% increase in sales leads to a 5% increase in profits. Simple enough. 𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $1 Million → $1.05 Million (5% increase) 𝗖𝗢𝗚𝗦: $900K → $945K (5% increase) 𝗣𝗿𝗼𝗳𝗶𝘁: $100K → $105K (5% increase) - 𝗥𝗲𝗱𝘂𝗰𝗲 𝗖𝗼𝘀𝘁𝘀 - However, reducing Costs of Goods Sold (COGS) is much more powerful… 𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $1 Million (No change) 𝗖𝗢𝗚𝗦: $900K → $855K (5% = $45K) 𝗣𝗿𝗼𝗳𝗶𝘁: $100K → $145K That’s a 45% increase in profit! I would need 40% more sales to increase my profit by 45% in my first example... So why do we celebrate additional sales more than we celebrate cost savings? It’s the “supply chain double standard”. - Sales bring something new into existence! New client! New deal! Wow, exciting! - New savings shed light on the fact we could have been doing a better job in the past. Wow, depressing… Let’s change the narrative. Procurement is about: - Innovation - Mitigating risk - Operational excellence - More sustainable practices - Making better products and services - And, yes... doing it all while saving where possible. But, mainly, it’s about bringing into existence new and better ways of doing things. It's about generating VALUE. Savings is but only one dimension.
11 trendy things we are doing in the WMU ISM supply chain program… 1. Global Negotiation: The fastest growing class in the WMU ISM program - lnkd.in/guTUcvdu ___ 2. Getting hit with a price increase? We will be looking at raw material market data from multiple sources, we will visualize and analyze historical pricing scenarios, & do some simulating on planned purchases & what-if scenarios against forward price curves. Managers love this cloud platform. lnkd.in/gJnbxSBk ___ 3. We use LLamasoft - which is now part of Coupa. The software, called Supply Chain Guru, is used as a network design software to build, model, & test the “best” supply chain networks based on total cost & customer demand. Additionally, students have access to Coupa’s online learning platform where we use various SCM learning modules to enhance class learning. ___ 4. Through a hands-on ERP/SAP software configuration project, students learn how information tech can help a firm manage its business processes. Mgmt issues associated w/ implementing & managing ERP systems, such as project mgmt, configuration control, training, system testing & change mgmt, are explored. ScrimmageSim is also used & is a simulation that is designed to operate like a real company’s ERP system. ___ 5. Students continue to get professional work experience during covid w/ “A3” & “DMAIC” projects. Problem solving has kept moving up & is now #1 as the most sought after skill set by employers! lnkd.in/g_nGqv-u ___ 6. Fall 2022: We will be offering Lean Six Sigma Continuous Improvement Certifications to undergrad supply chain students in our capstone Applied Process Reengineering class. ___ 7. We teach Indirect Procurement from an industry standard that we helped create. 113,000 unfilled jobs in Indirect Procurement on LinkedIn, & > 4,000 MRO Buyer jobs not filled! lnkd.in/gFrGvpCA ___ 8. We teach ArcGIS Pro technology & other SCM risk tools such as FMEA. lnkd.in/ghC4p2hP and lnkd.in/eGtJhvRy ___ 9. Why do our grads interact so well w/ engineers? We make them take engineering classes. lnkd.in/gf7q_3PF ___ 10. SCM+NPD=Competitive Advantage. WMU has one of the best Product Design Programs in the world & ISM is going to collaborate w/ the program’s transdisciplinary approach to incorporating product design w/ engineering & business principles (i.e., SUPPLY CHAIN MANAGEMENT). lnkd.in/gvdUGFvC ___ 11. And of course, Business Data Analytics: *Advanced Excel (power query & power pivot) & macros *Data visualization (Tableau, Power BI and python with seaborn & matplotlib) *Data mining, machine learning & data science *Python & Jupyter notebook (data analytics & statistical libraries such as pandas, numpy) *Relational data models (Excel data model) *Graphic & statistical libraries (Seaborn, Matplotlib, Pandas,& Plotly) lnkd.in/gf_UWz5x lnkd.in/gKV4dw2z lnkd.in/gHnUrVZz lnkd.in/g9pgFErz
Interviewing tips. If you missed it, this is cool (I think)…Google's "Interview Warmup" asks practice job interview questions, then gives feedback on your spoken answers. If you can’t practice w/ another human for an upcoming job interview, Google has a new solution: Talk to its computer. www.linkedin.com/posts/sime-curkovic-61617a115_google-has-a-new-job-interview-practice-tool-activity-6977773719796547584-qn0w? Also worth noting: @LinkedIn has a similar feature where you can practice by recording an answer to an interview question and 1) get immediate AI feedback, or 2) send it to someone in your network for personal feedback. lnkd.in/d8YGspvf Get Instant AI Feedback to Improve Your Interview Answers Also, I have soooo many students asking about STAR job interviews & online robots…lnkd.in/ePzz3NG and lnkd.in/eZgTxWc STAR is a structured manner of responding to a behavioral-based interview question by discussing the situation, task, action, & result. Most companies use STAR. Star Method: Tell me of a time when you had to work within a group where the members did not get along? How did you handle the situation? More help: lnkd.in/eyCv4x5 lnkd.in/eaxVjpK Help w/ online interviews & interviewing with robots (it is AI/machine learning technology)...lnkd.in/eKBDsMq Practice before it really matters (this is mainstream now)...lnkd.in/ekaBK5Q Note, it is my understanding that these robot interviews are simply being used to weed out students. Also, that does not mean there is anything wrong w/ you if you do not get a face to face and/or onsite interview with a hiring manager. These robot interviews often simply are trying to develop a psychological profile of you & hence the weird questions. Some of these questions might be: what was the first thing you did this morning? Or what would you do if you saw someone bleeding heavily at work? The companies that use these might be trying to see if their corporate culture is a good fit for your profile. So, do not take the results personally, but learn as much as you can & get better at them (because they are not going away).The WMU website below is actually a very good link for that purpose. WMU has a service through Big Interview that has students get real life practice interview that get recorded & submitted. (I believe this is similar to Hirevue). Students can practice with Big Interview & come talk to HCOB advisors. lnkd.in/eKBDsMq How to prep for virtual career fairs: lnkd.in/evKd-VzQ lnkd.in/eNfUzksJ
Interviewing tools: lnkd.in/gipsXEsK. Thank you WMU for 112 pages of ideas. A Top Business School (take a look at the list): lnkd.in/dn9-BCg Being job ready… lnkd.in/ed-ZfanD What do SCM internships pay? lnkd.in/e8pfXtC Delay graduation for experience? lnkd.in/ewKu7b_X 93% of WMU grads are employed or continuing education. lnkd.in/gabdesWa Sample Lectures: lnkd.in/e9j33EQ Follow: lnkd.in/gejqpRrP #careerguide #interviewing #interviewtips #careeradvice
#9 caught me off guard (monitoring employee emails?). Data collection is expanding. "Gartner analysis shows that 16% of employers are more frequently using technologies to monitor their employees through methods such as virtual clocking in and out, tracking work computer usage, and monitoring employee emails or internal communications/chat. While some companies track productivity, others monitor employee engagement and well-being to better understand employee experience.” Hmmm. www.linkedin.com/posts/sime-curkovic-61617a115_supplychain-leadership-supplychainmanagement-activity-6998604191367663617-f3dt? For more details from Gartner: gtnr.it/3zQI8if Kind of related: Most college students do the bulk of their electronic communication via text messaging. Standards for emailing are different, especially in academic settings. Students' emails WILL 100% influence the way their professors view them. On avg, professionals spend 28% of their workday just reading & writing emails, which amounts to an unbelievable 2.6 hours & 120 messages received every day (in SCM it’s probably way more). Will Email Stand The Test Of Time? lnkd.in/gvWjtr-W Why are Americans quitting their jobs? lnkd.in/gtPvk_mx After a few thousand students, I would say this is the #1 reason my students change jobs (it's their boss). Money becomes a factor when they can make > 20% elsewhere. 10 Most Important Leadership Skills For The 21st Century Workplace (And How To Develop Them): lnkd.in/gmJ_GG6H FYI: You can major in LEADERSHIP AND BUSINESS STRATEGY at WMU (but you have to have another major also, you cannot just major in Leadership per se). lnkd.in/e5JUSye Professor (no Dr. allowed) Sime (Sheema) Curkovic, Supply Chain Western Michigan University Sample Lectures: What is SCM? lnkd.in/dSkXQSGY #supplychain #leadership #supplychainmanagement #careeradvice
Mapped: What You Need to Earn to Own a Home in 50 American Cities www.visualcapitalist.com/what-you-need-to-earn-to-own-a-home-in-50-american-cities/ My students in Silicon Valley say making $200K+/yr feels like making $90K/yr in Metro Detroit. They also pay around $6K/month for rent (so they need roommates). Owning a home will be tough. The 10 fastest-growing jobs in the U.S. right now-many pay over $100,000 a year: lnkd.in/g7TNMeja. From Gartner 2022 (2 yrs ago data): Starting salaries for students in supply chain roles also increased. In terms of compensation, U.S. undergraduates finding their first jobs in supply chain roles are earning about $1,600 more per year than in 2020. While the average starting salary is $61,769, graduates from the top 10 programs can expect around $65,000. The highest salary from the ranked schools was $80,000. Well, that avg now is closer to $70K. Also, we just had a student get offered $87K, no job rotation (straight into a full time role as she is already loaded with work experience), $8,700 signing bonus, and immediately bonus eligible at 9%. I talked to one student in the Fall that was given a job offer in Sept. (one month to decide) & he accepted. Yes, he had a summer internship with them. He is a SCM major w/ a Data Analytics minor. $72K base, $14K in relocation, 20% of base bonus eligibility, 4 weeks paid vacation, & a 3 year job rotation (3 jobs in 3 years, and he gets to choose the locations - further, they encouraged him to pick areas outside of his major such as Finance, Engineering, etc., so that he could learn new things & become more cross-functional). Under most circumstances I would encourage my students to negotiate something, but what is there to negotiate lnkd.in/gkmB6BQa.
The jobs paying six figure salaries to help lead supply chain disruptions: lnkd.in/gU9VhJEG.
How is it in 2021? Does it still worth my time and money? I currently study in US and I started my associates in September this year. I plan to tranfer to a 4-year Bachelor's and I'm not sure what major and minor should I choose. Originally from Ukraine :)
SCM has become a household name, the job market has never been better. Advice, if you major in SCM, then seriously consider a Data Analytics minor. Also, never graduate until you get some degree related professional work experience (i.e., internship). If you do those things, then great things will happen. Thank you. Sime
@@simecurkovic How about Political Science minor? I like the combination of cultural, political knowledge and management experience in SCM job. What do you think?
@@relaxxo182 I agree, I also like the Poli Sci minor because it sets you up for getting into law school. The SCM field needs more JD's. See: www.linkedin.com/posts/sime-curkovic-61617a115_purchase-orders-and-advanced-contract-management-activity-6826106057744560128-n2dW
Hi Kudzanai, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Do you want a full time job to begin in a job rotation? www.linkedin.com/posts/sime-curkovic-61617a115_most-wmu-ism-students-end-up-in-a-job-rotation-activity-6777251911759380480-uCmU lnkd.in/ervskG5 In general, firms with a rotational program had nearly a 20% higher first-year retention rate than those without a rotational program. After five years, firms with a rotational program saw a 10% higher retention rate than those w/o a rotational program. Advantages for students: · Rapidly learn about your industry of interest · Work on a diverse set of projects · Find a mentor & learn about your potential career trajectory · See what makes the company great Students should ask: · What are the goals of this program? · How long will the program last? · When does the Job Rotation Program Start? · Will I be a full-time employee during the program (i.e. receive paid leave, benefits, etc.)? · How many rotations will I go through, & how long will each be? · What are some rotation assignment examples? · Will I get to choose which rotations I go through or will they be assigned? · Who will I report to? · Will there be others in the program along with me? · Will there be opportunities for mentorship? · Will there be opportunities for professional development? · Will I be offered a full-time permanent position after completing the program?
Most employers will not even look at your resume if it looks like a lazy effort. Aesthetics matter! Here is some resume advice from MIT (25 pages): lnkd.in/g3xqeDyc, also from WMU (112 pages): lnkd.in/gipsXEsK. Reminder: Yes, it is now time to start applying & interviewing for summer internships. Large high profile F500 types get budgets for internships approved months ahead of time & they recruit nationally for the best talent. They often want to get this wrapped up, & you have to start looking now. Do not wait until Spring 2023 to find a Summer 2023 internship. There are already > 15,000 SCM 2023 internships posted: lnkd.in/gRKmr7QE & lnkd.in/gt98WuvK & > 35,000 business related internships. lnkd.in/grDAW8iX PERHAPS delay graduation for work experience & stay specialized...lnkd.in/gdr7f9wb lnkd.in/gARup7zr lnkd.in/g4-csGUy Should current students negotiate an INTERNSHIP offer (i.e., a higher salary)? Yes, since many orgs are offering students 20-30% below market value. The avg supply chain internship is $44,918/yr, or $21.6/hr. People on the lower end, bottom 10%, make $37K/yr ($17.80/hr), while the top 10% makes $54K ($25.96/hr).
Help with online interviews & interviewing with robots (it is AI/machine learning technology)...lnkd.in/eKBDsMq Practice before it really matters (this is mainstream now)...lnkd.in/ekaBK5Q Exploding job offers & do you want a full time job to begin in a job rotation? lnkd.in/ervskG5 Students are getting lots of job offers... Reneging: Once you commit, quit! lnkd.in/e85beQ2 In U.S., 28% accepted a job offer & reneged! 70% of grads are willing to renege? Recent observations & career advice (videos/podcasts): lnkd.in/gJK8xBZe lnkd.in/g-CanjDx lnkd.in/gvPiGTt5 Resume Keywords Ideas/Action Verbs for your resume lnkd.in/ea6gV-K
How to Effectively join LinkedIn lnkd.in/gbGJcJCP Should grads negotiate a job offer (i.e., a higher starting salary)? lnkd.in/gMJYNJkh Virtual career fairs: lnkd.in/evKd-VzQ Business externship? lnkd.in/e9aeewPa I have way too many students failing their first interviews because they were not ready for STAR. Practice, practice, practice. lnkd.in/eZgTxWc lnkd.in/ePzz3NG lnkd.in/eZgTxWc lnkd.in/eyCv4x5 lnkd.in/eaxVjpK Thank you: Career Development Office, MIT Sloan School of Management www.linkedin.com/posts/sime-curkovic-61617a115_employers-will-not-look-at-sloppy-resumes-activity-7010958669328646144-w7ht? #internships #careeradvice #interviewing #supplychain
New trend/question when managers ask me about students: How professional is their email communication & attention to detail? Hmm. Hey College Students: Do not begin an email message with “Hey” & always finish it with “Thank you.” Most college students do the bulk of their electronic communication via text messaging. Standards for emailing are different, especially in academic settings. Students' emails WILL 100% influence the way their professors view them. On avg, professionals spend 28% of their workday just reading & writing emails, which amounts to an unbelievable 2.6 hours & 120 messages received every day (in SCM it’s probably way more). Will Email Stand The Test Of Time? lnkd.in/gz9NTye2 Do not underestimate the power of a professional email signature (most do not even have one, or they have very boring ones). It might be the first impression you create! lnkd.in/ge9nGrjx lnkd.in/evaNVnbv I just saw this one from a current student & liked it... lnkd.in/gqMRPeTC Do NOT round up your GPAs, use a post script on your phones for email replies, take your email signatures VERY seriously, & use keywords on your resume.
Students should not change their official GPA for their resume. Instead, I recommend they calculate their major GPA using the courses required for their major & also list their overall GPA (especially if your major GPA is much higher than your overall & your overall is under a 3.0).
Also, a 2.96 GPA is not a 3.00 GPA. If an employer requests an official transcript be sent upon graduation (which they will), this could be labeled as "falsification of employment record" & as a result, an offer of employment can be revoked (if you round up your GPA). I am noticing that several of my students are responding to my emails via smart phones. That is fine. It is 2022 & your future employer will expect you to do the same. However, it can be cumbersome to write emails on your phone that are clean & easy to read. & sometimes, you try to write one word but another word appears that was not intended. So, please take the time to make sure your reply message looks professional & reflects positively on you. Impressions will be made based on your written communication & you will be judged. I would also recommend programming your phone so that the post script tells the recipient of your message that it was sent from your smart phone. That way people will be less judgmental if a mistake was made. You can add the message in your iPhone settings so that it will appear on all emails sent by phone but not on your email signatures sent by computer. An appropriate post script message from your phone would be: “Note: this email was sent by iPhone, please forgive grammatical errors. “
Resume Keywords Ideas/Action Verbs. Does your resume use these? lnkd.in/ea6gV-K Here are my thoughts on resumes: lnkd.in/gxEy9VkH lnkd.in/gCgi72kX lnkd.in/gKV5JYhR #careeradvice
New lectures/career advice can be found at: ruclips.net/video/R1orKbGDEbM/видео.html ruclips.net/video/S9cyD9ydG3w/видео.html ruclips.net/video/shO_ItxFGpE/видео.html
The top 15 supply chain management certifications: lnkd.in/eVAeun_Y. Top Supply Chain Certifications and Training Programs Valued by Employers in 2024: lnkd.in/efTUd7NN. 11 Supply Chain Certifications To Advance Your Career: lnkd.in/g8d6Kva7. Do Certificate Programs Pay Off: lnkd.in/ewbRpRrw. New: The Supply Management Certification for STUDENTS - The Associate Professional in Supply Management (APSM) certification allows active ISM STUDENT members to take control of their career development…lnkd.in/gVwq-e7t. The Institute of Supply Management has a career center portal for students. lnkd.in/e3SJFJYB To learn more about their Women’s Supply Management Community: lnkd.in/ef43zh76
Attention: students interested in the Production & Operations Management Society. POMS has a $0 membership fee for students worldwide. In addition, all members will get joint membership w/ EurOMA. To join: lnkd.in/eJ_EisSz & lnkd.in/g2Wqy6ut.
Indeed has material on supply chain careers...70 Job Titles in Supply Chain (w/ Avg Salary): lnkd.in/gUAk4SPG. 11 Benefits of SCM Careers: lnkd.in/gXG9EkEF. What Does a Supply Chain Manager Do? lnkd.in/gFxhqH2m.
Also - Effective in Feb 2023, CPIM reconfigured under version 8.0 moving from 2 courses & 2 exams to 1. Students: 3 supply chain orgs you can join (ISMworld.org-$35, CSCMP.org, $40 & ASCM.org for free!). lnkd.in/gqYBCB_m. See comments for more ideas.
I would highly encourage you to join orgs related to what you are majoring in. Send the message to employers that you plan on being an engaged member of your discipline. Also, these orgs have certs which can be used to externally validate you as a subject matter expert. Send the message to employers that you are aware of these certs & these certs are a part of your career goals. Further, all these SCM orgs have monthly local chapter meetings w/ guest speakers that you can attend as a student. It is a great way to learn & network. Industry Certifications & Associations for Various Business Majors: lnkd.in/gVbQV2q7
People that read make more $ (2.3x more?!)...lnkd.in/ga9yfaUD. Some Practices that Can Make Your Commodity Related Supply Chain Job More Fun and Rewarding ($$$): lnkd.in/eUfxt_P9 lnkd.in/gwPfkdkK lnkd.in/eRy48_mu
For more information: www.simecurkovic.com/2022/02/02/2977/ www.simecurkovic.com/2021/12/17/the-placement-success-of-the-wmu-integrated-supply-management-program-continues-to-be-off-the-chart/ www.simecurkovic.com/2021/09/05/wmu-ism-students-continue-to-get-virtual-professional-work-experience-during-covid/ www.simecurkovic.com/2021/09/05/please-share-with-a-high-schooler-or-young-college-student-trying-to-decide-on-a-major/
Tips/advice from this college professor (aka, educated idiot): 1. Read. People that read a lot make more $ (2.3 times more?!) lnkd.in/ggBDzJrp 2. Learn the job saving technology. lnkd.in/eu7ANq6 lnkd.in/gE3wp6JU 3. Learn to interview well. lnkd.in/ePzz3NG and lnkd.in/eZgTxWc How to prep for virtual career fairs: lnkd.in/evKd-VzQ Being job ready… lnkd.in/ed-ZfanD 4. Learn to negotiate ($). lnkd.in/gMJYNJkh and lnkd.in/guTUcvdu 5. Learn to network & use LinkedIn. lnkd.in/gPZPQtqR lnkd.in/dAwyTUy lnkd.in/gFa3iCsg 6. Delay graduation for experience. lnkd.in/ewKu7b_X 7. Learn to problem solve - lnkd.in/eWaJ8q2 lnkd.in/gSVTKmwC 8. Double Major? lnkd.in/gAViGTVG lnkd.in/gqAE9u8W 9. Get a grad degree? Earn $3M more than someone w/ only a bachelor’s degree. lnkd.in/g5FY5aty lnkd.in/gA9KH-Ff 10. Job rotations? lnkd.in/ervskG5 11. 10 college majors that earn the most money: lnkd.in/gcSqXwyJ & lnkd.in/gEXGmFfU. 12. Free tool for calculating degree ROI: lnkd.in/gEPwNSTJ lnkd.in/gsKyJ9rn 13. Get certified as a subject matter expert: lnkd.in/g3yfkvQr lnkd.in/gVbQV2q7 14. Learn to talk CFO talk: lnkd.in/gtve9xTM Recent WMU SCM student success stories… 1. Finding a team: Dylan Sing’s future in supply chain management Dylan Sing is a team player as a student athlete on the WMU men's soccer team and as a supply chain management major. lnkd.in/ggqPmMyw 2. Integrated supply management student wins prestigious scholarship. Madison Dober excels as a woman in the supply chain field, winning a scholarship from the Transportation Club of Detroit. lnkd.in/d5UEQVJV 3. Pursuing career in supply chain management is a slam dunk for Megan Wagner. Junior Bronco basketball player and integrated supply management major Megan Wagner is making the most of her time in college. lnkd.in/dBiNSWbC
4. Women in supply chain receive expert professional development from one of their own. This summer a group of women majoring in integrated supply management participated in a 6-week professional development class facilitated by WMU supply chain graduate, Trisha Terns. lnkd.in/gKu9XcVy
5. Leading the way with Lean Six Sigma: WMU students earn certification. Students in several process management courses earned their Lean Six Sigma Yellow Belt Certifications, demonstrating their commitment to continuous improvement and ability to become business leaders before graduation. lnkd.in/g2VDbEPx
6. Supply chain spotlight: Industry insight and problem solving put to the test. lnkd.in/gxm-T4Xz
7. WMU supply chain program named top program for 13th straight year. lnkd.in/g4Ch_qxY 8. Jessy Mutombo: Going the extra mile lnkd.in/gU_Mag6i 9. Presidential Scholar, MIRANDA MCNIVEN. lnkd.in/gFG75HSJ 10. Two WMU ISM students, Madison Dober and Alexandra Henson, have been honored with a scholarship from Achieving Women’s Excellence in Supply Chain Operations, Management and Education (AWESOME). lnkd.in/g4VyPcUq
32nd Annual Study of Logistics and Transportation Trends: Navigating a Shallow Pool of Resources www.scmr.com/article/32nd-annual-study-of-logistics-and-transportation-trends?Newsletter&Email&TWISC&oly_enc_id=3358G3995623A8W Wow…”For the 2nd year in a row, a mere 19% of professionals are highly likely to encourage their child or the child of a close friend to pursue a career in transportation or logistics. When asked why they would not recommend a career in logistics and transportation, participants cited concerns about career progression, work-life balance, salary prospects, and industry volatility.” Logistics salary data: lnkd.in/gC63-My4. What’s The Difference Between Logistics And Supply Chain Management? (And Why It Matters): lnkd.in/gAQZr_mC.
We are now touching on the Logistics & Supply Chain Management distinction in my Intro to SCM class. Students are shocked by how broad SCM really is (they were concerned it was too “nichey”). Also, our new SCM major curriculum is well underway (and now ALL majors can minor in supply chain...all products and services have a supply chain). Notice, that now our students will take 2 "procurement" classes and 2 "logistics" classes. The majority of our SCM students go into "procurement", but "logistics" is the fastest growing career path in our program. For a long time, we required a single procurement class & a single logistics class. They simply were not enough as one class left little time to focus on the strategic issues. So, starting in Fall 2023, our SCM majors will be required to take 2 sourcing classes & 2 transportation classes.
The BLS is projecting that logistics jobs will grow by 7%/yr through 2026. lnkd.in/gikMwzgX. Logistics $ Data: lnkd.in/gKXinFJC. Also, Logistics Careers: lnkd.in/gg9MZjcM.
MKTG 2750 Global Negotiation SCM 2200 Enterprise Resource Planning Systems SCM 2800 Introduction to Supply Chain Mgmt SCM 3000 Production Planning SCM 3030 Procurement Mgmt SCM 3050 Logistics and Transportation Mgmt SCM 3800 Continuous Improvement Theory & Practice SCM 3810 Applied Continuous Improvement Project SCM 5030 Strategic Sourcing; or LAW 4840; or LAW 4860 (3 credits required) SCM 5050 Strategic Transportation Mgmt CIS 2640 Applied Analytics Foundations Or a minor in Business Analytics
What skills come with the Business Analytics minor?... 1. Adv Excel (power query & pivot) & macros; 2. Data visualization (Tableau,Power BI & python w/ seaborn & matplotlib); 3. Data mining/RapidMiner, machine learning & data science; 4. Python & Jupyter notebook (data analytics & statistical libraries such as pandas, numpy); 5. Relational data models (Excel data model); 6. Graphic & statistical libraries (Seaborn,Matplotlib,Pandas, & Plotly). lnkd.in/gxRayD3j
Tips/advice from this college professor (aka, educated idiot): 1. Read. People that read a lot make more $ (2.3 times more?!) lnkd.in/ggBDzJrp 2. Learn the job saving technology. lnkd.in/eu7ANq6 3. Learn to interview well. lnkd.in/ePzz3NG and lnkd.in/eZgTxWc How to prep for virtual career fairs: lnkd.in/evKd-VzQ Being job ready… lnkd.in/ed-ZfanD 4. Learn to negotiate ($). lnkd.in/gMJYNJkh and lnkd.in/guTUcvdu 5. Learn to network & use LinkedIn. lnkd.in/gPZPQtqR lnkd.in/dAwyTUy For details on how to build your brand: lnkd.in/dSAA6wF www.linkedin.com/feed/update/urn:li:activity:6941349368335654912?updateEntityUrn=urn%3Ali%3Afs_feedUpdate%3A%28V2%2Curn%3Ali%3Aactivity%3A6941349368335654912%29 6. Delay graduation for experience. lnkd.in/ewKu7b_X 7. Learn to problem solve - lnkd.in/eWaJ8q2 8. Double Major? lnkd.in/gAViGTVG 9. Get a grad degree? Earn $3M more than someone w/ only a bachelor’s degree. lnkd.in/g5FY5aty 10. Job rotations? lnkd.in/ervskG5 11. 10 college majors that earn the most money: lnkd.in/gEXGmFfU 12. Free tool for calculating degree ROI: lnkd.in/gEPwNSTJ
A 100-Day Plan for Your First Job Out of College hbr.org/2023/09/a-100-day-plan-for-your-first-job-out-of-college?tpcc=orgsocial_edit& Notice the section on: Build a positive relationship with your boss…”Your boss may be the single most important person in your new job - at least when it comes to your career progression.” I would say this is the #1 reason my students change jobs (it's their boss). Money becomes a factor when they can make > 20-40%% elsewhere (which has been happening a lot recently). Assessing whether a potential future boss is a good fit for you is a crucial step during the interview process. It might be a little aggressive, but I encourage my students to ask: "How would you describe your leadership style?" The answer might help you gain insights into their leadership style, expectations, and compatibility with your own work preferences and career goals.
FYI, from Gartner: If you want to develop and retain strong employees without compromising their health and well-being, Connector managers are your secret weapon. gtnr.it/3A1mDvc.
“The No. 1 reason people leave their jobs, according to MIT’s Sloan School of Management, is due to toxic workplace culture. The research found that a toxic environment is 10.4 times more likely to contribute to attrition.” Bouncing Back From A Toxic Work Relationship: lnkd.in/gCvBw7-i.
More great posts & reads on bosses: lnkd.in/gxhhbvJv.
This college professor spills 6 secrets that every freshman should know www.marketwatch.com/story/this-college-professor-spills-6-secrets-that-every-freshman-should-know-2019-08-13 Check out #3. You need to study even harder outside the classroom (30-45 hrs/week!). For every hour in class, college students are expected to spend another 2-3 hrs studying. This means if you are a full-time student taking 15 credits, you should be spending another 30-45 hrs a week outside of class. It's like a full time job?! lnkd.in/gseeR7qe. Note, practically all of my students work 15-40 hrs/wk because they have bills to pay. So, with school, they have 80-hour work weeks. I try to remind myself of that.
I have been talking to high schoolers & the parents also appear to be too focused on rankings. Pay attention to what matters most- not rankings!...especially at the undergraduate level.
Secretary Miguel A. Cardona called college rankings “a joke,” & took aim at selective colleges’ obsession with them... lnkd.in/gup9rrDQ
"Students who are able to build strong relationships w/ professors are far more likely to find engaging work after graduation." lnkd.in/gSuzhcjP -those who believe a professor cared about them as a person, made them excited about learning, & encouraged them to pursue their dreams had more than double the odds of being engaged at work & experiencing a higher degree of well being overall...lnkd.in/g-v3-iTk
…only 3% of grads reported having the kind of positive experiences in school that these studies find to be valuable.
At WMU, we do better than 3%. Why? My answer: faculty are obsessed w/ student success (that’s what you should be looking for as a student). lnkd.in/gK_PQdYh
Another study: Students who choose to specialize are having better experiences than those who stay generalist. They also found that professors have the most influence on major. lnkd.in/ex89namH
simecurkovic.com I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
The 8 Biggest Mistakes People Make With Their LinkedIn Profile And How To Avoid Them: lnkd.in/gxUSZtEV. Students looking for internships/jobs: I actually have employers tell me they will NOT consider a student if they do NOT have a strong professional LinkedIn presence...How to effectively join LinkedIn. lnkd.in/dAwyTUy. LinkedIn is a Top 20 global website (1.6B visits/month): lnkd.in/gFXKfXDw.
LinkedIn Learning with job interview tips for Project Managers. Everything in the course is directly applicable to SCM interviews. lnkd.in/ggx6qUbE.
Should you get creative with your resume? Experts decide whether you’re more likely to land your dream job: lnkd.in/gKDeb-Vv.
New to the job market? These 5 ‘soft’ skills could give young workers an edge, according to LinkedIn: lnkd.in/gV6bUQ64?.
A SKILLS first job market (not degree?)? Hmm. That makes the Skills section of your resume and LI profile a little more important. lnkd.in/gPtgqS8c.
A nice resume guide from MIT. Pasted below are links from Yale, Harvard, & ours (WMU, 112 pages). Should college grads negotiate a job offer (i.e., a higher starting salary)? Yes, but only if you know how to negotiate. See: lnkd.in/gGnVvHnz. Demonstrating self-awareness during an interview is huge. I tell my students to always answer the “what is your weakness” question in the context of having a strategy to fix it (explain what you have done about it, actual RESULTS). For example: lnkd.in/gQnHZd9Y.
“In ISM’s 2023 Salary Survey, the reported overall average salary remained steady, dipping imperceptibly (that means subtle) to $123,523, while the median salary rose 5.8 percent year over year, to $105,795. Except for 2021, average salary has mostly increased over the past five years for both women and men, though the pay gap between men and women persists, now at 25 percent.” lnkd.in/gwCWhhcE. Previous years: Both women’s & men’s compensation fell in 2021. From the Institute of Supply Management 2022 - lnkd.in/g2dVpbeK & lnkd.in/gHMUSv_s. 2021 $ (deep into covid): lnkd.in/g-SfG93A & lnkd.in/gn5jM9xt. 2020 $ (before covid): lnkd.in/gz8WQEhr. 2018 $: lnkd.in/gV53aggX. lnkd.in/giwxC9ux "Most Sought-After Entry-Level Jobs Without a Degree: #1 Inventory Manager. The demand for skilled inventory managers in warehouses and companies post-pandemic has doubled the position’s job share in a year. Note, nearly 65% of the U.S. working population does not have a four-year degree." lnkd.in/gMxqC5mb. Links to other sources of salary data: lnkd.in/gaY5FszK #salary #salaryguide #salarynegotiation #supplychain
wmich.edu/news/2015/02/21637 New rankings put WMU supply chain program at No. 2 in nation KALAMAZOO, Mich.-Western Michigan University's celebrated integrated supply management program recently added a new accolade, being named second in the nation for its emphasis on teaching technology, software and quantitative tools in its undergraduate program. The new ranking is by Software Advice, a company that does detailed research on thousands of supply chain software applications as well as system analysis. The firm recently conducted a national study of supply chain programs, selecting that discipline because of the rising demand for supply chain professionals and the key role that information technology plays in this complex field. The goal of the study was to help students gain insight into the curricula of what are commonly regarded as the top programs in the United States. According to the report, the unique, integrated nature of WMU's supply chain program contributed to its spot at the top of the list. WMU's program is second only to Pennsylvania State University and placed ahead of Michigan State University, University of Tennessee and Arizona State University. 'Truly special' "Western Michigan University's integrated supply management program is truly special," says Forrest Burnson, research associate with Software Advice. "It ranked highly on our list due to the emphasis the program places on teaching software and technology in the classroom, in addition to its unique cross-discipline approach that requires students to take specialized engineering courses. WMU is well ahead of the curve in preparing a new generation of supply chain professionals, and other universities should look to the example it has set for what a truly modern supply chain management program looks like." The program is part of WMU's Haworth College of Business. Faculty in the program, college officials say, work diligently to ensure its relevancy for students and for employers who will be seeking talent from the program. Many of the information technology courses have been developed by WMU faculty in close consultation with members of the program's advisory council, which includes representatives from the top supply chain employers in the country. WMU also ranked seventh on the Software Advice list in terms of overall reputation and was one of only four schools possessing both a high technological emphasis and a high reputation rating on the list. "The integration of business and engineering courses has provided a strong foundation for our program, and with our additional emphasis on technology, we are well positioned to prepare students for the future of the supply chain field," says Dr. Robert Reck, professor of marketing and co-founder of the program. "Based on our research and also feedback from employers, we know that supply chain professionals who are fluent in relevant information technologies and their applications within the industry are poised to be the best employees and leaders in the field." WMU's program was also given special recognition for its courses in enterprise resource planning and geographic information systems. In particular, geographic information systems was noted for its value in risk management, a growing area of emphasis in the supply chain field. Integrated supply management program Ranked No. 5 in undergraduate supply chain education by Gartner, WMU's ISM program has been recognized nationally by several organizations and publications for its leadership in preparing students for careers in supply chain management. WMU's curriculum combines engineering, information technology, logistics, supply chain and business education. The program also includes Bronco Force consulting teams, which give students experience in business consulting with companies on their supply chain challenges. The WMU Center for Integrated Supply Management was established in 2014 by the Haworth College of Business.
Get ready for the next disruption in your supply chain: no succession planning. *60% of the US workforce is employed by a family-owned business.*78% of all new jobs in the US are created by family-owned businesses. *30% of family businesses make it through the 2nd generation, 10-15% through the 3rd, & 3-5% through the 4th. lnkd.in/gJ5T8Tzc www.linkedin.com/posts/sime-curkovic-61617a115_top-10-family-business-trends-of-2022-conway-activity-6998248095301980160-mcNn? __ I meet a lot of people involved in family owned businesses & they often ask me for material on succession. I reached out to my colleagues in this space & here is some of their recommended reading. These are my favorites on the topic of family business in general. There are surprisingly few "great" books on family business & succession. Many show up on Amazon, but I have found them to mostly repeat the basics that I think are laid out well in the following 3 books.
1. Generation to Generation: Life Cycles of the Family Business (1997), Kevin E. Gersick, John A. Davis, Marion McCollom Hampton, & Ivan Lansberg, Harvard Business School Press - This book is old & you could probably get it for about $5 on Amazon, but it is my FAVORITE! I think it explains things more clearly than any more recently published book & has the most easily explained tools to implement a successful generational transfer.
2. Family Business (4th edition - other editions might be cheaper and are similar) 2014, Ernesto J. Poza and Mary S. Daugherty, South-Western Cengage Learning. - This is what I use in my family business class. Poza is the Godfather of teaching family business classes and research.
3. Family Business on the Couch: A Psychological Perspective (2007), Manfred F.R. Kets de Vries and Randel S. Carlock with Elizabeth Florent-Treacy, John Wiley and Sons. - There are many psychological aspects of family business and succession this presents many models for how that might look for different families. In fact, many family business consultants are actually trained as family therapists!
Academic journal articles on the family business activities: Family Business Review Journal. lnkd.in/gnrbtZ8e www.ffi.org/
FamilyBusiness.org site lnkd.in/g3XfNhA3 lnkd.in/gwDpAkDh Other sites: www.gvsu.edu/fobi/ lnkd.in/gJcvpX7s lnkd.in/ghPmdXBW lnkd.in/gzaWWPcs lnkd.in/g9mzk5C4 lnkd.in/gtZnBMNw lnkd.in/g2yyrRWj lnkd.in/gEJVwygY lnkd.in/gwihnpw4 lnkd.in/gN979MgY lnkd.in/gfzjsGp5 lnkd.in/g_aE_D8u lnkd.in/g_muMygd lnkd.in/g7RpBSfZ
Hope these ideas help! Many of the books also talk about non-family members in top mgmt roles how to motivate them & then help with the transition of power from them to the next generation. #familyownedbusiness #familybusiness #successionplanning #careeradvice
Students: 3 supply chain orgs you can join (ISMworld.org-$35, CSCMP.org, $40 & ASCM.org for free!). SCM pros w/ at least 1 APICS cert have a median salary of $90K, which is 27% higher than those w/o a cert. (according to the 2021 Career Report). lnkd.in/eTfdkA94 www.linkedin.com/posts/sime-curkovic-61617a115_certified-in-logistics-transportation-activity-6995710259143073792-P7uO? I would highly encourage you to join orgs related to what you are majoring in. Send the message to employers that you plan on being an engaged member of your discipline. Also, these orgs have certs which can be used to externally validate you as a subject matter expert. Send the message to employers that you are aware of these certs & these certs are a part of your career goals. Further, all these SCM orgs have monthly local chapter meetings w/ guest speakers that you can attend as a student. It is a great way to learn & network. I have had several students attend these mtgs & managers asked for a copy of their resume because these students showed so much initiative. You will also have access to their websites which has job postings & lots of SCM research that will help with your classes. Lastly, they will mail you magazines that tell you what is happening in your field so you can stay current.
My colleagues helped me put this list together for my non-supply chain majors. Industry Certifications & Associations for Various Business Majors: lnkd.in/gVbQV2q7 Here is one of the most popular orgs related to your major (especially if you go into procurement, though all 3 orgs have become very well rounded)...
Institute of Supply Mgmt (used to be National Association of Purchasing Mgmt)-$35/year lnkd.in/ex3NXgdM lnkd.in/erPSEX_J
Here is another degree related org that you can join ($40) to network & look for job opportunities. You will be competing against other students from other schools that have these on their resume. Council of Supply Chain Mgmt Professionals (used to be the Council of Logistics Mgmt) lnkd.in/emHHiJAY One more high profile club for SCM students & managers (free for students): The Association for Supply Chain Mgmt (used to be APICS, the Association for Operations Mgmt) www.ascm.org/ lnkd.in/eC3sfQxK lnkd.in/ef8X2xPK Certified in Logistics, Transportation & Distribution (CLTD): lnkd.in/dt3EteBd
Also, resume advice... lnkd.in/eWen96qj lnkd.in/e7utipBi lnkd.in/eVEHgvk6 FYI, other SCM orgs: lnkd.in/ec4fYYSY lnkd.in/ec4fYYSY www.cips.org/usa/ werc.org/ www.lean.org/ isssp.org/ www.iwla.com/ www.rla.org/ www.nitl.org/ www.mhi.org/ lnkd.in/eFpUvsgC ibf.org/ www.nam.org/ www.ame.org/ lnkd.in/efBdJkBi www.trucking.org/ $$: lnkd.in/eBd-cRr lnkd.in/enTTEt_m If you have an interview, get ready for STAR & robots… lnkd.in/ePzz3NG Major in MKGT & SCM? lnkd.in/eRWMVP6 #supplychain #careeradvice
"Students who are able to build strong relationships with professors are far more likely to find engaging work after graduation, according to Gallup-Purdue polls." lnkd.in/gSuzhcjP -those who believe a professor cared about them as a person, made them excited about learning, & encouraged them to pursue their dreams had more than double the odds of being engaged at work & experiencing a higher degree of well being overall, these studies find. …only 3% of grads reported having the kind of positive experiences in school that these studies find to be valuable. Another study: Students who choose to specialize are having better experiences than those who stay generalist. They also found that professors have the most influence on major. lnkd.in/ex89namH. “…95% of grads of two-year, four-year, & grad programs are excited about their postgraduate plans, & nine of 10 said that college was worthwhile, they were happy w/ their choice of school & think they chose the right field of study.” See: lnkd.in/gyN2iwXN. Secretary Miguel A. Cardona called college rankings “a joke,” & took aim at selective colleges’ obsession w/ them...lnkd.in/gv_vZ4k9. Pay attention to what matters most- not rankings!...especially at the undergrad level.
From me: if you are a student majoring in something, but your school is not on some list, do not worry about it! I am 99.9% certain that you are still getting a world class education that is extremely comparable to the schools on the list. In fact, in some ways, you might be getting a better education (i.e., smaller classes, closer mentors, better ROI maybe, etc.). Note also, all rankings are somewhat dubious and suspect. At the undergraduate level, pay less attention to the brand and reputation of the school, and pay attention to your major (i.e., does demand exceed supply which means you will have multiple job offers upon graduation) and make great decisions while you are in school (i.e., work experience, networking, grades, passing a drug test, build your brand, etc.). Employers: trust me, you can find world class student talent at the unranked schools that are every bit as good (and you should if they are regional). Aim towards 5+ core schools. Also, you will have less turnover if you stay a little regional. I meet these students all the time and they have sooo much to offer. Employers owe it to themselves to recruit the best talent from multiple schools. Yes, it requires more effort and expense, but it will keep your org fresh and current. I know of one org that exclusively recruits from only two schools and over time the weaknesses of those two schools became this org's weakness (they got behind on data analytics!). So predictable. A total of 439 graduates from WMU responded to the statement: "I had at least one instructor who made me excited about learning." For details: lnkd.in/g6k-6Ckj #college #collegestudents #businesseducation #careeradvice
Should SCM students learn this?…”the importance of including location analytics in the standard business school curriculum-especially in the field of supply chain management.” Access via: ow.ly/kMci50PWU1K. Are Supply Chain professionals using ArcGIS Pro technology? Do you think our SCM students should learn this? ArcGIS is a technology that can help companies manage risk. I recently had a GIS analyst reach out to me & ask: Is there a business geography specialty group that addresses supply chain issues? Where could people find GIS supply chain problem sets? I reached out to a GIS geography colleague & the feedback was…There is a Business Specialty Group of the American Association of Geographers (AAG). lnkd.in/gS98FvHC
There are a lot of interesting examples of SCM issues & GIS at the ESRI website. lnkd.in/ge9FqbKH
Some of the interesting best practices involve dashboard type views of interruptions: lnkd.in/gMrb-pfy
There are also advanced operations in ArcGIS Enterprise: lnkd.in/g3ZBxhxV
As for problem sets, there are often interesting datasets and suggestions for solving complex problems on GitHub. A quick looks shows a lot of Python type modeling for SCM on GitHub.
In terms of teaching, most of these topics are beyond our intro level GIS course. However, we also teach GEOG 5690: GIS Workflows, where students learn more about dashboards & origin-destination analysis, & work on 4 mini-projects w/ a data type of their choosing. We will teach a Project Mgmt & Programming course (GEOG 4670/6670) that could also be useful to SCM students. Here are some entries in the GIScience Body of Knowledge/encyclopedia that might be helpful to have students read: lnkd.in/gsPEeBYt lnkd.in/gKsXcT_X lnkd.in/g5M-B88t Also, if you want to find where the business geographers publish, they typically aim for 'applied geography' journals: lnkd.in/gMxzs3UX lnkd.in/gaUAszSX _ Our Intro GEOG 3010 - Fundamentals of GIS An intro course that covers the use and application of geographic information systems (GIS). It combines an overview of general principles of GIS & practical experience in map creation & the use of spatial information, including fundamental aspects of measurement, representation & analysis. Intro GIS focuses on the basics of working w/ both vector & raster data, as well as the societal aspects of GIS (emerging uses, interaction w/ new technologies, data standards, public access to information). We upgraded the course to ArcGIS Pro, which works better in online environments; we are going to have a dedicated Mac-user office hour period, for Mac users that will have to use remote desktop or some kind of Windows-on-Mac system; AND we are using COVID and racial disparities data through the semester so that students really get a handle on some of this real data w/o relying on the interpretation of others. See comments: lnkd.in/g4Nk4ddz
I had a student ask: Shouldn’t I major in Finance or Accounting if I want to become a CEO? I said: Well, being able to talk CFO talk is critical to long term success, but you might want to give this supply chain thing some thought…CEOs Will Come from an Unlikely Place: The Supply Chain... www.linkedin.com/posts/sime-curkovic-61617a115_tomorrows-ceos-will-come-from-an-unlikely-activity-6999055149319036929-aRIQ?
"...it’s clear that supply chain professionals are poised to become the most powerful executives in the world..." Note, this article (2018) was written before covid. Multiply the above statement by a factor of at least two. lnkd.in/g2rhdEAH
More reads to back up the assertion that future CEOs will have SCM backgrounds... Why supply chain professionals make great CEOs: To become CEO, according to a recent Business Insider article, the move to an operational role is a common segue for many CFOs seeking the top spot. That’s not a coincidence: many companies seek out their CEOs from roles that are operational, such as supply chain management. A famous example, of course, is Tim Cook, CEO of Apple, who was COO before becoming CEO. He is not the only one. Alan George Lafley, CEO of Procter & Gamble, took a commission with the U.S. Navy as a supply officer first, and Mary T. Barra, CEO of General Motors, is known for her strong operations and supply chain management background. Why is supply chain expertise so valuable for future CEOs?...lnkd.in/g6HJgvX3. _ Why supply chain professionals make great CEOs The metamorphosis of supply chain from a humble collection of support functions like purchasing, shipping and production to true business leadership is huge. Chief Supply Chain Officers (CSCOs) increasingly control 50% or more of a company’s annual spending, with two thirds of all employees directly reporting to the role. More importantly, CSCOs have begun to play a vital role in strategy development, product and service innovation, and even sales. Why the change? lnkd.in/gXqaMWU4 _ Supply Chain Leaders Making The Move To CEO Better supply chain management means better businesses, and better businesses make for a better world. Very few people make it to the top office of any business without first holding other major responsibilities. The chief financial officer (CFO) role is typically regarded as just such a standard precursor. However, according to a 2015 survey of CEOs in the Forbes 2000, only 13% of CEOs came over from the CFO position. Instead, the trend in recent years has been to move those CFOs into more operational roles, giving them an opportunity to bolster their hands-on abilities within the organization. lnkd.in/gp42y_Q9 How a Background in Supply Chain Can Set You on the Path to CEO Anyone who’s been paying attention knows that Supply Chain Management has emerged from its status a back-office function to become a major strategic differentiator for business. Welcome the Supply Chain CEO! lnkd.in/gxeu2a5B
I actually have employers tell me they will NOT consider a student if they do NOT have a strong professional LinkedIn presence. Hmm. How to effectively join LinkedIn. lnkd.in/dAwyTUy I have former students that found new jobs & they were not even looking! Yes, aggressive orgs found them via LI. Some firms w/ a market cap of > $1T do this often. Interviewing tools: lnkd.in/gipsXEsK. Thank you WMU for 112 pages of ideas. www.linkedin.com/posts/sime-curkovic-61617a115_employers-expect-a-strong-li-profile-activity-6997976884756041728-xqiA? Yale advice: lnkd.in/gggJFADW lnkd.in/gxkjy3sm Harvard: lnkd.in/ghEYr3Qw lnkd.in/gc4Kd_SE MIT: lnkd.in/g3xqeDyc Personally, I prefer WMU’s Career Services manual. Also, WMU HCOB/ISM has a great ROI (just ask my students starting at 70K & making over six digits by age 30). Keep in mind that many schools such as Harvard ($54K/yr tuition), Yale ($58K/yr), & Stanford ($57K/yr) don't offer undergrad business degrees. WMU ($13K/yr) - A Top Business School (take a look at the list): lnkd.in/dn9-BCg Should current students negotiate an INTERNSHIP offer? The avg SCM internship is $44,918/yr, or $21.6/hr. People on the lower end, bottom 10%, make $37K/yr ($17.80/hr), while the top 10% makes $54K ($25.96/hr). lnkd.in/gpBm_m84 Should grads negotiate a job offer (i.e., a higher starting salary)? lnkd.in/gMJYNJkh Virtual career fairs: lnkd.in/evKd-VzQ Business externship? lnkd.in/e9aeewPa Placement success of ISM Program - *Median salary was $60K - $65K (around 10% of grads hired on w/ 1 auto OEM at $78K!). "Supply Chain"+"Degree"=jobs & $$. lnkd.in/gV4x6GWE Will technology replace SCM jobs? lnkd.in/gX8vcRNa Global Negotiation: Fastest growing class. lnkd.in/guTUcvdu A Top School: lnkd.in/dVdMRXP Sample Lectures: lnkd.in/e9j33EQ Power BI or Tableau? Do not be a victim of technology. lnkd.in/eKEaPGq lnkd.in/e5zG6sZ Here is a good read on how SCM 4.0 does not have to be super expensive: lnkd.in/eyebnSct How much Python do I need to know in order to excel in SCM? lnkd.in/e6Rmzpw STAR job interviews & online robots… lnkd.in/ePzz3NG lnkd.in/eZgTxWc lnkd.in/eyCv4x5 lnkd.in/eaxVjpK Myers-Briggs. lnkd.in/ehj3ysR For details on how to build your brand: lnkd.in/dSAA6wF Similar to MBTI: lnkd.in/ey4TEUY lnkd.in/exNDhSv Help with online interviews...lnkd.in/eKBDsMq Practice before it really matters...lnkd.in/ekaBK5Q Resume advice... lnkd.in/eWen96qj lnkd.in/e7utipBi lnkd.in/eVEHgvk6 Internships, salary data, etc. lnkd.in/eNfUzksJ Covid job market… lnkd.in/ed-ZfanD Delay graduation for experience? lnkd.in/ewKu7b_X Right time for grad school? lnkd.in/eTk-PXPv Predictive Data Analytics (Excel)…lnkd.in/dQABdsXc Problem solving #1 skill set! Elon's resume - lnkd.in/eWaJ8q2 #jobhunting #networking #interviewing
Should current students negotiate an INTERNSHIP offer (i.e., a higher salary)? Yes, if a company does not know your market value. There are already>10,000 SCM 2023 internships posted: lnkd.in/gRKmr7QE. lnkd.in/gt98WuvK & > 16,000 business related internships. Perhaps delay graduation for work experience & stay specialized...lnkd.in/gdr7f9wb lnkd.in/gARup7zr lnkd.in/g4-csGUy www.linkedin.com/posts/sime-curkovic-61617a115_goals-of-a-supply-chain-internship-or-co-op-activity-6994340284243345408-XO44? Top 100 Internships lnkd.in/g8N_p43w Should current students negotiate an INTERNSHIP offer (i.e., a higher salary)? Yes, since many orgs are offering students 20-30% below market value. The avg supply chain internship is $44,918/yr, or $21.6/hr. People on the lower end, bottom 10%, make $37K/yr ($17.80/hr), while the top 10% makes $54K ($25.96/hr). lnkd.in/gpBm_m84 > 1/2 our students are making over $20/hr. The program avg is around 20-22/hr. You can work in food customer service for $16/hr. Fed Ex is hiring manual part time laborers for 22.50/hr. You can collect unemployment & make around 16/hr. Why would any org want to pay 20-30% below avg? Should grads negotiate a job offer (i.e., a higher starting salary)? Yes, but only if you know how to negotiate. I do have students that get offers in the $50K-$60K range & many successfully negotiate up to > $60-70K. That is a 10-30% bump before you even start! Many people have to work a few years to get that bump. lnkd.in/gB9bTdgJ lnkd.in/gW5uwkkE Our avg is $65K. You need to position yourself w/i that context. Are you above avg? Why? And, does this org want someone that is above avg? Probably. If someone asked me what the avg WMU SCM student looked like, I might say: they have around a 3.3-3.4 GPA, 2-3 internships, a very relevant minor like Business Analytics, etc. So what if you have a 3.1 GPA & only one internship? It's OK! You can still get the best jobs out there! Maybe you interview great, maybe you really connect w/ the corporate culture, maybe you have stronger soft skills, etc. What if you have a 2.7 GPA & have to take a job w/ a mom & pop 3PL for $48,600? What's wrong w/ that?! Yes, there might be consequences for not getting more experience, for not having a higher GPA, for not having a BA minor, etc., but, it is America. You get 2nd+ chances.
Also, the top 20% in our program are getting offers 64K-78K from the F500 types. Not all orgs can compete against these offers & try not to focus too much on $. The $ will come no matter what if you have a challenging job. Try to make an assessment based on things beyond $. I know it is hard to do but you have to think long-term, & long-term the $ will come. The most important part of your long term earning potential is not your starting salary, but what your resume will look like 3-5 years from now. In other words, what will you accomplish & what will you be doing in your first job during the first 3-5 years of your career? #joboffer #negotiation
Wow, the Harvard Business Review (Delgado & Mills) called this right 5 years ago in 2018 (pre covid), well done. Why are supply chain industries the source of so many high-paying jobs and so much innovation? lnkd.in/grs9FUsw. Degree program fuels supply chain and logistics industry’s workforce of the future: lnkd.in/g65xNd9M. “Its bachelor’s degree gives students the chance to boost their average annual pay in the field to $87,280, compared with $49,689 for a high school graduate.” A Look at the U.S. Supply Chain Economy: lnkd.in/gWuBsbyw. “It’s worth noting that supply chain traded services have the highest wages in the supply chain economy, averaging at $80,800 annually - 3 times higher than traditional “service” jobs.” The supply chain economy: A new industry categorization for understanding innovation in services (Delgado & Mills): lnkd.in/g3XCQvVQ. In 2020-2021, SCM was the 89th most popular major nationwide with 10,986 degrees awarded. lnkd.in/gBA7id7M. Top Degrees in demand, current data (2023) from NACE: lnkd.in/g3kM_sZ6. Great time to be a supply chain student. Deloitte expects U.S. manufacturers to have 2.1M unfilled jobs by 2030, & the BLS is projecting that logistics employment will grow by 7% annually through 2026. lnkd.in/gQ4cTdiy "The number of US job postings for supply chain managers on LinkedIn more than doubled between 2019 & 2022, according to data shared w/ the Financial Times." lnkd.in/gyWH5gxt. The U.S. supply chain accounts for 37% of all domestic jobs, according to the Harvard Business Review. lnkd.in/gbV_aMT7. Nice SCM salary report summary: lnkd.in/dTneTGgw. #supplychain #jobs #economy
Hi Jefferson, I have great admiration for Toyota, but I do try to support the local economy if I can do so with all other things being equal (i.e., value). For cars, they are all the same to me at this point. Note, I would be thrilled and beyond welcoming if Toyota built a factory in my town and employed my neighbors with great paying jobs.
Hi Jefferson, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
Hi Edgar, see below if you find this helpful (some of the material on the website is free). simecurkovic.com I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining. My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas): www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/ Please join at: www.simecurkovic.com/membership/ Thank you again! Sime
![Quando Rondo - Grow Up [Official Music Video]](http://i.ytimg.com/vi/8zFnCg3BO4Q/mqdefault.jpg)
Update as of January 2019: Students are still getting 3-5 job offers
upon graduation. The average starting salary is in the low $60s, with
the top students getting offers of over $70K. Most graduates are well
over $100K by age 30. Also, CEO backgrounds are trending on SCM work
experience.
Thankyou Sime. Your session has been very informative. and I have a Supply Chain experience in FMCG for about 6 years. Please suggest if I can pursue Master in ISM now, or is too late.
Just want to say thank you for your 3 parts videos. They are extremely helpful and informative. They definitely have given me more strength and courage to switch to SCM major. Im happy to say that your videos have finally brought me the answer for what my career path will be. Once again, much appreciate.
@@KhaiNguyen-kl9zr How are you doing so far?
@@user-qy6tu9ip9v hi, I'm graduating this December. Good news!! I'll be doing my third internship this summer. The role is in procurement. Any thoughts and insights on this aspect of SCM? Do you think there's much room for advancement in procurement?
Thanks again :)
@@KhaiNguyen-kl9zr That's amazing man. Congratulations. Have you been offered a salary?
Anyone that sat through that and didn't see the value in what he had to say is wasting their tuition
Hi Jerron, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
He explains this so very well. He puts it in a way to understand. He takes a very complex system and simplifies it to better understand the core concept. Sime is a true asset to the wmu supply chain program. We are truly lucky to have his knowledge as part of this team. He makes and shares very great information.
Loved this series, please upload more lectures! Was fascinating your insights about regulations for fuel efficiencies.
Let me just say, this man is great at his job. 👏🏽👏🏽
Wow, what a nice thing to say. I am not certain if what you said is true, but you are a class act. Thank you good sir.
Hi Chidi: See below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
I switched my MBA concentration to Supply chain management after watching this!
Hows it going so far?
Hi Caleb, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Smart man! How has life since then been?
Great video! We would love to see more lectures on SCM!
Hi Job, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
i watched all three parts and don't even know a thing about business, but it is very informative and useful video. Glad to see someone from the Balkans so smart and successful. Greetings from Serbia.
would love to have a copy of that document he passed out!
Hi Eric, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
From Professor Curkovic: Yes, delay graduation for work experience (it is a deal breaker)!
Students:
Most good paying jobs are highly specialized (e.g., purchasing,
operations, and logistics). Your degrees are highly specialized but you
also have to get good practical work experience related to what you are
majoring in. Quite simply, students without work
experience in their major do not get good jobs in their major. That
means you have to make getting an internship one of your top priorities
while in school. You have to do this even if it means delaying
graduation. The delay will pay for itself in terms of
starting salary and future advancement opportunities (because of what
you learned during the internship and what you brought into your
full-time job because of the internship). Pasted below is some feedback
from a manager that thinks WMU students are less
inclined to delay graduation for great work experience. I think his
points are somewhat exaggerated, but I just wanted to reiterate the
importance of getting work experience related to what you are majoring
in.
I am currently working with a handful of WMU ISM graduates that are
unemployed. What do they have in common? Low GPAs and no work
experience. Again, please know that I am not judging. I just want the
very best for you. Thank you. Sime
***************************
ISM Students (here is an email from a manager):
As a bit of feedback, we always seem to have trouble convincing students
from WMU that taking a semester off school and working for a large
company is "okay". They tend to want to stay in school straight through
and graduate in 4 yrs. In my opinion, times have
changed, and a student absolutely needs to have some co-op work
experience on their resume in order to land a good job in the area of
Supply Chain. A summer internship (around 3 months) is just not enough
anymore, and more and more companies are moving away
from programs like that, and moving to full-semester type co-op
positions. I am not certain what WMU's position is on students taking a
semester off to relocate and complete a full
semester co-op term. Do you have conversations with students about that topic?
We primarily work with Bowling Green State Univ.'s Supply Chain program.
They seem to help convince students to take a semester off, as the
experience gained cannot be matched. This way, when students are
interviewing, they are already expecting to take a semester
off. Sometimes, at WMU, students seem shocked and uncomfortable about
taking that semester off. All in all, we have still had some great
co-ops from WMU, and we will continue to look to fill our positions with
WMU students.
Do you agree?
Thank you. Sime
I want to know how feasible it is to get a corporate job with MBA in SCM?
@@shubhendumahapatra1532 Sime Curkovic did another video discussing taking a Masters, his opinion was that if you have a BCom than probably a MBA is a bad idea. Too much duplication in repeating similar-ish business courses.
Perhaps if you have say a BE, then maaaaaaybe it makes sense to get a MBA?? As those are the types of people the MBA were *originally* intended for.
But even in that case, you're likely still better off getting a more focused Masters programming, such as say a MS in SCM.
However, you should go out and get work experience first before getting a Masters. So sit your GRE/GMAT in your final year of undergraduate studies (or immediately after). As that is when your academic skills for those test taking are at your peak! Much easier than trying to take it two years later. And those exam results stay "current" for up to five years or so, so you've got plenty of time to go out and work for a while then come back and get a Masters using your high exam marks from beforehand.
@@davidcmpeterson well I guess I took the right call already. I'm pursuing my MBA now from UK. (after 5yr of exp)
@@shubhendumahapatra1532 good stuff! What was your first degree? I myself, have a BSc(Math) from years and years ago, going back to Uni now to do a Masters in Operations Research & Analytics (i.e. mathematical tools and such to apply to industry problems such as logistics etc, one of my papers next semester is about Supply Chains) which is a degree run ultimately by the Engineering Faculty, but is also an interfaculty degree in the sense we take papers from Business and Science as well
@@davidcmpeterson it was B.E. ( mechanical)
What I wouldn’t give to sit in this mans class. Thank you for the 3 part insight!!
Hi Richard: See below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Love the speaker! And the insights he shared in the session - one of the most enjoyable and intellectually appealing hours of my life. Thank you for uploading the series of the videos.
And I must say, I feel so sorry for the unwilling audience showing no interest though.
Hi M Wali, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Sir Sime, this lecture is incredibly informative and has helped me leaps in understanding the bigger picture of running a business from the supply chain perspective. Thank you, my man. Much love from the Philippines
Hi Joshua, I have numerous students from SA and they are great, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Amazing speaker, the importance of supply chain managers is on the rise. I got interest for this major not long ago and this video confirms my desire. Competitive and important.
Hi Jon, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
such a good speaker, and really explained it not in technical terms to remember, but in a real life big picture way! so informative, I really enjoyed it. I'm in my final year as an industrial engineering student and I was looking at specializing my skills in supply chain management
Thank you for that. FYI, the opportunities for engineers in the supply chain are plentiful:
ruclips.net/video/e5HpKwzB2PI/видео.html
Do supply chain managers need the technical skills to interact well with engineers? Why do WMU ISM supply chain graduates interact so well with engineers? Answer: We make them take engineering classes.
www.linkedin.com/posts/sime-curkovic-61617a115_should-supply-chain-grads-interact-well-with-activity-6856924520377319424-jKWI
WHAT IS THE FORMULA FOR PROFIT MARGIN?
Answer: (Sales minus Cost of Sales)/ divided by Sales.
Keep this simple, take your company’s total annual sales revenue and subtract your costs (DM, DL, and overhead). Take that number and divide it by your total annual sales revenue. So, how do you widen margins? Cut costs. Where do most of your costs come from? Direct material purchases. This is what you are majoring in. Why do you want to widen margins? To increase ROI (Return on Investment). ROI is PM multiplied by Asset Turnover Rate (ATR). What is ATR? Doing more with less (i.e., reducing inventory, getting customers to pay sooner, outsourcing, buying less expensive stuff). When ROI goes up, the company’s stock goes up. The global economy currently revolves around shareholder value (and that is good and bad). Good for us (people with college degrees in business), bad for low skilled manual laborers, right?
____
WHAT IS THE FORMULA FOR OPERATING INCOME?
Answer: Sales minus the Cost of Sales.
This is simply the money left over that a company has when it sells all its stuff, gets paid by its customers, and then pays for all of its bills/costs.
___
WHAT IS THE FORMULA FOR ROI?
Return on Investment equals Profit margin * asset turnover rate.
______
WHAT IS THE FORMULA FOR PROFIT MARGIN?
(Sales - cost of sales)/Sales or
Operating Income/Sales
_____
WHAT IS THE FORMULA FOR OPERATING INCOME?
Sales - Cost of Sales
Do you know how to make ROI go up? Do you know how to widen margins? Do you know how to increase asset turnover rate? Do you know what your major has to do with doing all of this. No other major has a greater impact on corporate America
Here are some T/F questions. Try to make sure you also understand why the answer is T or F as that will help you with the short answer questions...
Profit margin can have a negative value.
True: Profit margin represents the percentage of revenue that exceeds costs, so it can be negative if costs exceed revenue.
Asset turnover rate can have a negative value.
False: Asset turnover rate is calculated as net sales divided by average total assets. It indicates how efficiently assets are used to generate sales. Since both sales and assets are non-negative figures, the asset turnover rate can't be negative.
ROI (Return on Investment) can be negative.
True: ROI can be negative if the return (or profit) from an investment is less than the initial investment.
If a company's profit margin is negative and its asset turnover rate is positive, the resulting ROI will ALWAYS be negative.
True: A negative profit margin (representing a loss) multiplied by a positive asset turnover rate will give a negative ROI.
A negative profit margin always indicates that the company is making a loss.
True: A negative profit margin indicates that expenses exceed revenues.
A company with a higher asset turnover rate necessarily has a positive ROI.
False: A positive asset turnover rate doesn't guarantee a positive ROI. The profit margin also plays a role. If the profit margin is negative, even a high asset turnover rate could result in a negative ROI.
If both profit margin and asset turnover rate are positive, the ROI will also be positive.
True: Multiplying two positive numbers will yield a positive number.
The asset turnover rate is a measure of how efficiently a company uses its assets to generate sales.
True: It indicates the sales generated per unit of asset.
A company can have a positive ROI even with a negative profit margin if its asset turnover rate is high enough.
False: A negative profit margin means the company is incurring a loss on each sale. No matter how high the asset turnover rate, the ROI will still be negative.
A company's ROI can be improved by increasing its profit margin, increasing its asset turnover rate, or both.
True: Both a higher profit margin and a higher asset turnover rate can contribute to a higher ROI.
Advice: Profit margin represents the percentage of revenue that exceeds costs, so it can indeed be negative if costs are higher than revenues. Asset turnover rate is a ratio that represents the efficiency of a company's use of its assets in generating sales revenue; since both net sales and average total assets are non-negative figures, the asset turnover rate cannot be negative.
ROI can be negative if the gains from an investment are less than the cost of the investment.
I stumbled on this, and I am glued to the lectures all through parts 1 to 3, I just love the Prof.
Hi Ademola, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
We're in 2017 and Apple still has $256.8 billion in cash. God knows what they are up do !
wow that was very interesting...thank you Sime for posting these! Looking forward to watching more of your lectures - learned a lot and definitely inspired
Hi Singh, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Great read…Translation: Success = Pick the right major (i.e., demand > supply) + Get work experience (i.e., internships related to major) + Pick the right first job (i.e., they pay a premium for your major because of supply/demand conditions and you are job ready day one because you have professional work experience).
www.wsj.com/lifestyle/careers/college-degree-jobs-unused-440b2abd
Half of College Grads Are Working Jobs That Don’t Use Their Degrees
Notice:
“More than any other factor analyzed-including race, gender and choice of university-what a person studies determines their odds of getting on a college-level career track. Internships are also critical.”
I chuckled at this one: "He also regrets taking an entry-level sales job in logistics after months of fruitless job hunting after graduation."
“Bachelor’s degree holders in college-level jobs earn nearly 90% more than people with just a high-school diploma in their 20s.”
“…most of the graduates who don’t find work reflecting their degrees are what they call “severely underemployed, meaning they’re in jobs that only require a high school education or less.”
Picking a college major:
lnkd.in/eX8XUHxj
Notice SCM made the list: #5. Supply Chain (Logistics): $52,290.
finance.yahoo.com/news/majored-one-18-subjects-ll-193945292.html
Note, WMU SCM grads (2022) have a median wage range of $65-$75K. lnkd.in/dkGr4_uX. I have been trying to explain SCM to high schoolers. It’s not that easy. Parents like to see this: the number of US job postings for supply chain managers on LinkedIn more than doubled between 2019 & 2022: lnkd.in/gyWH5gxt. The U.S. supply chain accounts for 37% of all domestic jobs, according to the Harvard Business Review: lnkd.in/gbV_aMT7.
“Employers are fed up with college 'waste,' opt for skilled blue-collar workers instead”…Really? lnkd.in/gR5pNeDe.
Ranked: Median Student Debt for a U.S. College Degree: lnkd.in/g_Eaq7zu.
Ranked: Most Popular U.S. Undergraduate Degrees (2011-2021): lnkd.in/gWTxiFch.
The top 10 most-regretted college majors - and the degrees graduates wish they had pursued instead: lnkd.in/gtapAxUJ.
Students/Parents: Which college majors pay off? From WSJ: lnkd.in/gMy3nwS2 & lnkd.in/gH3jSWKt.
90% of 2023 graduates think college is really worth it. lnkd.in/g_Vipjd5.
College majors have a big impact on income. Here are the highest- and lowest-earning fields: lnkd.in/gt8BHiFM.
Here’s where the jobs are - in one chart: lnkd.in/gN-dSc6E.
The 10 highest-paying college majors, five years after graduation: lnkd.in/gTFb6_vw.
Top Degrees in demand, current data (2023) from NACE: lnkd.in/g3kM_sZ6.
Professional experience that pays well while in college?...Thousands of new internships posted, to name a few - lnkd.in/gVsHEZxz & lnkd.in/gRKmr7QE & lnkd.in/gmMH5myb. What do internships pay (never work for free)? The going rate appears to be $18-30/hr. See: lnkd.in/g6CH_pYv & lnkd.in/g4znXYHu. Being job ready in the post covid market & beyond. lnkd.in/eZGZbkP & lnkd.in/g8cAcBh3.
Are students satisfied with their college experience?...Students have overwhelmingly positive reactions to their college experience: lnkd.in/gR5pNeDe.
Goals of an internship (it’s not job shadowing): lnkd.in/gMtdr92u.
If you look at this 2020-2030 job growth chart closely, all things supply chain related scored VERY well: lnkd.in/g8n-dCz2
hashtag#college hashtag#major hashtag#careers hashtag#supplychainmanagement
Here are some T/F questions.
Profit margin can have a negative value.
True: Profit margin represents the percentage of revenue that exceeds costs, so it can be negative if costs exceed revenue.
Asset turnover rate can have a negative value.
False: Asset turnover rate is calculated as net sales divided by average total assets. It indicates how efficiently assets are used to generate sales. Since both sales and assets are non-negative figures, the asset turnover rate can't be negative.
ROI (Return on Investment) can be negative.
True: ROI can be negative if the return (or profit) from an investment is less than the initial investment.
If a company's profit margin is negative and its asset turnover rate is positive, the resulting ROI will ALWAYS be negative.
True: A negative profit margin (representing a loss) multiplied by a positive asset turnover rate will give a negative ROI.
A negative profit margin always indicates that the company is making a loss.
True: A negative profit margin indicates that expenses exceed revenues.
A company with a higher asset turnover rate necessarily has a positive ROI.
False: A positive asset turnover rate doesn't guarantee a positive ROI. The profit margin also plays a role. If the profit margin is negative, even a high asset turnover rate could result in a negative ROI.
If both profit margin and asset turnover rate are positive, the ROI will also be positive.
True: Multiplying two positive numbers will yield a positive number.
The asset turnover rate is a measure of how efficiently a company uses its assets to generate sales.
True: It indicates the sales generated per unit of asset.
"WMU Integrated Supply Management (ISM)...Nation's best undergraduate SCM program (Gartner 2014); 2nd in SCM technology (SoftwareAdvice 2015); 2nd in top global SCM talent (SCM World 2017)
I have just landed on this video somewhere on utube and I have been amazed
Hi Kwebeiha, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
I'm watching this in 2021 cause I'm about to pursue a MicroMaster in supply chain management at the MIT and I absolutely love the way your present SCM!! Sounds awesome
Hello Kai, thank you for that. FYI, you might find these helpful:
ruclips.net/video/LFD1R0De_zQ/видео.html
ruclips.net/video/WSt8nnLn8Kc/видео.html
Perhaps also helpful:
www.linkedin.com/posts/sime-curkovic-61617a115_what-would-i-do-if-i-was-25-and-coming-off-activity-6831984742934601728-FJEa
@@simecurkovic Wow thanks a lot for the quick response! I do have a more specific question tho. I'm about to certify myself as a CAPM (Certified Associate in Project Management) and wanted to pursue the MicroMasters Degree in SCM afterwards. Do you think that's a good idea? I had this idea cause projects like building a new type of EV for example may result in a new type of product afterwards that a company wants to have in their portfolio and therefore need to integrate it in their supply chain management. Does that make sense? Like going from a project to operations
@@kaisteinbeiss Kai, absolutely, project management and SCM go hand in hand and they compliment one another. A quick check, google "CAPM and supply jobs" or "project management and supply chain jobs". A lot of great jobs pop up (that is a great sign). Also, tons of jobs out there that give preference for APICS/ASCM and ISM certifications like CPIM and CSCP. Lots of SCM jobs also have very specific data analytic skills. I tell students to think about the type of company and industry they want to work in and see what they tend to reward culturally (and it can vary within the same industry). Perhaps they prefer graduate degrees, lean training (black belt), business data/predictive analytics (SQL, Python, RapidMiner, Power BI, Tableau), etc.
@@simecurkovic thank you so much for taking your time to respond to my questions!! I will also look into data analytics then. Thanks a lot!
Mid-Level Supply Chain Positions | Average Salary: $115,000
Senior-Level Supply Chain Positions | Average Salary: $260,000
Nice supply chain website. My students ask great questions when it comes to…money. Recently, someone asked if they could earn a great salary in mid-career. I asked what is mid-career & he said by age 30. I smiled, but also told him many of my students are six digits or above by that age. SCM is very opportunistic.
Entry-Level Supply Chain Positions | Average Salary: $69,000
Also:
Entry Level Manufacturing Jobs | Salary Range: $66,000 - $78,000
Mid-Level Manufacturing Jobs | Salary Range: $110,000 - $143,000
Senior-Level Manufacturing Jobs | Salary Range: $239,000 - $338,000
Source:
lnkd.in/ga8Azij7
__
Yes, WMU supply chain grads from 2022 have a median wage range of $65-$75,000. lnkd.in/dkGr4_uX
Salaries per "DC Velocity": 2021 lnkd.in/gESQFNZa vs 2020 lnkd.in/gW-U-KHK vs 2019 lnkd.in/gJquYyT4. From "ISM": 2018 $: lnkd.in/gV53aggX. 2020 $ (right before covid): lnkd.in/gz8WQEhr. 2021 $ (deep into covid): lnkd.in/g-SfG93A & lnkd.in/gn5jM9xt. Salaries per "ASCM" $: 2022 lnkd.in/gtYC5Cnw vs 2021 lnkd.in/gpMvehY5 vs 2020 lnkd.in/gcsrX6tr
People want more money & rewarding work (not paperwork). lnkd.in/g7BwX84c. "The demand for logistics talent has never been greater. The low unemployment rate has created a supply/demand imbalance, spurring employers to raise salaries in a bid to attract and retain top talent. Of the 454 respondents to DC Velocity’s 19th annual Salary Survey, 72%) saw a boost in their total compensation in the past year."
Should college grads negotiate a higher starting salary? lnkd.in/gMJYNJkh. Salaries in SCM are going up & already average $10K-$20K higher than entry-level positions in other fields. lnkd.in/gCiYgwS2 There isn’t enough young people working in supply chain - lnkd.in/gtUcJpX7.
SCM $ Information -
lnkd.in/gn5jM9xt
lnkd.in/gTBMP5dM
lnkd.in/eQvfFMc
lnkd.in/g7YamZCU
#supplychain #job #salary #manufacturing #logistics #procurement
Awesome lecture
Hi DS, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
From Professor Curkovic: Read: Clarification on 3PL versus 4PL
I think getting an internship at Coyote Logistics (CL) would be an
excellent opportunity for ISM students in general. Just keep in mind
that non asset based 3PLs such as CL, CH Robinson, TQL, etc., recruit
across all majors, especially general management,
general marketing, and sales marketing. I would prefer that students
work for companies that pay a premium for your ISM/SCM degree. However,
3PLs provide services in an industry that you are majoring in, so to
that extent it is a great match for you. Also,
some of you have strong sales skills and/or want to develop those
skills moving forward in your SCM careers (which makes sense given that
you will be interacting with suppliers a lot). A major trend in SCM is
reverse marketing and supply base deproliferation.
That means buying organizations are trying to shift a larger and larger
amount of volume to a fewer and fewer number of suppliers (that way
they get huge price discounts from economies of scale, make sense? -
this is supply base deproliferation - reduce the
number of suppliers that you do business with). Sometimes, you have to
go to your current suppliers and convince them to take on more business
(that is called reverse marketing). The goal is to do a lot of
outsourcing with a few key strategic suppliers.
For example, in reality, Toyota only has around 12 suppliers.
It would be great work experience and would help you also get your foot
in the door for another internship or even a fulltime job at OEMS such
as GM and John Deere if you got some work experience at a 3PL or 4PL
(all work experience is good work experience).
Again, a 4PL is a company that can do all logistics for a company and a
3PL can actually only perform some logistics. For example, if you can
only handle warehousing, but cannot handle inbound and outbound, then
you are a 3PL (a truck driver with a trailer
is a 3PL, but he/she is an asset based 3PL if they own the truck and
trailer). 3PLS are evolving into 4PLs, which means if a company goes to
them, then they (the 4PL) can perform all logistics services for a
customer (i.e., inbound, outbound, warehousing,
etc. - one stop shopping for all things related to movement of goods).
Coyote Logistics has actually evolved into a non asset based "4PL"
because they can do everything logistics related for customers.
However, because they are non asset based, they do not
own anything themselves. They just outsource everything to 3PLS and
manage the process for their customers. Why would their customers not
do this themselves? Because CL can do it better, faster, and cheaper
and these customers can then focus on their core
business (which usually has nothing to do with logistics). Finally, JB
Hunt would be considered an asset based 4PL because they can perform
all logistics services for companies such as Whirlpool, but JB Hunt
actually owns the stuff it takes to move things
around. For example, JB Hunt has trucks, trailers, drivers,
containers, railway capacity, distribution hubs, etc. However, JB
charges a premium for customized services and is not as price
competitive as non asset based 4PLs. Whirlpool is very OK with that
since JB Hunt offers exceptional quality service and JB Hunt still does
it better, faster, and cheaper than Whirlpool. I hope this helps and
makes sense.
Do you feel like you know the subtle difference between a 3PL and 4PL? Would you want to work for a 3PL or 4PL?
Note:
With truck drivers collectively racking up 93 billion highway miles in the U.S. every year, 40% of the trips are made with empty trailers. 40%?!!!!!!!!!!!!!!!!!!!
The market is mostly made up of small trucking companies, with 91% of companies having six trucks or fewer. 91%?!!!!!!!!!!!!!!!!!!
"Convoy", which ranked No. 11 on CNBC’s 2019 Disruptor 50 list, can consider “tens of thousands of trucks at the same time,” and matches customers the best option, making the process more efficient by ultimately saving time, money and CO2 emissions.“
Do you want to work for a potential disruptor? Do you want to create your own disruptor? The SCM field is prime for disruption. See story below on Convoy (the Uber for freight)....
Students:
On Tuesday (11/19, 530 pm, room 1265), I will have a guest speaker in class from Lineage Logistics to discuss the logistics industry (which is one of the distinct functional areas that you are majoring in). Steve Rosso will be presenting and he moved jobs from JB Hunt to Lineage Logistics (LL). I have attached his former JB Hunt presentation because JB Hunt still hires from WMU ISM. A lot of his jobs with LL are in metro Detroit (Novi). The logistics industry is a $1,000,000,000,000 industry in the U.S. (that’s 12 zeros, $1 trillion). When I say the logistics industry, that includes all dollar signs associated with moving everything around (including people). The 3PL/4PL industry is a component of that and is a $400+ billion industry. Lineage Logistics is an asset based 4th Party Logistics Provider that does around $2 billion a year in revenue. LL is only around .5% of the 3PL/4PL industry, but they are also one of the larger companies in the business. Make sense? This industry is filled with thousands of companies (most of which are small mom and pops - think of the local guy with a truck that delivers stuff from Best Buy to your house). However, this is a high growth industry, and price and economies of scale will be the name of the game. That means the mom and pops will go out business because they cannot be price competitive and the larger ones will acquire and merge (they will get bigger). Buy stocks in companies where the industry will grow over time while the amount of competition will decline. The 3PL/4PL industry is just that. Take a look at 3PL/4PL stocks like JB Hunt over a period of time. JBHT (stock ticker symbol) has doubled in the last five years. Its stock splits often. Do you understand what that means? Had I bought 10,000 shares of JBHT stock for $40,000 when I first came to WMU 21 years ago, it would be worth $1.2M today.
Thanks a lot , please keep posting such lectures !
Hi Murad, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Comprehensive Impact on ROI:
Return on Investment (ROI) is a measure of the profitability of an investment and is calculated by dividing the gain from an investment by the cost of the investment. The ROI can be influenced by both the profit margin and the asset turnover rate, as these factors directly affect the gain from an investment (in terms of operational efficiency and profitability).
In summary, by reducing direct material costs, a company not only widens its profit margins by reducing expenses and potentially increasing profits but also improves its asset turnover rate by reducing the total assets needed to generate sales. Both of these factors contribute to a higher ROI, showcasing the financial leverage and operational efficiency gains from cost reduction strategies in direct material purchases. This dual impact enhances the company's overall financial performance and can be a strategic focus for improving competitiveness and profitability.
More T/F Questions:
A company can have a positive ROI even with a negative profit margin if its asset turnover rate is high enough.
False: A negative profit margin means the company is incurring a loss on each sale. No matter how high the asset turnover rate, the ROI will still be negative.
A company's ROI can be improved by increasing its profit margin, increasing its asset turnover rate, or both.
True: Both a higher profit margin and a higher asset turnover rate can contribute to a higher ROI.
Advice: Profit margin represents the percentage of revenue that exceeds costs, so it can indeed be negative if costs are higher than revenues. Asset turnover rate is a ratio that represents the efficiency of a company's use of its assets in generating sales revenue; since both net sales and average total assets are non-negative figures, the asset turnover rate cannot be negative.
ROI can be negative if the gains from an investment are less than the cost of the investment.
Test Question: IMPROVEMENTS IN PURCHASING PERFORMANCE CAN HAVE A SIGNIFICANT IMPACT ON A FIRM’S RETURN ON INVESTMENT (ROI) BECAUSE PURCHASING/SCM CAN DIRECTLY IMPACT:
A. DIRECT MATERIAL COSTS
B. DIRECT LABOR COSTS
C. INVENTORY COSTS (Does this make sense? You also paid less for the inventory if you reduced material prices, see explanation below)
D. OPERATING INCOME
Answer: E. BOTH A & C
F. BOTH B & D
Why? If you help reduce your company's direct material purchase costs by say 5%, then that means you also helped reduce the dollar amount of inventory they have on hand. Why? Because you are paying less for the material. So, that means your Asset Turnover Rate will also increase. So, reducing direct material costs helps both sides of the ROI calculation, Profit Margins widen and Asset Turnover Rate goes up.
One more time: reducing direct material purchase costs can have a broad and positive impact on a company's financial health, particularly concerning Return on Investment (ROI) metrics like Profit Margins and Asset Turnover Rate.
Another question:
MANY NORTH AMERICAN MFG FIRMS SPEND BETWEEN 50 AND 80 PERCENT OF THEIR TOTAL COST OF GOODS SOLD ON PURCHASES OF INPUTS FROM SUPPLIERS.
True or False. Absolutely True.
Impact on Profit Margins:
Profit margin is a measure of profitability calculated as operating income divided by revenue. It shows what percentage of sales has turned into profits. By reducing the costs of direct materials (the actual materials used in the production of goods), a company lowers its Cost of Goods Sold. Assuming sales revenue remains constant, a decrease in COGS leads to an increase in profit/operating income. Consequently, this widens the profit margin because a larger portion of each dollar of sales is retained as profit.
Impact on ATR:
The ATR is a measure of how efficiently a company uses its assets to generate sales. It is calculated as sales divided by total assets. When a company reduces its direct material purchase costs, it is essentially lowering the cost basis of its inventory. This reduction can lead to a lower dollar amount of inventory on hand, which in turn reduces the total assets on the balance sheet (assuming other assets remain constant). Since the denominator in the ATR calculation (total assets) decreases while sales remain constant, the ATR increases. This indicates that the org is generating more sales revenue for every dollar of assets it owns, signaling improved operational efficiency.
From Professor Curkovic: How should companies use competitive bidding (think long-term)?
Typically, buying organizations will use several rounds of the
competitive bidding process to pick a low cost supplier. Buying
organizations will send out RFQs to get bids from suppliers. RFQ stands
for a Request for Quotation. In other words, please give us
a quote for this business. Unfortunately, several iterations of the
competitive bidding process can be very resource intensive, especially
for smaller companies. Larger companies have been able to somewhat
reduce these costs by using information based technology
(e.g., electronic reverse auctioning).
Either way, the data seems to indicate that several iterations of the
competitive bidding process does not get the lowest price. Why?
Suppliers pad their quotes from beginning to end because they know the
game. Data indicates that the most effective way to
get the lowest bid is to tell suppliers that they will only have once
chance to bid/quote on the business. If they really believe that, then
they will deliver their best quote the first time around (because it is
the only time). However, very few companies
actually make bidding a one shot deal. Most companies are too greedy
and are not convinced that the one time only cycle works.
Another problem with competitive bidding is that you are just trying to
get suppliers to low ball each other and that means you are just hacking
away at their profit margins. If you have a current supplier that
charges $1.00 per part, and it costs them $.90
to make it, they have about a 10% margin. If you have them rebid and
rebid and rebid on the business, and then they agree to $.93 per part,
you are indeed paying less per part, but you have reduced the supplier’s
margin down to nothing. Smaller companies with
larger industrial customers have often been victimized by such
approaches.
So, why would a smaller company use the same ineffective tactics on its
own suppliers? In a perfect world, buying organizations would sit down
with suppliers and help them reduce their direct costs (e.g., labor and
material). Most of a supplier’s costs are
probably already coming from direct labor and material which means
there are probably some significant cost savings to be had. What if you
could help a supplier cut their direct costs by 30% and then you tell
them they can still keep the 10% margin? That supplier
would say thank you because their margins do not change. They are just
more cost competitive and probably end up getting more business because
of it (and you now pay around $.70 per part).
Also, there is nothing stopping a smaller supplier from asking its
larger customer for assistance in reducing its direct costs. A larger
customer probably has the resources and skill sets to offer just this
type of assistance. It would also demonstrate the
cost improvement intentions that customers often seek in suppliers. A
recommendation for smaller companies is to take a strategic approach to
their sourcing decisions, even for commodities. That often requires a
careful analysis of how its customers manage
them and perhaps not necessarily using the same tactics with its own
suppliers. Smaller companies can look to the ineffective tactics of
their customers to better manage their own supply chains. Perhaps the
customer will then ask the supplier for help.
BTW I am a CSCP and still I found this lecture incredibly useful, even though its an Introductory class to SCM.
Hi Qurban, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
*2.4M SCM jobs to remain unfilled between 2018 and 2028
*44M people employed in SCM jobs, making up 37% of the job market
*A third of current SCM workers have hit retirement age
>20,000 jobs on LinkedIn not filled w/ "entry-level supply chain" in job title
>35,000 jobs not filled w/ these words- “supply chain” & “analyst” & “data analytics”
113,000 unfilled jobs in Indirect Procurement & > 4K MRO Buyer jobs not filled
Supply Chain Data Scientist (>171,000 jobs on LinkedIn - that's all)
Supply Chain Finance (>25,000 jobs on LinkedIn - that's all)
>10,000,000 (10M) jobs not filled in the U.S., ½ are in SCM
Could you put that sheet of paper somewhere in the cloud and share the link? Would be a good reference point to look at, and see the sheet. Now it is not visible.
Hi Benediktas, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Great time to be a supply chain student: “…growth in procurement salaries overall in North America is 5% & the avg salary for all N.A. supply chain pros was $105,418. Some highlights include the avg pay reported for Advanced Professionals ($126k) for roles such as a Procurement Director. For Professionals ($113k) for roles such as a Procurement Manager and for Operational level ($68k) for roles such as a Procurement Specialist.” See:
lnkd.in/gKAZr__H.
“Those who invested in career certifications found themselves earning higher salaries. The report found that supply chain professionals who hold at least one credential reported a median salary that is 16% higher than those without. People with two or more certifications earn 34% more.”
Also, reminder: CPIM is now reconfigured under version 8.0 moving from two courses & two exams to one. See: lnkd.in/gxTdm8Mu.
12 Supply Chain Certifications To Advance Your Career…and many more at:
lnkd.in/gHBkZ5cM. Supply Chain Manager Salary: Your 2023 Guide:
lnkd.in/grxANayH & lnkd.in/gp6iMKT9. Indeed has material on supply chain careers...70 Job Titles in Supply Chain (w/ Avg Salary): lnkd.in/gUAk4SPG. 11 Benefits of SCM Careers: lnkd.in/gXG9EkEF. What Does a Supply Chain Manager Do? lnkd.in/gFxhqH2m.
For more SCM salary data, see: lnkd.in/gp6iMKT9 & lnkd.in/d7WSAWC3.
Free: All Combined Links and Supply Chain Salary Reports
lnkd.in/gtffWe55
#supplychain #salary #data #bigdata #cips
The trend line is very positive for data analytic skill sets.
Business Analytics (BA) addresses an increasing demand in organizations of all types to understand data related to their operations. Investments in information systems throughout the enterprise for the last 10-15 years are generating tremendous amounts of data, and companies will spend at least the next 10 years developing processes that generate insight from those data. In addition to data generated internally, many companies are exploring the effects of external data, primarily present in social media or web search. The ability to manage data and conduct business projects are the key to success in many disciplines. BA will provide a comprehensive skill set for students to analyze, visualize and report data. Written below is information that shows the importance of BA skills to employers.
Data analytics plays an important role in the second decade of the 21st century in corporate America. Tools supporting business analytics are exploding. Software designed to obtain data from multiple sources and transform them into actionable intelligence is a $50 billion business growing at 14 to 18 percent per year. According to Indeed.com (one of the major job search engines), the growth of analytics jobs since 2005 has been approximately 370%.
The growth of business analytics jobs specifically is at an even higher rate (approx. 600%) as shown in the figure below. The higher demand of analytics skills in business provides solid support for employers to demand this from our business college graduates.
(a) Industry Response
Recently, the American Management Association (AMA) surveyed approximately 800 business executives in more than 50 industries and 40 countries. The executives surveyed were overwhelmingly favorable toward the need for business analytics skills with 58.3% of respondents evaluating BA vital to their organization today and 81.5% in 5 years. According to the Vice President of AMA, Robert G. Smith, BA skills are needed because “… competitive and performance pressures are driving the need for better analytics.” See the full summary of the AMA survey at www.amanet.org/news/8598.aspx
(b) Academic Offerings
Academic institutions are responding to the trend. In a recent study, more than 390 courses containing analytics content were taught in higher education. The scope of analysis responsibilities in industrial practice is also rising with more functional business specialists building analytical models for business teams. With data-driven decisions more common across the industrial spectrum, and analytical models and methods embedded in increasingly sophisticated software, people with diverse backgrounds and expertise are analyzing data. Microsoft has been one of the most prominent software companies promoting “Business Intelligence for everyone”. A few observations of national trends:
• In early 2012, 21 or 4.80% of Universities have Business Analytics program/concentration/track/minor out of 438 universities listed by USA today. By 2014, Business Analytics programs number in the hundreds.
• MIT and University of Pennsylvania, among the top 10 business schools in the US as ranked by USA Today have Business Analytics programs.
• The Walton Business School of the University of Arkansas and the Haworth College of Business at Western Michigan University have published learning objectives for its business analytics majors and minors. At Western Michigan, over 75% of their supply chain majors are picking up the BA minor per employer interest. These students are commanding a premium in the marketplace as a result with starting salaries in the $55,000-$64,000 range.
Table 1 shows a partial list of universities offering concentrations in business analytics
Table 1 Universities Offering Business Analytics Concentrations
American University Rutgers University
Arizona State University Simmons College
Bentley College State University of Illinois
Carnegie Mellon University Stevens Institute of Technology
Central Michigan University Syracuse University
Chapman University Texas A&M University-College Station
City University of New York University of Arkansas - Little Rock
Clark University University of California, Irvine
Colorado State University University of California, San Diego
Columbia University University of California, Santa Barbara
Creighton University University of California, Santa Cruz
DePaul University University of Chicago
Drexel University University of Cincinnati
Duke University University of Connecticut
Edinboro University of Pennsylvania University of Denver
Emory University University of Florida
Florida Atlantic University University of Georgia
Fordham University University of Hawaii at Manoa
Georgia Institute of Technology University of Memphis
Harvard University University of Michigan-Ann Arbor
Illinois Institute of Technology University of Minnesota-Twin Cities
Indiana University University of Nebraska, Lincoln
Indiana University of Pennsylvania University of Pennsylvania
Louisiana State University University of Rochester
Massachusetts Institute of Technology University of Rochester
Michigan State University University of San Francisco
National University University of South Carolina - Aiken
New York University University of Tennessee, Knoxville
North Carolina State University University of Texas at Austin
Oakland University University of Virginia, Charlottesville
Oregon State University University of Washington
Pace University University of Wisconsin Milwaukee
Providence College University of Wisconsin-Madison
Purdue University Villanova
Rensselaer Polytechnic Institute Virginia Polytechnic Institute and State University
Western Michigan University
Employers expect and require these BA skill sets from their SCM professionals. However, SCM university programs are in the early stages of developing these skills for students and their future employers.
Can you make some more in-depth videos? I really like the way you lay this all out.
thank you, Sime!
Hi Anya, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
I hope my professor this semester at UHD is as great as you!! Thank you so much!! I have picked my Major.
Hi Samuel, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
I love how he simplifies everything. What advice would u give someone in his mid 30's looking to get a Masters degree in supply chain management?
Hi Chuka: Here you go...
www.linkedin.com/posts/sime-curkovic-61617a115_nearly-9-in-10-graduates-say-an-mba-is-worth-activity-6938440371668480000-wvWH?
Great read about getting into supply chain management with no SCM background:
www.wsj.com/articles/career-reboot-a-music-director-gets-an-m-b-a-to-land-a-job-at-ford-11618747200?st=tijpntxij08lmyp&reflink=article_email_share
walton.uark.edu/insights/advanced-supply-chain-degree.php
Who Needs an Advanced Degree in Supply Chain, Anyway?
Great read on SCM graduate education:
www.linkedin.com/pulse/supply-chain-graduate-education-daniel-stanton/
$29,298! That's the salary difference between #supplychainmanagement pros with a Bachelors vs. Masters (according to the recent CSCMP - Council of Supply Chain Management Professionals report.)
www.linkedin.com/posts/david-dobrzykowski_supplychainmanagement-waltonsupplychain-activity-6941117394547351553-z5px?
My students in Silicon Valley say making $200K+/yr feels like making $90K/yr in Metro Detroit. Some pay close to $6K/month for rent (so they need roommates). Owning a home will be tough. Kind of related...Ranked: Worst Companies for Employee Retention: lnkd.in/gVqJCXtV.
Mapped: What You Need to Earn to Own a Home in 50 American Cities: lnkd.in/eMkG82KF.
Real Estate 2024: 10 Cities Where You’ll Probably Lose a Bidding War for a Home: lnkd.in/efnYNkGM.
San Jose, California
Redfin competitive score (out of 100): 89
Homes sold above list price: 59%
Median days on the market: 18
Median sale price: $1,280,000
The 10 fastest-growing jobs in the U.S. right now-many pay over $100,000 a year: lnkd.in/g7TNMeja. From Gartner 2022 (2 yrs ago data):
Starting salaries for students in supply chain roles also increased. In terms of compensation, U.S. undergraduates finding their first jobs in supply chain roles are earning about $1,600 more per year than in 2020. While the average starting salary is $61,769, graduates from the top 10 programs can expect around $65,000. The highest salary from the ranked schools was $80,000.
Well, that avg now is > $70K. Also, we just had a student get offered $87K, no job rotation (straight into a full time role as she is already loaded with work experience), $8,700 signing bonus, and immediately bonus eligible at 9%.
I talked to one student in the Fall that was given a job offer in Sept. (one month to decide) & he accepted. Yes, he had a summer internship with them. He is a SCM major w/ a Data Analytics minor. $72K base, $14K in relocation, 20% of base bonus eligibility, 4 weeks paid vacation, & a 3 year job rotation (3 jobs in 3 years, and he gets to choose the locations - further, they encouraged him to pick areas outside of his major such as Finance, Engineering, etc., so that he could learn new things & become more cross-functional). Under most circumstances I would encourage my students to negotiate something, but what is there to negotiate lnkd.in/gkmB6BQa.
The jobs paying six figure salaries to help lead supply chain disruptions: lnkd.in/gU9VhJEG.
lnkd.in/g8n-dCz2
hashtag#supplychainmanagement hashtag#logistics hashtag#salary hashtag#careers
Awesome content!
Hi Aaron, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Some 2022 WMU SCM student success stories…1. Dylan Sing is a team player as a student athlete on the WMU men's soccer team & as a SCM major. lnkd.in/ggqPmMyw. 2. SCM student wins prestigious scholarship. Madison Dober excels as a woman in the supply chain field, winning a scholarship from the Transportation Club of Detroit.
lnkd.in/d5UEQVJV
3. Pursuing career in supply chain management is a slam dunk for Megan Wagner. Junior Bronco basketball player and integrated supply management major Megan Wagner is making the most of her time in college. lnkd.in/dBiNSWbC
4. Women in supply chain receive expert professional development from one of their own. This summer a group of women majoring in supply chain management participated in a 6-week professional development class facilitated by WMU supply chain graduate, Trisha Terns. lnkd.in/gKu9XcVy
5. Leading the way with Lean Six Sigma: WMU students earn certification. Students in several process management courses earned their Lean Six Sigma Yellow Belt Certifications, demonstrating their commitment to continuous improvement and ability to become business leaders before graduation. lnkd.in/g2VDbEPx
6. Supply chain spotlight: Industry insight and problem solving put to the test. lnkd.in/gxm-T4Xz
7. WMU supply chain program named top program for 13th straight year. lnkd.in/g4Ch_qxY
8. Jessy Mutombo: Going the extra mile. lnkd.in/gU_Mag6i
9. Presidential Scholar, MIRANDA MCNIVEN. lnkd.in/gFG75HSJ
10. Two WMU ISM students, Madison Dober and Alexandra Henson, have been honored with a scholarship from Achieving Women’s Excellence in Supply Chain Operations, Management and Education (AWESOME). lnkd.in/g4VyPcUq
#supplychain #careeradvice #career #supplychainmanagement
that was WOW. real WoW...
Hi Shubhendu: See below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note. Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Annndddddd Apple just announced yesterday they were looking into making cars. Elon was talking about it on his Twitter yesterday .... Bravo sir
Hi Joe, I still might be very wrong. Auto is a capital intensive low margin industry (all things that Apple hates). I think Apple either sells their "stuff" to everyone (like batteries and AV software) and/or they subcontract everything to a very big first tier auto supplier (and have that Apple fruit thing on the grille of iCars - brand, brand, brand). It will be interesting to see if Apple actually has the "battery of all batteries". If they do, then game over. If their battery is not a game changer, then I do not think their brand will be enough because everyone can source everything in the auto supply chain (and SCM continues to be where competitive advantage comes from - which is the current state of things, SCM, SCM, SCM - everyone outsources almost everything to almost all of the same suppliers).
Hi Joe, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
“Over time, more companies are choosing to draw from their SCM team when they are looking to fill the CFO role. Therefore, a background in SCM is the perfect preparation for a CFO career path-& possibly even the job of CEO.” CFO to CFO: Finance and Supply Chain Management:
lnkd.in/gsCibmeT
I really push my supply chain students to learn CFO talk. College Accounting to me feels like Supply Chain Finance. The Accounting Minor for our SCM Majors seems like a great fit & has grown on me. Long term in your careers, understanding SCM Finance will be critical. The worlds of Finance & SCM have collided. Your opportunities are endless if you learn how to talk to the CFO…lnkd.in/eJnVHrsM
My discussion on why I maybe recommend a Finance graduate degree for SCM students: lnkd.in/ewNBvPf and lnkd.in/ewA2yq7.
The good news is that industry will pay more for more strategic skills (i.e., Finance)…
Long term in your careers, understanding SCM Finance will be critical. At the end of the day, SCM executives are evaluated on generating shareholder value (bottom line financial kind of stuff, of which has gotten very creative and complicated). Also, more and more SCM VP’s (C-suite types) are reporting directly to the CFO of the company (because SCM is that important to the bottom line). Students often ask me, if they go on to get a graduate degree, what should they get it in. I say get a graduate degree in something you are weak in but will matter in your career (especially long term). You will hit a ceiling professionally if you do not understand SCM Finance. So, I would give that serious consideration in your graduate education.
The Monthly Metric: Cash Flow From Operations
A great read: lnkd.in/erfZdWk
Do you know what this means? 2/10 net 30 (now employers want Supply Chain Managers to be Financiers!!??) lnkd.in/e2TztjY
Here it comes:
lnkd.in/eNdih2e2
Supplier financing disclosure would be required under proposed accounting rule.
The trade payable arrangements, which help companies manage cash, typically aren’t publicly reported even though they pose a liquidity risk.
Creative Payment Terms & Buyer-Supplier Financing
Industry often sees suppliers complaining about cash-flow issues. But the supplier havoc, for the most part, does not need to happen. The solution might be as simple as robust payment terms & creative buyer-supplier financing. Large OEM buying orgs often try to negotiate not paying suppliers for as long 90-180 days after they actually receive material &/or services. As a function of being the customer & often larger, buying orgs often have this kind of leverage. Many large OEMs currently have cash on the sidelines & appear to be very liquid. Sitting on that cash for several months might not be necessary all the while suppliers in...for rest of story, see... lnkd.in/eJnVHrsM
#supplychain #finance #cfo
From Professor Curkovic: People that read a lot make way more money
Here is an astounding fact - readers make more money - a lot more! It's
true. According to a number of studies*, business people who read at
least 7 business books a year earn over 2.3 times more than people who
read only 1 book per year.
Why exactly do readers earn so much more money? One of the core reasons
is that they have a constant stream of new ideas and strategies they can
use to help their careers (e.g., developing core competencies), their
teams and their companies.
The Japanese call this act of using a stream of new ideas to improve
business practices "Kaizen". They constantly use new ideas to make
incremental improvements, which over time, stack up one on top of the
other to create massive success.
The same success principle applies to managers. But where can you find a
stream of new and practical ideas to help drive your success?
The easiest and most underutilized method is to learn directly from the
world's business experts (e.g., the Harvard Business Review). Many of
them have written great books that offer their proven strategies and
winning ideas - ideas and strategies that took
years to develop and perfect. This information is just sitting there
for the taking - ready to propel you to the next level.
The problem is, who has the time to do all that reading?
A recent study showed that 74.9% of all managers understand they need to
read more to stay ahead of the curve, but they simply don't have the
time. And this troubling reality is directly impacting their incomes -
not to mention their careers!
There is a solution! Just read.
**************************
Recommended Books to Read (perhaps during break or...now?)...
Students:
Recommended summer book reading:
HOW TO WOW FRANCES COLEJONES
THE EXCEPTIONAL PRESENTER TIMOTHY J KOEGEL
THE SEVEN HABITS OF HIGHLY EFFECTIVE PEOPLE STEPHEN COVEY
GOOD TO GREAT JIM COLLINS
THE PRESENT SPENCER JOHNSON
FISH STEPHEN LUNDIN
THE GOAL ELIYAHU GOLDRATT
THE SERVANT JAMES C HUNTER
Recommended by Sime:
The Goal is a management-oriented novel by Dr. Eliyahu M. Goldratt, a
business consultant whose Theory of Constraints has become a model for
systems management. It was originally published in 1984 and has since
been revised and republished in 1992 and 2004.
This book is usually used in college courses and in the business world
for case studies in operations management, with a focus geared towards
the Theory of Constraints, bottlenecks and how to alleviate them, and
applications of these concepts in real life.
This book is widely used in leading colleges of management to teach
students about the importance of strategic capacity planning and
constraint management.
Another great choice and my first choice would be Car Guys vs. Bean
Counters: The Battle for the Soul of American Business by Bob Lutz. He
took over GM design around 2000 until about 2009. He's responsible for a
lot of the good designs coming out. He was
a marketing guy, and there's a lot about marketing in it. Thank you.
Sime
10 Greatest Supply Chain Management Books of All Time
In dynamic supply chain environment, people have to make the quick and
decisive actions against various issues. This can only be achieved by
the knowledge and skills of the team. Then companies try to motivate
staffs to continue developing their skills on regular
basis. For both entry and executives, the self-study method has proven
to be a cost-effective option. In order to facilitate smooth learning
process, this article will show you 10 greatest supply chain management
books that can help you accelerate the learning.
Results:
And the winners of 10 Greatest Supply Chain Management Books of All Time are listed in alphabetical order as below,
- Designing and Managing the Supply Chain by David Simchi-Levi, Philip Kaminsky and Edith Simchi-Levi
- Essentials of Supply Chain Management by Michael H. Hugos
- Logistics and Supply Chain Management by Martin Christopher
- Logistics Management and Strategy: Competing through the Supply Chain by Alan Harrison and Remko Van Hoek
- Manufacturing Planning and Control for Supply Chain Management F.
Robert Jacobs, William Berry, D. Clay Whybark and Thomas Vollmann
- Purchasing and Supply Chain Management by Robert Monczka, Robert Handfield, Larry Giunipero and James Patterson
- Purchasing and Supply Chain Management: Analysis, Strategy, Planning and Practice by Arjan J. Van Weele
- Supply Chain Logistics Management by Donald Bowersox, David Closs and M. Bixby Cooper
- Supply Chain Management: Strategy, Planning, and Operation by Sunil Chopra and Peter Meindl
- The Resilient Enterprise: Overcoming Vulnerability for Competitive Advantage by Yossi Sheffi
Thank you for sharing all this knowledge. I feel wealthy reading your posts and watching your videos.
@@amylee9 You are very welcome and that is a very nice thing to say. Thank you for that.
From Professor Curkovic: What do ISM internships pay (and they all pay, never work for
free)? The going rate is $16-25 per hour. Note, this data is around 4 years old.
Hello All:
I just wanted to clarify that all ISM internships are paid internships
and they tend to pay very well. The companies at the career fairs pay
and they pay very well. If you meet any companies that will not pay you
(which is very un-American), then just let
me know. I will gladly escort them off campus with great force and
vigor (very American). Demand for you exceeds supply and that means
they have to pay market value for you (very American). Pasted below is
some ISM student information on internship pay.
Note, this data is around 3-5 years old also. Thank you. Sime
ISM Student Survey Data for Internships
• Pay Structure
- Weekly or monthly salary, 25%
- Hourly rate of pay, 75%
• Provide interns with relocation, housing or meal allowances
- Yes, 67%
- No, 33%
• There were several variations - one lump sum/stipend ($2k -
$3k), monthly housing allowance (~$200), mileage reimbursement
*************************
• Pay Rate (Hourly or Salary) for Interns
- $10 - $12/hour, $400 - $480/week, $1600 - $1920/month - 8.5%
- $13 - $15/hour, $520 - $600/week, $2080 - $2400/month - 25%
- $16 - $18/hour, $640 - $720/week, $2560 - $2880/month - 33%
- $19 - $21/hour, $760 - $840/week, $3040 - $3360/month - 25%
- $22 or more/hour - 8.5%
- Some ranges varied more than the ones provided
- Companies may breakdown pay based on student status (e.g. freshman, sophomore, junior, senior)
***********************
• Supply Chain Careers
- Purchasing/Procurement/Buyer, 58%
- Materials/Inventory Management, 50%
- Transportation/Distribution/Logistics, 42%
- Forecasting/Planning/Scheduling, 25%
- Global Supply Chain Development Program, 16%
- Sales or Management Training Program, 8%
*Note: Multiple answers could be chosen
- Some companies use a rotational format also
***********************
Add around $5,000 to the numbers below...
• Average Salary of recent ISM graduate
- $42,001 - $44,000/year, 16.5%
- $44,001 - $46,000/year, 0%
- $46,001 - $48,000/year, 8.5%
- $48,001 - $50,000/year, 8.5%
- $50,001 - $52,000/year, 0%
- $52,001 - $54,000/year, 8.5%
- $54,001 - $56,000/year, 16.5%
- $56,001 - and above, 41.5%
www.linkedin.com/feed/update/urn:li:activity:7226565253252218880/
$1 saved by Procurement is the same as $10 in additional sales:
When you want to increase profits, you’ve got 2 options:
→ Increase sales
→ Reduce costs
- 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗦𝗮𝗹𝗲𝘀 -
Assuming equal margins, a 5% increase in sales leads to a 5% increase in profits.
Simple enough.
𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $1 Million → $1.05 Million (5% increase)
𝗖𝗢𝗚𝗦: $900K → $945K (5% increase)
𝗣𝗿𝗼𝗳𝗶𝘁: $100K → $105K (5% increase)
- 𝗥𝗲𝗱𝘂𝗰𝗲 𝗖𝗼𝘀𝘁𝘀 -
However, reducing Costs of Goods Sold (COGS) is much more powerful…
𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $1 Million (No change)
𝗖𝗢𝗚𝗦: $900K → $855K (5% = $45K)
𝗣𝗿𝗼𝗳𝗶𝘁: $100K → $145K
That’s a 45% increase in profit!
I would need 40% more sales to increase my profit by 45% in my first example...
So why do we celebrate additional sales more than we celebrate cost savings?
It’s the “supply chain double standard”.
→ Sales bring something new into existence! New client! New deal! Wow, exciting!
→ New savings shed light on the fact we could have been doing a better job in the past. Wow, depressing…
Let’s change the narrative.
Procurement is about:
→ Innovation
→ Mitigating risk
→ Operational excellence
→ More sustainable practices
→ Making better products and services
→ And, yes... doing it all while saving where possible.
But, mainly, it’s about bringing into existence new and better ways of doing things. It's about generating VALUE. Savings is but only one dimension.
Wow - Exciting!
P.S. Yes, I know my model is too simplistic but the core tenant remains. And putting a system in place, when done right, will amplify what you're able to do.
P.P.S. What other ways does Procurement generate value for the business? Let me know in the comments. 👇
How soon before AI/RPA/Bots do everything in SCM and procurement? I mean, is automation any good if your processes are poor? Or, will AI be able to actually create more efficient processes? Of course AI will be able to do the tactical stuff, but what about the strategic stuff that we claim to arm our students with, like negotiation? AI will help our students negotiate, but it cannot actually negotiate, correct? Hmmm.
Per a brilliant colleague: The way I see it is that the greatest threat at this moment lies in the areas of tasks that can be automated by any technology. The next in line would be tasks that require some level of optimization. It is not impossible to create negotiation bots, each with its own optimization algorithms. In fact, it doesn't have to be in the form of bots. Software agents are capable of doing that already. The question is probably not so much about technology (machine learning, AI, IoT, etc.), but more about industry's trust on such a technology and their timeline for deployment. Therefore, my hunch is that procurement will likely be impacted first, since the process and activities involved could be optimized and automated in some way. It could happen as soon as 10 years, unless trust and technology diffusion are the holdback.
There is then the question of agility of businesses being able to adapt their procurement and other processes in the event of new requirements. AI + machine learning + big data are move towards that agility to process change as well.
But, no worries yet. There are two kinds of AI: Artificial Narrow Intelligence (ANI) and Artificial General Intelligence (AGI). ANI includes smart speakers, self-driving cars, web agents, etc. AGI does things that humans do. So, a total replacement of students by AGI is not going to happen soon. However, ANI's negotiation bots may be a threat. Therefore, understanding analytics (especially higher level of analytics) is really important!
@sime I'm going to take this course in the coming months in Canada as I took a liking towards this course, Can I do a 2 years of post-baccalaureate in this or a Masters is compulsory in SCM ?
Looking forward for your response
From India ❤️
Ready for a HW assignment that will sharpen your SCM Finance skills?...
Students: See the one-page financial statement on ROI at:
wmich.edu/sites/default/files/attachments/u56/2023/LectureROIHandoutPDF.pdf
Let’s say you just started working for this company and you are a problem-solver that is obsessed with finding ways to do every part of your job better, faster, and cheaper. Over a six-month period, you work very aggressively to reduce your organization’s direct material purchases/costs by 5%. For example, you figured out a way to consolidate your purchases by reducing the number of suppliers you use. So, you are giving a fewer number of suppliers larger amounts of business and volumes. By the way, that is called supply base deproliferation and it usually results in lower prices from economies of scale for suppliers. Suppliers are very OK with lowering their prices if you give them higher volumes of business (suppliers reduce their costs that way and share the cost savings with you by charging you less per part).
Question #1 (fill in the blanks): Here is the question: what impact does reducing your employer’s direct material (DM) costs by 5% have on its ROI (use the numbers on the attachment)? Note, if you reduce your DM costs by 5%, it also reduces your inventory value by 5% (in other words, it will also increase your asset turnover rate - so you have to recalculate profit margin and asset turnover rate).
Such a cost reduction (5%) would increase profit margins from __% to __% and ROI from 10% to __%? This equals a __ percentage point increase improvement in return on investment for each 1 percentage reduction in material costs…Hint, (new ROI - old ROI)/5.
My thoughts…The 5% reduction used in this example is certainly a realistic expectation if the firm hires a high performer and if the SCM operation in this firm is not particularly progressive/strategic or well run. In a well-managed supply chain organization, a more realistic target might be a 2-3% cost reduction. However, this new post covid inflationary environment has made trying to cut costs VERY difficult.
Remember, I said earlier that a dollar saved in SCM is the same as a dollar of new profit. However, an additional dollar of income from sales is NOT a new dollar of profit. Applicable expenses (your costs) must be deducted from the sales dollar to determine the remaining profit.
Question #2 (fill in the blanks): Back to the financial statement…A 5% reduction in direct material costs produces a profit increase of $____? If the same profit increase had to be increased by sales, what sales increase would you need? At the existing 8% profit margin, the following calculation provides the answer:
Profit increase (plug in the number from the blank above in Question #2) = New sales x .08
New sales = $______
This represents a sales increase of:
($_____/$5,000,000) x 100 = ____%
So, for comparative purposes, in this case study, the same absolute profit improvement can be achieved by reducing material costs by 5% or by increasing sales ___%, approximately a ratio of ___ to 1.
My thoughts: If the profit margin were greater than 8%, the ratio would be somewhat less; if material costs, as a percentage of sales, were higher, the ratio would be somewhat greater. Look, most progressive/strategic (long term thinking) managers strive to improve the firm’s profit position by both increasing sales revenue (if possible in global saturated hyper competitive markets) and by reducing the various elements of operating costs (which is always a viable option since most costs come from the supply chain!). Sales and Marketing majors: Yes, selling more stuff to make more money is great, especially stuff with wide margins, but cutting costs can be a way more viable and effective option.
In practice, the cost of materials can easily vary as much as 10%, depending on the skill sets of your supply chain management organization. This is why typically there are more opportunities available for reducing purchasing costs 5% per se than there are for increasing sales volume by 20-30%. Also, additional profit from purchasing savings can normally be made without increases in expense. If an increase is required, it is usually for hiring more Broncos which pays for itself because they are trained to be problem solvers that do things better, faster, and cheaper. On the other hand, additional profit from increased sales volume normally entails increases in both expenses and increases in risk of capital. Additional expenses are incurred for such things as expanded sales and/or workforce, expanded advertising budget, additional plant capacity, overtime production pay, or some combination of these factors. Additional profit from sales, therefore, entails increased capital risk and increased managerial effort. Additional profit from purchasing/supply chain management normally only entails increased managerial effort, plus an occasional modest increase in management expense (hiring Broncos). What’s wrong with hiring a high performer for $70K/year ($100K/year with benefits and bonuses) if they save you hundreds of thousands of dollars annually (maybe millions in savings).
Question #3 (start over with the case study): Go back to the original financial statement on ROI. Let’s say you start working for this company and you tell the owner of the company that you need around six months to reduce direct material costs by 5%. You tell the owner that it will make the ROI go up by X% (your answer to question #1 above). The owner says that is great but he/she does not have that much time and wants instant cost savings results. This company is privately owned and family run. That means they are not publicly traded (you cannot buy stock in the company). The hourly workforce in the factory is also not represented by a union. So, the owner said he/she is going to cut direct labor costs by 5%. How much will doing so improve the owner’s ROI? How effective do you think that is and what might be the consequences? What would you have done if this was your company and you were dealing with low, thin, and tight margins?
My notes (I keep giving you my notes):
How can Supply Chain Management (SCM) increase company profit? For the typical firm, SCM is responsible for spending well over half of every dollar the firm receives as income from sales. More dollars are spent for purchases of materials and services than all other expenses combined, including wages, taxes, dividends, and depreciation.
The fact that SCM is responsible for spending well over half of most companies’ total dollars highlights the profit-making possibilities of SCM. Every dollar saved by SCM is equivalent to a new dollar of profit. Note, almost all of my students that go into SCM, are immediately bonus eligible. That is management’s way of saying Broncos will get extra money added to their salary if they help the company save money (saving money is the same as making money).
Top management’s performance is frequently evaluated on the basis of the rate of return management is able to earn on the total capital invested in the business. A firm’s profit margin reflects management’s ability to control costs relative to revenue. The asset turnover rate reflects management’s ability to effectively utilize the firm’s productive assets. Hence, a firm’s management (SCM) can improve ROI (and managerial performance) in three ways: 1) by reducing costs relative to sales; 2) by getting more sales from available assets (or increasing sales proportionately faster than investment); or 3) by some combination of the two. As seen from the handout, SCM can contribute to ROI by both increasing the profit margins and/or increasing the asset turnover rate. That’s it!
Email me if you want the answer key.
Thank you. Sime
www.linkedin.com/posts/sime-curkovic-61617a115_1-saved-by-procurement-is-the-same-as-10-activity-7226916835894382592-KY3g?
The one-page handout in the lecture can be found in the comments section: lnkd.in/gVZ_zJbB.
lnkd.in/g8e-y-3d
lnkd.in/gn-97v_B
Remember, ROI = profit margin * asset turnover rate (ATR).
ATR = sales/total assets and
total assets = current assets + fixed assets, and
current assets = inventory + accounts receivable + cash.
I keep telling my students if they can widen margins and/or increase ATR, then ROI will go up. So, if you can reduce your total assets without changing sales and/or increasing sales, then ATR goes up. For example, reduce your inventory and your ATR will go up and ROI will go up. If you can do more with less, then your ATR will go up. No other major/function (SCM) has a greater impact on what goes into the ROI calculation. That is why SCM graduates will likely be immediately bonus eligible and their highest ranking functional area (SCM) leader will have a VP in front of their name (VP of SCM).
What are most companies doing to increase ATR? I also asked this in class and it was one of the most important parts of the lecture. It was a major reason for the supply chain chaos during covid! Hint: xxxsourcing. Do you know the answer? The answer to this question has been the focus of most supply chain organizations for the last 30+ years. Why would doing this increase ATR? Answer: it helps them do more with less (better, faster, cheaper).
Lastly, I am of course a huge fan of the Business Analytics minor for all business majors. For details: lnkd.in/g6eTb6SC.
I am also a huge fan of the Accounting minor. Why? College Accounting to me feels like Supply Chain/Corporate Finance. The Accounting Minor for SCM Majors & most other majors seems like a great fit & has grown on me. Long term in your careers, understanding SCM/Corporate Finance will be critical. Basically, your opportunities are endless if you learn how to talk to the CFO. You will hit a ceiling professionally if you cannot talk CFO talk.
Tomorrow’s CEOs Will Come from an Unlikely Place: The Supply Chain: lnkd.in/gcbie2iD.
lnkd.in/gBPZJsVq
I had a student ask: Shouldn’t I major in Finance or Accounting if I want to become a CEO?
Note, (I encourage my SCM students to get an Accounting minor): College Accounting to me feels like Supply Chain Finance. The worlds of Finance & SCM have collided. Your opportunities are endless if you learn how to talk to the CFO…lnkd.in/guejd-vi.
Two classes in our Accounting minor, good fit for SCM types, right?: 3220: Cost & Managerial Accounting and ACTY 4220: Cost Mgmt & Analytics. FYI, we make EVERY business major take FIN 3200 - Business Finance Decisions.
www.inboundlogistics.com/cms/article/logistics-grads-suit-up-for-the-future/
Working Together
Building the new logistics workforce is truly a team effort.
"Companies, schools, governments, and nonprofits must do more to
identify, recruit, train, and employ skilled workers," says Dr. Sime
Curkovic, professor of supply chain management at Western Michigan University (WMU) in Kalamazoo, and the director of the integrated supply management program.
"Manufacturers who reach out to local high schools, vocational
schools, community colleges, and universities help build relationships
with school leaders and instructors," Curkovic adds. "This outreach also
helps companies shape training programs to ensure they teach relevant
skills to future workers."
www.linkedin.com/posts/joelcollindemers_pureprocurement-procurementtransformation-activity-7071825560678625281-TYKI?
$1 saved by Procurement is the same as $10 in additional sales:
When you want to increase profits, you’ve got 2 options:
→ Increase sales
→ Reduce costs
- 𝗜𝗻𝗰𝗿𝗲𝗮𝘀𝗲 𝗦𝗮𝗹𝗲𝘀 -
Assuming equal margins, a 5% increase in sales leads to a 5% increase in profits.
Simple enough.
𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $1 Million → $1.05 Million (5% increase)
𝗖𝗢𝗚𝗦: $900K → $945K (5% increase)
𝗣𝗿𝗼𝗳𝗶𝘁: $100K → $105K (5% increase)
- 𝗥𝗲𝗱𝘂𝗰𝗲 𝗖𝗼𝘀𝘁𝘀 -
However, reducing Costs of Goods Sold (COGS) is much more powerful…
𝗥𝗲𝘃𝗲𝗻𝘂𝗲: $1 Million (No change)
𝗖𝗢𝗚𝗦: $900K → $855K (5% = $45K)
𝗣𝗿𝗼𝗳𝗶𝘁: $100K → $145K
That’s a 45% increase in profit!
I would need 40% more sales to increase my profit by 45% in my first example...
So why do we celebrate additional sales more than we celebrate cost savings?
It’s the “supply chain double standard”.
- Sales bring something new into existence! New client! New deal! Wow, exciting!
- New savings shed light on the fact we could have been doing a better job in the past. Wow, depressing…
Let’s change the narrative.
Procurement is about:
- Innovation
- Mitigating risk
- Operational excellence
- More sustainable practices
- Making better products and services
- And, yes... doing it all while saving where possible.
But, mainly, it’s about bringing into existence new and better ways of doing things. It's about generating VALUE. Savings is but only one dimension.
Handout can be found at: wmich.edu/supplychain/handout
11 trendy things we are doing in the WMU ISM supply chain program… 1. Global Negotiation: The fastest growing class in the WMU ISM program - lnkd.in/guTUcvdu
___
2. Getting hit with a price increase? We will be looking at raw material market data from multiple sources, we will visualize and analyze historical pricing scenarios, & do some simulating on planned purchases & what-if scenarios against forward price curves. Managers love this cloud platform. lnkd.in/gJnbxSBk
___
3. We use LLamasoft - which is now part of Coupa. The software, called Supply Chain Guru, is used as a network design software to build, model, & test the “best” supply chain networks based on total cost & customer demand. Additionally, students have access to Coupa’s online learning platform where we use various SCM learning modules to enhance class learning.
___
4. Through a hands-on ERP/SAP software configuration project, students learn how information tech can help a firm manage its business processes. Mgmt issues associated w/ implementing & managing ERP systems, such as project mgmt, configuration control, training, system testing & change mgmt, are explored. ScrimmageSim is also used & is a simulation that is designed to operate like a real company’s ERP system.
___
5. Students continue to get professional work experience during covid w/ “A3” & “DMAIC” projects. Problem solving has kept moving up & is now #1 as the most sought after skill set by employers!
lnkd.in/g_nGqv-u
___
6. Fall 2022: We will be offering Lean Six Sigma Continuous Improvement Certifications to undergrad supply chain students in our capstone Applied Process Reengineering class.
___
7. We teach Indirect Procurement from an industry standard that we helped create. 113,000 unfilled jobs in Indirect Procurement on LinkedIn, & > 4,000 MRO Buyer jobs not filled!
lnkd.in/gFrGvpCA
___
8. We teach ArcGIS Pro technology & other SCM risk tools such as FMEA. lnkd.in/ghC4p2hP and lnkd.in/eGtJhvRy
___
9. Why do our grads interact so well w/ engineers? We make them take engineering classes. lnkd.in/gf7q_3PF
___
10. SCM+NPD=Competitive Advantage. WMU has one of the best Product Design Programs in the world & ISM is going to collaborate w/ the program’s transdisciplinary approach to incorporating product design w/ engineering & business principles (i.e., SUPPLY CHAIN MANAGEMENT). lnkd.in/gvdUGFvC
___
11. And of course, Business Data Analytics:
*Advanced Excel (power query & power pivot) & macros
*Data visualization (Tableau, Power BI and python with seaborn & matplotlib)
*Data mining, machine learning & data science
*Python & Jupyter notebook (data analytics & statistical libraries such as pandas, numpy)
*Relational data models (Excel data model)
*Graphic & statistical libraries (Seaborn, Matplotlib, Pandas,& Plotly)
lnkd.in/gf_UWz5x
lnkd.in/gKV4dw2z
lnkd.in/gHnUrVZz
lnkd.in/g9pgFErz
Interviewing tips. If you missed it, this is cool (I think)…Google's "Interview Warmup" asks practice job interview questions, then gives feedback on your spoken answers. If you can’t practice w/ another human for an upcoming job interview, Google has a new solution: Talk to its computer.
www.linkedin.com/posts/sime-curkovic-61617a115_google-has-a-new-job-interview-practice-tool-activity-6977773719796547584-qn0w?
Also worth noting: @LinkedIn has a similar feature where you can practice by recording an answer to an interview question and 1) get immediate AI feedback, or 2) send it to someone in your network for personal feedback. lnkd.in/d8YGspvf
Get Instant AI Feedback to Improve Your Interview Answers
Also, I have soooo many students asking about STAR job interviews & online robots…lnkd.in/ePzz3NG and lnkd.in/eZgTxWc
STAR is a structured manner of responding to a behavioral-based interview question by discussing the situation, task, action, & result. Most companies use STAR.
Star Method:
Tell me of a time when you had to work within a group where the members did not get along? How did you handle the situation?
More help:
lnkd.in/eyCv4x5
lnkd.in/eaxVjpK
Help w/ online interviews & interviewing with robots (it is AI/machine learning technology)...lnkd.in/eKBDsMq
Practice before it really matters (this is mainstream now)...lnkd.in/ekaBK5Q
Note, it is my understanding that these robot interviews are simply being used to weed out students. Also, that does not mean there is anything wrong w/ you if you do not get a face to face and/or onsite interview with a hiring manager. These robot interviews often simply are trying to develop a psychological profile of you & hence the weird questions. Some of these questions might be: what was the first thing you did this morning? Or what would you do if you saw someone bleeding heavily at work? The companies that use these might be trying to see if their corporate culture is a good fit for your profile. So, do not take the results personally, but learn as much as you can & get better at them (because they are not going away).The WMU website below is actually a very good link for that purpose.
WMU has a service through Big Interview that has students get real life practice interview that get recorded & submitted. (I believe this is similar to Hirevue). Students can practice with Big Interview & come talk to HCOB advisors.
lnkd.in/eKBDsMq
How to prep for virtual career fairs: lnkd.in/evKd-VzQ
lnkd.in/eNfUzksJ
Interviewing tools: lnkd.in/gipsXEsK. Thank you WMU for 112 pages of ideas. A Top Business School (take a look at the list): lnkd.in/dn9-BCg
Being job ready…
lnkd.in/ed-ZfanD
What do SCM internships pay? lnkd.in/e8pfXtC
Delay graduation for experience? lnkd.in/ewKu7b_X
93% of WMU grads are employed or continuing education. lnkd.in/gabdesWa
Sample Lectures:
lnkd.in/e9j33EQ
Follow: lnkd.in/gejqpRrP
#careerguide #interviewing #interviewtips #careeradvice
#9 caught me off guard (monitoring employee emails?). Data collection is expanding. "Gartner analysis shows that 16% of employers are more frequently using technologies to monitor their employees through methods such as virtual clocking in and out, tracking work computer usage, and monitoring employee emails or internal communications/chat. While some companies track productivity, others monitor employee engagement and well-being to better understand employee experience.” Hmmm.
www.linkedin.com/posts/sime-curkovic-61617a115_supplychain-leadership-supplychainmanagement-activity-6998604191367663617-f3dt?
For more details from Gartner: gtnr.it/3zQI8if
Kind of related:
Most college students do the bulk of their electronic communication via text messaging. Standards for emailing are different, especially in academic settings. Students' emails WILL 100% influence the way their professors view them. On avg, professionals spend 28% of their workday just reading & writing emails, which amounts to an unbelievable 2.6 hours & 120 messages received every day (in SCM it’s probably way more). Will Email Stand The Test Of Time?
lnkd.in/gvWjtr-W
Why are Americans quitting their jobs?
lnkd.in/gtPvk_mx
After a few thousand students, I would say this is the #1 reason my students change jobs (it's their boss). Money becomes a factor when they can make > 20% elsewhere.
10 Most Important Leadership Skills For The 21st Century Workplace (And How To Develop Them): lnkd.in/gmJ_GG6H
FYI: You can major in LEADERSHIP AND BUSINESS STRATEGY at WMU (but you have to have another major also, you cannot just major in Leadership per se).
lnkd.in/e5JUSye
Professor (no Dr. allowed) Sime (Sheema) Curkovic, Supply Chain
Western Michigan University
Sample Lectures: What is SCM?
lnkd.in/dSkXQSGY
#supplychain #leadership #supplychainmanagement #careeradvice
Mapped: What You Need to Earn to Own a Home in 50 American Cities
www.visualcapitalist.com/what-you-need-to-earn-to-own-a-home-in-50-american-cities/
My students in Silicon Valley say making $200K+/yr feels like making $90K/yr in Metro Detroit. They also pay around $6K/month for rent (so they need roommates). Owning a home will be tough. The 10 fastest-growing jobs in the U.S. right now-many pay over $100,000 a year: lnkd.in/g7TNMeja. From Gartner 2022 (2 yrs ago data):
Starting salaries for students in supply chain roles also increased. In terms of compensation, U.S. undergraduates finding their first jobs in supply chain roles are earning about $1,600 more per year than in 2020. While the average starting salary is $61,769, graduates from the top 10 programs can expect around $65,000. The highest salary from the ranked schools was $80,000.
Well, that avg now is closer to $70K. Also, we just had a student get offered $87K, no job rotation (straight into a full time role as she is already loaded with work experience), $8,700 signing bonus, and immediately bonus eligible at 9%.
I talked to one student in the Fall that was given a job offer in Sept. (one month to decide) & he accepted. Yes, he had a summer internship with them. He is a SCM major w/ a Data Analytics minor. $72K base, $14K in relocation, 20% of base bonus eligibility, 4 weeks paid vacation, & a 3 year job rotation (3 jobs in 3 years, and he gets to choose the locations - further, they encouraged him to pick areas outside of his major such as Finance, Engineering, etc., so that he could learn new things & become more cross-functional). Under most circumstances I would encourage my students to negotiate something, but what is there to negotiate lnkd.in/gkmB6BQa.
The jobs paying six figure salaries to help lead supply chain disruptions: lnkd.in/gU9VhJEG.
lnkd.in/g8n-dCz2
How is it in 2021? Does it still worth my time and money? I currently study in US and I started my associates in September this year. I plan to tranfer to a 4-year Bachelor's and I'm not sure what major and minor should I choose. Originally from Ukraine :)
SCM has become a household name, the job market has never been better. Advice, if you major in SCM, then seriously consider a Data Analytics minor. Also, never graduate until you get some degree related professional work experience (i.e., internship). If you do those things, then great things will happen. Thank you. Sime
@@simecurkovic How about Political Science minor? I like the combination of cultural, political knowledge and management experience in SCM job. What do you think?
@@relaxxo182 I agree, I also like the Poli Sci minor because it sets you up for getting into law school. The SCM field needs more JD's. See:
www.linkedin.com/posts/sime-curkovic-61617a115_purchase-orders-and-advanced-contract-management-activity-6826106057744560128-n2dW
Thank you Sheema quite detailed and informative. I am going to study Masters in Supply Chain.
Hi Kudzanai, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Do you want a full time job to begin in a job rotation?
www.linkedin.com/posts/sime-curkovic-61617a115_most-wmu-ism-students-end-up-in-a-job-rotation-activity-6777251911759380480-uCmU
lnkd.in/ervskG5
In general, firms with a rotational program had nearly a 20% higher first-year retention rate than those without a rotational program. After five years, firms with a rotational program saw a 10% higher retention rate than those w/o a rotational program.
Advantages for students:
· Rapidly learn about your industry of interest
· Work on a diverse set of projects
· Find a mentor & learn about your potential career trajectory
· See what makes the company great
Students should ask:
· What are the goals of this program?
· How long will the program last?
· When does the Job Rotation Program Start?
· Will I be a full-time employee during the program (i.e. receive paid leave, benefits, etc.)?
· How many rotations will I go through, & how long will each be?
· What are some rotation assignment examples?
· Will I get to choose which rotations I go through or will they be assigned?
· Who will I report to?
· Will there be others in the program along with me?
· Will there be opportunities for mentorship?
· Will there be opportunities for professional development?
· Will I be offered a full-time permanent position after completing the program?
Most employers will not even look at your resume if it looks like a lazy effort. Aesthetics matter! Here is some resume advice from MIT (25 pages): lnkd.in/g3xqeDyc, also from WMU (112 pages): lnkd.in/gipsXEsK.
Reminder: Yes, it is now time to start applying & interviewing for summer internships. Large high profile F500 types get budgets for internships approved months ahead of time & they recruit nationally for the best talent. They often want to get this wrapped up, & you have to start looking now. Do not wait until Spring 2023 to find a Summer 2023 internship.
There are already > 15,000 SCM 2023 internships posted: lnkd.in/gRKmr7QE & lnkd.in/gt98WuvK & > 35,000 business related internships.
lnkd.in/grDAW8iX
PERHAPS delay graduation for work experience & stay specialized...lnkd.in/gdr7f9wb
lnkd.in/gARup7zr
lnkd.in/g4-csGUy
Should current students negotiate an INTERNSHIP offer (i.e., a higher salary)? Yes, since many orgs are offering students 20-30% below market value. The avg supply chain internship is $44,918/yr, or $21.6/hr. People on the lower end, bottom 10%, make $37K/yr ($17.80/hr), while the top 10% makes $54K ($25.96/hr).
Help with online interviews & interviewing with robots (it is AI/machine learning technology)...lnkd.in/eKBDsMq
Practice before it really matters (this is mainstream now)...lnkd.in/ekaBK5Q
Exploding job offers & do you want a full time job to begin in a job rotation? lnkd.in/ervskG5
Students are getting lots of job offers...
Reneging: Once you commit, quit! lnkd.in/e85beQ2
In U.S., 28% accepted a job offer & reneged! 70% of grads are willing to renege?
Recent observations & career advice (videos/podcasts):
lnkd.in/gJK8xBZe
lnkd.in/g-CanjDx
lnkd.in/gvPiGTt5
Resume Keywords Ideas/Action Verbs for your resume
lnkd.in/ea6gV-K
How to Effectively join LinkedIn
lnkd.in/gbGJcJCP
Should grads negotiate a job offer (i.e., a higher starting salary)?
lnkd.in/gMJYNJkh
Virtual career fairs: lnkd.in/evKd-VzQ
Business externship? lnkd.in/e9aeewPa
I have way too many students failing their first interviews because they were not ready for STAR. Practice, practice, practice.
lnkd.in/eZgTxWc
lnkd.in/ePzz3NG
lnkd.in/eZgTxWc
lnkd.in/eyCv4x5
lnkd.in/eaxVjpK
Thank you: Career Development Office, MIT Sloan School of Management
www.linkedin.com/posts/sime-curkovic-61617a115_employers-will-not-look-at-sloppy-resumes-activity-7010958669328646144-w7ht?
#internships #careeradvice #interviewing #supplychain
New trend/question when managers ask me about students: How professional is their email communication & attention to detail? Hmm. Hey College Students: Do not begin an email message with “Hey” & always finish it with “Thank you.” Most college students do the bulk of their electronic communication via text messaging. Standards for emailing are different, especially in academic settings. Students' emails WILL 100% influence the way their professors view them. On avg, professionals spend 28% of their workday just reading & writing emails, which amounts to an unbelievable 2.6 hours & 120 messages received every day (in SCM it’s probably way more). Will Email Stand The Test Of Time?
lnkd.in/gz9NTye2
Do not underestimate the power of a professional email signature (most do not even have one, or they have very boring ones). It might be the first impression you create!
lnkd.in/ge9nGrjx
lnkd.in/evaNVnbv
I just saw this one from a current student & liked it...
lnkd.in/gqMRPeTC
Do NOT round up your GPAs, use a post script on your phones for email replies, take your email signatures VERY seriously, & use keywords on your resume.
Students should not change their official GPA for their resume. Instead, I recommend they calculate their major GPA using the courses required for their major & also list their overall GPA (especially if your major GPA is much higher than your overall & your overall is under a 3.0).
Also, a 2.96 GPA is not a 3.00 GPA. If an employer requests an official transcript be sent upon graduation (which they will), this could be labeled as "falsification of employment record" & as a result, an offer of employment can be revoked (if you round up your GPA).
I am noticing that several of my students are responding to my emails via smart phones. That is fine. It is 2022 & your future employer will expect you to do the same. However, it can be cumbersome to write emails on your phone that are clean & easy to read. & sometimes, you try to write one word but another word appears that was not intended. So, please take the time to make sure your reply message looks professional & reflects positively on you. Impressions will be made based on your written communication & you will be judged. I would also recommend programming your phone so that the post script tells the recipient of your message that it was sent from your smart phone. That way people will be less judgmental if a mistake was made.
You can add the message in your iPhone settings so that it will appear on all emails sent by phone but not on your email signatures sent by computer.
An appropriate post script message from your phone would be:
“Note: this email was sent by iPhone, please forgive grammatical errors. “
Resume Keywords Ideas/Action Verbs.
Does your resume use these?
lnkd.in/ea6gV-K
Here are my thoughts on resumes:
lnkd.in/gxEy9VkH
lnkd.in/gCgi72kX
lnkd.in/gKV5JYhR
#careeradvice
New lectures/career advice can be found at:
ruclips.net/video/R1orKbGDEbM/видео.html
ruclips.net/video/S9cyD9ydG3w/видео.html
ruclips.net/video/shO_ItxFGpE/видео.html
The top 15 supply chain management certifications: lnkd.in/eVAeun_Y. Top Supply Chain Certifications and Training Programs Valued by Employers in 2024: lnkd.in/efTUd7NN. 11 Supply Chain Certifications To Advance Your Career: lnkd.in/g8d6Kva7. Do Certificate Programs Pay Off: lnkd.in/ewbRpRrw.
New: The Supply Management Certification for STUDENTS - The Associate Professional in Supply Management (APSM) certification allows active ISM STUDENT members to take control of their career development…lnkd.in/gVwq-e7t.
The Institute of Supply Management has a career center portal for students.
lnkd.in/e3SJFJYB
To learn more about their Women’s Supply Management Community:
lnkd.in/ef43zh76
Attention: students interested in the Production & Operations Management Society. POMS has a $0 membership fee for students worldwide. In addition, all members will get joint membership w/ EurOMA. To join: lnkd.in/eJ_EisSz & lnkd.in/g2Wqy6ut.
Indeed has material on supply chain careers...70 Job Titles in Supply Chain (w/ Avg Salary): lnkd.in/gUAk4SPG. 11 Benefits of SCM Careers: lnkd.in/gXG9EkEF. What Does a Supply Chain Manager Do? lnkd.in/gFxhqH2m.
Also - Effective in Feb 2023, CPIM reconfigured under version 8.0 moving from 2 courses & 2 exams to 1. Students: 3 supply chain orgs you can join (ISMworld.org-$35, CSCMP.org, $40 & ASCM.org for free!). lnkd.in/gqYBCB_m. See comments for more ideas.
I would highly encourage you to join orgs related to what you are majoring in. Send the message to employers that you plan on being an engaged member of your discipline. Also, these orgs have certs which can be used to externally validate you as a subject matter expert. Send the message to employers that you are aware of these certs & these certs are a part of your career goals. Further, all these SCM orgs have monthly local chapter meetings w/ guest speakers that you can attend as a student. It is a great way to learn & network.
Industry Certifications & Associations for Various Business Majors: lnkd.in/gVbQV2q7
People that read make more $ (2.3x more?!)...lnkd.in/ga9yfaUD.
Some Practices that Can Make Your Commodity Related Supply Chain Job More Fun and Rewarding ($$$): lnkd.in/eUfxt_P9
lnkd.in/gwPfkdkK
lnkd.in/eRy48_mu
For more information:
www.simecurkovic.com/2022/02/02/2977/
www.simecurkovic.com/2021/12/17/the-placement-success-of-the-wmu-integrated-supply-management-program-continues-to-be-off-the-chart/
www.simecurkovic.com/2021/09/05/wmu-ism-students-continue-to-get-virtual-professional-work-experience-during-covid/
www.simecurkovic.com/2021/09/05/please-share-with-a-high-schooler-or-young-college-student-trying-to-decide-on-a-major/
Tips/advice from this college professor (aka, educated idiot):
1. Read. People that read a lot make more $ (2.3 times more?!)
lnkd.in/ggBDzJrp
2. Learn the job saving technology.
lnkd.in/eu7ANq6
lnkd.in/gE3wp6JU
3. Learn to interview well.
lnkd.in/ePzz3NG and lnkd.in/eZgTxWc
How to prep for virtual career fairs: lnkd.in/evKd-VzQ
Being job ready…
lnkd.in/ed-ZfanD
4. Learn to negotiate ($).
lnkd.in/gMJYNJkh and lnkd.in/guTUcvdu
5. Learn to network & use LinkedIn. lnkd.in/gPZPQtqR
lnkd.in/dAwyTUy
lnkd.in/gFa3iCsg
6. Delay graduation for experience. lnkd.in/ewKu7b_X
7. Learn to problem solve - lnkd.in/eWaJ8q2
lnkd.in/gSVTKmwC
8. Double Major? lnkd.in/gAViGTVG
lnkd.in/gqAE9u8W
9. Get a grad degree? Earn $3M more than someone w/ only a bachelor’s degree. lnkd.in/g5FY5aty
lnkd.in/gA9KH-Ff
10. Job rotations? lnkd.in/ervskG5
11. 10 college majors that earn the most money: lnkd.in/gcSqXwyJ & lnkd.in/gEXGmFfU.
12. Free tool for calculating degree ROI: lnkd.in/gEPwNSTJ
lnkd.in/gsKyJ9rn
13. Get certified as a subject matter expert:
lnkd.in/g3yfkvQr
lnkd.in/gVbQV2q7
14. Learn to talk CFO talk:
lnkd.in/gtve9xTM
Recent WMU SCM student success stories…
1. Finding a team: Dylan Sing’s future in supply chain management
Dylan Sing is a team player as a student athlete on the WMU men's soccer team and as a supply chain management major.
lnkd.in/ggqPmMyw
2. Integrated supply management student wins prestigious scholarship. Madison Dober excels as a woman in the supply chain field, winning a scholarship from the Transportation Club of Detroit.
lnkd.in/d5UEQVJV
3. Pursuing career in supply chain management is a slam dunk for Megan Wagner. Junior Bronco basketball player and integrated supply management major Megan Wagner is making the most of her time in college.
lnkd.in/dBiNSWbC
4. Women in supply chain receive expert professional development from one of their own. This summer a group of women majoring in integrated supply management participated in a 6-week professional development class facilitated by WMU supply chain graduate, Trisha Terns.
lnkd.in/gKu9XcVy
5. Leading the way with Lean Six Sigma: WMU students earn certification. Students in several process management courses earned their Lean Six Sigma Yellow Belt Certifications, demonstrating their commitment to continuous improvement and ability to become business leaders before graduation.
lnkd.in/g2VDbEPx
6. Supply chain spotlight: Industry insight and problem solving put to the test.
lnkd.in/gxm-T4Xz
7. WMU supply chain program named top program for 13th straight year.
lnkd.in/g4Ch_qxY
8. Jessy Mutombo: Going the extra mile
lnkd.in/gU_Mag6i
9. Presidential Scholar, MIRANDA MCNIVEN.
lnkd.in/gFG75HSJ
10. Two WMU ISM students, Madison Dober and Alexandra Henson, have been honored with a scholarship from Achieving Women’s Excellence in Supply Chain Operations, Management and Education (AWESOME).
lnkd.in/g4VyPcUq
#supplychain
simecurkovic.com
Can I get a look at "The Page" Sime ??
32nd Annual Study of Logistics and Transportation Trends: Navigating a Shallow Pool of Resources
www.scmr.com/article/32nd-annual-study-of-logistics-and-transportation-trends?Newsletter&Email&TWISC&oly_enc_id=3358G3995623A8W
Wow…”For the 2nd year in a row, a mere 19% of professionals are highly likely to encourage their child or the child of a close friend to pursue a career in transportation or logistics. When asked why they would not recommend a career in logistics and transportation, participants cited concerns about career progression, work-life balance, salary prospects, and industry volatility.”
Logistics salary data: lnkd.in/gC63-My4.
What’s The Difference Between Logistics And Supply Chain Management? (And Why It Matters): lnkd.in/gAQZr_mC.
We are now touching on the Logistics & Supply Chain Management distinction in my Intro to SCM class. Students are shocked by how broad SCM really is (they were concerned it was too “nichey”). Also, our new SCM major curriculum is well underway (and now ALL majors can minor in supply chain...all products and services have a supply chain).
Notice, that now our students will take 2 "procurement" classes and 2 "logistics" classes. The majority of our SCM students go into "procurement", but "logistics" is the fastest growing career path in our program. For a long time, we required a single procurement class & a single logistics class. They simply were not enough as one class left little time to focus on the strategic issues. So, starting in Fall 2023, our SCM majors will be required to take 2 sourcing classes & 2 transportation classes.
The BLS is projecting that logistics jobs will grow by 7%/yr through 2026. lnkd.in/gikMwzgX. Logistics $ Data: lnkd.in/gKXinFJC. Also, Logistics Careers: lnkd.in/gg9MZjcM.
WMU Supply Chain Mgmt Program: lnkd.in/eprKKbF
lnkd.in/gp6VX_e3
MKTG 2750 Global Negotiation
SCM 2200 Enterprise Resource Planning Systems
SCM 2800 Introduction to Supply Chain Mgmt
SCM 3000 Production Planning
SCM 3030 Procurement Mgmt
SCM 3050 Logistics and Transportation Mgmt
SCM 3800 Continuous Improvement Theory & Practice
SCM 3810 Applied Continuous Improvement Project
SCM 5030 Strategic Sourcing; or LAW 4840; or LAW 4860 (3 credits required)
SCM 5050 Strategic Transportation Mgmt
CIS 2640 Applied Analytics Foundations
Or a minor in Business Analytics
What skills come with the Business Analytics minor?...
1. Adv Excel (power query & pivot) & macros;
2. Data visualization (Tableau,Power BI & python w/ seaborn & matplotlib);
3. Data mining/RapidMiner, machine learning & data science;
4. Python & Jupyter notebook (data analytics & statistical libraries such as pandas, numpy);
5. Relational data models (Excel data model);
6. Graphic & statistical libraries (Seaborn,Matplotlib,Pandas, & Plotly).
lnkd.in/gxRayD3j
Tips/advice from this college professor (aka, educated idiot):
1. Read. People that read a lot make more $ (2.3 times more?!)
lnkd.in/ggBDzJrp
2. Learn the job saving technology.
lnkd.in/eu7ANq6
3. Learn to interview well.
lnkd.in/ePzz3NG and lnkd.in/eZgTxWc
How to prep for virtual career fairs: lnkd.in/evKd-VzQ
Being job ready…
lnkd.in/ed-ZfanD
4. Learn to negotiate ($).
lnkd.in/gMJYNJkh and lnkd.in/guTUcvdu
5. Learn to network & use LinkedIn. lnkd.in/gPZPQtqR
lnkd.in/dAwyTUy
For details on how to build your brand: lnkd.in/dSAA6wF
www.linkedin.com/feed/update/urn:li:activity:6941349368335654912?updateEntityUrn=urn%3Ali%3Afs_feedUpdate%3A%28V2%2Curn%3Ali%3Aactivity%3A6941349368335654912%29
6. Delay graduation for experience. lnkd.in/ewKu7b_X
7. Learn to problem solve - lnkd.in/eWaJ8q2
8. Double Major? lnkd.in/gAViGTVG
9. Get a grad degree? Earn $3M more than someone w/ only a bachelor’s degree. lnkd.in/g5FY5aty
10. Job rotations? lnkd.in/ervskG5
11. 10 college majors that earn the most money: lnkd.in/gEXGmFfU
12. Free tool for calculating degree ROI: lnkd.in/gEPwNSTJ
A 100-Day Plan for Your First Job Out of College
hbr.org/2023/09/a-100-day-plan-for-your-first-job-out-of-college?tpcc=orgsocial_edit&
Notice the section on: Build a positive relationship with your boss…”Your boss may be the single most important person in your new job - at least when it comes to your career progression.” I would say this is the #1 reason my students change jobs (it's their boss).
Money becomes a factor when they can make > 20-40%% elsewhere (which has been happening a lot recently).
Assessing whether a potential future boss is a good fit for you is a crucial step during the interview process. It might be a little aggressive, but I encourage my students to ask: "How would you describe your leadership style?" The answer might help you gain insights into their leadership style, expectations, and compatibility with your own work preferences and career goals.
FYI, from Gartner: If you want to develop and retain strong employees without compromising their health and well-being, Connector managers are your secret weapon. gtnr.it/3A1mDvc.
“The No. 1 reason people leave their jobs, according to MIT’s Sloan School of Management, is due to toxic workplace culture. The research found that a toxic environment is 10.4 times more likely to contribute to attrition.” Bouncing Back From A Toxic Work Relationship: lnkd.in/gCvBw7-i.
More great posts & reads on bosses: lnkd.in/gxhhbvJv.
This college professor spills 6 secrets that every freshman should know
www.marketwatch.com/story/this-college-professor-spills-6-secrets-that-every-freshman-should-know-2019-08-13
Check out #3. You need to study even harder outside the classroom (30-45 hrs/week!). For every hour in class, college students are expected to spend another 2-3 hrs studying. This means if you are a full-time student taking 15 credits, you should be spending another 30-45 hrs a week outside of class. It's like a full time job?! lnkd.in/gseeR7qe. Note, practically all of my students work 15-40 hrs/wk because they have bills to pay. So, with school, they have 80-hour work weeks. I try to remind myself of that.
I have been talking to high schoolers & the parents also appear to be too focused on rankings. Pay attention to what matters most- not rankings!...especially at the undergraduate level.
Secretary Miguel A. Cardona called college rankings “a joke,” & took aim at selective colleges’ obsession with them... lnkd.in/gup9rrDQ
"Students who are able to build strong relationships w/ professors are far more likely to find engaging work after graduation." lnkd.in/gSuzhcjP -those who believe a professor cared about them as a person, made them excited about learning, & encouraged them to pursue their dreams had more than double the odds of being engaged at work & experiencing a higher degree of well being overall...lnkd.in/g-v3-iTk
…only 3% of grads reported having the kind of positive experiences in school that these studies find to be valuable.
At WMU, we do better than 3%. Why? My answer: faculty are obsessed w/ student success (that’s what you should be looking for as a student). lnkd.in/gK_PQdYh
Another study:
Students who choose to specialize are having better experiences than those who stay generalist. They also found that professors have the most influence on major. lnkd.in/ex89namH
simecurkovic.com
I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
The 8 Biggest Mistakes People Make With Their LinkedIn Profile And How To Avoid Them: lnkd.in/gxUSZtEV. Students looking for internships/jobs: I actually have employers tell me they will NOT consider a student if they do NOT have a strong professional LinkedIn presence...How to effectively join LinkedIn. lnkd.in/dAwyTUy. LinkedIn is a Top 20 global website (1.6B visits/month): lnkd.in/gFXKfXDw.
LinkedIn Learning with job interview tips for Project Managers. Everything in the course is directly applicable to SCM interviews. lnkd.in/ggx6qUbE.
Should you get creative with your resume? Experts decide whether you’re more likely to land your dream job: lnkd.in/gKDeb-Vv.
New to the job market? These 5 ‘soft’ skills could give young workers an edge, according to LinkedIn: lnkd.in/gV6bUQ64?.
A SKILLS first job market (not degree?)? Hmm. That makes the Skills section of your resume and LI profile a little more important.
lnkd.in/gPtgqS8c.
A nice resume guide from MIT. Pasted below are links from Yale, Harvard, & ours (WMU, 112 pages). Should college grads negotiate a job offer (i.e., a higher starting salary)? Yes, but only if you know how to negotiate. See: lnkd.in/gGnVvHnz.
Demonstrating self-awareness during an interview is huge. I tell my students to always answer the “what is your weakness” question in the context of having a strategy to fix it (explain what you have done about it, actual RESULTS). For example: lnkd.in/gQnHZd9Y.
“In ISM’s 2023 Salary Survey, the reported overall average salary remained steady, dipping imperceptibly (that means subtle) to $123,523, while the median salary rose 5.8 percent year over year, to $105,795. Except for 2021, average salary has mostly increased over the past five years for both women and men, though the pay gap between men and women persists, now at 25 percent.” lnkd.in/gwCWhhcE.
Previous years:
Both women’s & men’s compensation fell in 2021. From the Institute of Supply Management 2022 - lnkd.in/g2dVpbeK & lnkd.in/gHMUSv_s. 2021 $ (deep into covid): lnkd.in/g-SfG93A & lnkd.in/gn5jM9xt. 2020 $ (before covid): lnkd.in/gz8WQEhr. 2018 $: lnkd.in/gV53aggX.
lnkd.in/giwxC9ux
"Most Sought-After Entry-Level Jobs Without a Degree: #1 Inventory Manager. The demand for skilled inventory managers in warehouses and companies post-pandemic has doubled the position’s job share in a year. Note, nearly 65% of the U.S. working population does not have a four-year degree." lnkd.in/gMxqC5mb.
Links to other sources of salary data:
lnkd.in/gaY5FszK
#salary #salaryguide #salarynegotiation #supplychain
From Professor Curkovic: To view six sigma lean student project presentations, see:
ruclips.net/video/bjIrIT-Cllc/видео.html
Connect with me on LinkedIn:
www.linkedin.com/in/sime-curkovic-61617a115/
wmich.edu/news/2015/02/21637
New rankings put WMU supply chain program at No. 2 in nation
KALAMAZOO, Mich.-Western Michigan University's celebrated integrated supply management program recently added a new accolade, being named second in the nation for its emphasis on teaching technology, software and quantitative tools in its undergraduate program.
The new ranking is by Software Advice, a company that does detailed research on thousands of supply chain software applications as well as system analysis.
The firm recently conducted a national study of supply chain programs, selecting that discipline because of the rising demand for supply chain professionals and the key role that information technology plays in this complex field. The goal of the study was to help students gain insight into the curricula of what are commonly regarded as the top programs in the United States.
According to the report, the unique, integrated nature of WMU's supply chain program contributed to its spot at the top of the list. WMU's program is second only to Pennsylvania State University and placed ahead of Michigan State University, University of Tennessee and Arizona State University.
'Truly special'
"Western Michigan University's integrated supply management program is truly special," says Forrest Burnson, research associate with Software Advice. "It ranked highly on our list due to the emphasis the program places on teaching software and technology in the classroom, in addition to its unique cross-discipline approach that requires students to take specialized engineering courses. WMU is well ahead of the curve in preparing a new generation of supply chain professionals, and other universities should look to the example it has set for what a truly modern supply chain management program looks like."
The program is part of WMU's Haworth College of Business. Faculty in the program, college officials say, work diligently to ensure its relevancy for students and for employers who will be seeking talent from the program. Many of the information technology courses have been developed by WMU faculty in close consultation with members of the program's advisory council, which includes representatives from the top supply chain employers in the country.
WMU also ranked seventh on the Software Advice list in terms of overall reputation and was one of only four schools possessing both a high technological emphasis and a high reputation rating on the list.
"The integration of business and engineering courses has provided a strong foundation for our program, and with our additional emphasis on technology, we are well positioned to prepare students for the future of the supply chain field," says Dr. Robert Reck, professor of marketing and co-founder of the program.
"Based on our research and also feedback from employers, we know that supply chain professionals who are fluent in relevant information technologies and their applications within the industry are poised to be the best employees and leaders in the field."
WMU's program was also given special recognition for its courses in enterprise resource planning and geographic information systems. In particular, geographic information systems was noted for its value in risk management, a growing area of emphasis in the supply chain field.
Integrated supply management program
Ranked No. 5 in undergraduate supply chain education by Gartner, WMU's ISM program has been recognized nationally by several organizations and publications for its leadership in preparing students for careers in supply chain management. WMU's curriculum combines engineering, information technology, logistics, supply chain and business education. The program also includes Bronco Force consulting teams, which give students experience in business consulting with companies on their supply chain challenges. The WMU Center for Integrated Supply Management was established in 2014 by the Haworth College of Business.
Part 1 of this lecture can be found at: ruclips.net/video/-Gt71HxWvl4/видео.html
Get ready for the next disruption in your supply chain: no succession planning. *60% of the US workforce is employed by a family-owned business.*78% of all new jobs in the US are created by family-owned businesses. *30% of family businesses make it through the 2nd generation, 10-15% through the 3rd, & 3-5% through the 4th.
lnkd.in/gJ5T8Tzc
www.linkedin.com/posts/sime-curkovic-61617a115_top-10-family-business-trends-of-2022-conway-activity-6998248095301980160-mcNn?
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I meet a lot of people involved in family owned businesses & they often ask me for material on succession. I reached out to my colleagues in this space & here is some of their recommended reading.
These are my favorites on the topic of family business in general. There are surprisingly few "great" books on family business & succession. Many show up on Amazon, but I have found them to mostly repeat the basics that I think are laid out well in the following 3 books.
1. Generation to Generation: Life Cycles of the Family Business (1997), Kevin E. Gersick, John A. Davis, Marion McCollom Hampton, & Ivan Lansberg, Harvard Business School Press - This book is old & you could probably get it for about $5 on Amazon, but it is my FAVORITE! I think it explains things more clearly than any more recently published book & has the most easily explained tools to implement a successful generational transfer.
2. Family Business (4th edition - other editions might be cheaper and are similar) 2014, Ernesto J. Poza and Mary S. Daugherty, South-Western Cengage Learning. - This is what I use in my family business class. Poza is the Godfather of teaching family business classes and research.
3. Family Business on the Couch: A Psychological Perspective (2007), Manfred F.R. Kets de Vries and Randel S. Carlock with Elizabeth Florent-Treacy, John Wiley and Sons. - There are many psychological aspects of family business and succession this presents many models for how that might look for different families. In fact, many family business consultants are actually trained as family therapists!
Academic journal articles on the family business activities: Family Business Review Journal.
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www.ffi.org/
FamilyBusiness.org site
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Other sites:
www.gvsu.edu/fobi/
lnkd.in/gJcvpX7s
lnkd.in/ghPmdXBW
lnkd.in/gzaWWPcs
lnkd.in/g9mzk5C4
lnkd.in/gtZnBMNw
lnkd.in/g2yyrRWj
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lnkd.in/gN979MgY
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lnkd.in/g_aE_D8u
lnkd.in/g_muMygd
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Hope these ideas help! Many of the books also talk about non-family members in top mgmt roles how to motivate them & then help with the transition of power from them to the next generation.
#familyownedbusiness #familybusiness #successionplanning #careeradvice
Students: 3 supply chain orgs you can join (ISMworld.org-$35, CSCMP.org, $40 & ASCM.org for free!). SCM pros w/ at least 1 APICS cert have a median salary of $90K, which is 27% higher than those w/o a cert. (according to the 2021 Career Report). lnkd.in/eTfdkA94
www.linkedin.com/posts/sime-curkovic-61617a115_certified-in-logistics-transportation-activity-6995710259143073792-P7uO?
I would highly encourage you to join orgs related to what you are majoring in. Send the message to employers that you plan on being an engaged member of your discipline. Also, these orgs have certs which can be used to externally validate you as a subject matter expert. Send the message to employers that you are aware of these certs & these certs are a part of your career goals.
Further, all these SCM orgs have monthly local chapter meetings w/ guest speakers that you can attend as a student. It is a great way to learn & network. I have had several students attend these mtgs & managers asked for a copy of their resume because these students showed so much initiative. You will also have access to their websites which has job postings & lots of SCM research that will help with your classes. Lastly, they will mail you magazines that tell you what is happening in your field so you can stay current.
My colleagues helped me put this list together for my non-supply chain majors. Industry Certifications & Associations for Various Business Majors: lnkd.in/gVbQV2q7
Here is one of the most popular orgs related to your major (especially if you go into procurement, though all 3 orgs have become very well rounded)...
Institute of Supply Mgmt (used to be National Association of Purchasing Mgmt)-$35/year
lnkd.in/ex3NXgdM
lnkd.in/erPSEX_J
Here is another degree related org that you can join ($40) to network & look for job opportunities. You will be competing against other students from other schools that have these on their resume.
Council of Supply Chain Mgmt Professionals (used to be the Council of Logistics Mgmt)
lnkd.in/emHHiJAY
One more high profile club for SCM students & managers (free for students):
The Association for Supply Chain Mgmt (used to be APICS, the Association for Operations Mgmt)
www.ascm.org/
lnkd.in/eC3sfQxK
lnkd.in/ef8X2xPK
Certified in Logistics, Transportation & Distribution (CLTD): lnkd.in/dt3EteBd
Also, resume advice...
lnkd.in/eWen96qj
lnkd.in/e7utipBi
lnkd.in/eVEHgvk6
FYI, other SCM orgs:
lnkd.in/ec4fYYSY
lnkd.in/ec4fYYSY
www.cips.org/usa/
werc.org/
www.lean.org/
isssp.org/
www.iwla.com/
www.rla.org/
www.nitl.org/
www.mhi.org/
lnkd.in/eFpUvsgC
ibf.org/
www.nam.org/
www.ame.org/
lnkd.in/efBdJkBi
www.trucking.org/
$$:
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lnkd.in/enTTEt_m
If you have an interview, get ready for STAR & robots…
lnkd.in/ePzz3NG
Major in MKGT & SCM? lnkd.in/eRWMVP6
#supplychain #careeradvice
"Students who are able to build strong relationships with professors are far more likely to find engaging work after graduation, according to Gallup-Purdue polls." lnkd.in/gSuzhcjP -those who believe a professor cared about them as a person, made them excited about learning, & encouraged them to pursue their dreams had more than double the odds of being engaged at work & experiencing a higher degree of well being overall, these studies find.
…only 3% of grads reported having the kind of positive experiences in school that these studies find to be valuable.
Another study:
Students who choose to specialize are having better experiences than those who stay generalist. They also found that professors have the most influence on major. lnkd.in/ex89namH.
“…95% of grads of two-year, four-year, & grad programs are excited about their postgraduate plans, & nine of 10 said that college was worthwhile, they were happy w/ their choice of school & think they chose the right field of study.” See: lnkd.in/gyN2iwXN.
Secretary Miguel A. Cardona called college rankings “a joke,” & took aim at selective colleges’ obsession w/ them...lnkd.in/gv_vZ4k9. Pay attention to what matters most- not rankings!...especially at the undergrad level.
From me: if you are a student majoring in something, but your school is not on some list, do not worry about it! I am 99.9% certain that you are still getting a world class education that is extremely comparable to the schools on the list. In fact, in some ways, you might be getting a better education (i.e., smaller classes, closer mentors, better ROI maybe, etc.). Note also, all rankings are somewhat dubious and suspect. At the undergraduate level, pay less attention to the brand and reputation of the school, and pay attention to your major (i.e., does demand exceed supply which means you will have multiple job offers upon graduation) and make great decisions while you are in school (i.e., work experience, networking, grades, passing a drug test, build your brand, etc.).
Employers: trust me, you can find world class student talent at the unranked schools that are every bit as good (and you should if they are regional). Aim towards 5+ core schools. Also, you will have less turnover if you stay a little regional. I meet these students all the time and they have sooo much to offer. Employers owe it to themselves to recruit the best talent from multiple schools. Yes, it requires more effort and expense, but it will keep your org fresh and current. I know of one org that exclusively recruits from only two schools and over time the weaknesses of those two schools became this org's weakness (they got behind on data analytics!). So predictable.
A total of 439 graduates from WMU responded to the statement: "I had at least one instructor who made me excited about learning." For details:
lnkd.in/g6k-6Ckj
#college #collegestudents #businesseducation #careeradvice
Should SCM students learn this?…”the importance of including location analytics in the standard business school curriculum-especially in the field of supply chain management.” Access via: ow.ly/kMci50PWU1K. Are Supply Chain professionals using ArcGIS Pro technology?
Do you think our SCM students should learn this? ArcGIS is a technology that can help companies manage risk.
I recently had a GIS analyst reach out to me & ask: Is there a business geography specialty group that addresses supply chain issues? Where could people find GIS supply chain problem sets?
I reached out to a GIS geography colleague & the feedback was…There is a Business Specialty Group of the American Association of Geographers (AAG). lnkd.in/gS98FvHC
There are a lot of interesting examples of SCM issues & GIS at the ESRI website. lnkd.in/ge9FqbKH
Some of the interesting best practices involve dashboard type views of interruptions: lnkd.in/gMrb-pfy
There are also advanced operations in ArcGIS Enterprise: lnkd.in/g3ZBxhxV
As for problem sets, there are often interesting datasets and suggestions for solving complex problems on GitHub. A quick looks shows a lot of Python type modeling for SCM on GitHub.
In terms of teaching, most of these topics are beyond our intro level GIS course. However, we also teach GEOG 5690: GIS Workflows, where students learn more about dashboards & origin-destination analysis, & work on 4 mini-projects w/ a data type of their choosing. We will teach a Project Mgmt & Programming course (GEOG 4670/6670) that could also be useful to SCM students.
Here are some entries in the GIScience Body of Knowledge/encyclopedia that might be helpful to have students read:
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lnkd.in/gKsXcT_X
lnkd.in/g5M-B88t
Also, if you want to find where the business geographers publish, they typically aim for 'applied geography' journals:
lnkd.in/gMxzs3UX
lnkd.in/gaUAszSX
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Our Intro GEOG 3010 - Fundamentals of GIS
An intro course that covers the use and application of geographic information systems (GIS). It combines an overview of general principles of GIS & practical experience in map creation & the use of spatial information, including fundamental aspects of measurement, representation & analysis. Intro GIS focuses on the basics of working w/ both vector & raster data, as well as the societal aspects of GIS (emerging uses, interaction w/ new technologies, data standards, public access to information).
We upgraded the course to ArcGIS Pro, which works better in online environments; we are going to have a dedicated Mac-user office hour period, for Mac users that will have to use remote desktop or some kind of Windows-on-Mac system; AND we are using COVID and racial disparities data through the semester so that students really get a handle on some of this real data w/o relying on the interpretation of others.
See comments:
lnkd.in/g4Nk4ddz
I had a student ask: Shouldn’t I major in Finance or Accounting if I want to become a CEO? I said: Well, being able to talk CFO talk is critical to long term success, but you might want to give this supply chain thing some thought…CEOs Will Come from an Unlikely Place: The Supply Chain...
www.linkedin.com/posts/sime-curkovic-61617a115_tomorrows-ceos-will-come-from-an-unlikely-activity-6999055149319036929-aRIQ?
"...it’s clear that supply chain professionals are poised to become the most powerful executives in the world..." Note, this article (2018) was written before covid. Multiply the above statement by a factor of at least two. lnkd.in/g2rhdEAH
More reads to back up the assertion that future CEOs will have SCM backgrounds...
Why supply chain professionals make great CEOs:
To become CEO, according to a recent Business Insider article, the move to an operational role is a common segue for many CFOs seeking the top spot. That’s not a coincidence: many companies seek out their CEOs from roles that are operational, such as supply chain management. A famous example, of course, is Tim Cook, CEO of Apple, who was COO before becoming CEO. He is not the only one. Alan George Lafley, CEO of Procter & Gamble, took a commission with the U.S. Navy as a supply officer first, and Mary T. Barra, CEO of General Motors, is known for her strong operations and supply chain management background. Why is supply chain expertise so valuable for future CEOs?...lnkd.in/g6HJgvX3.
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Why supply chain professionals make great CEOs
The metamorphosis of supply chain from a humble collection of support functions like purchasing, shipping and production to true business leadership is huge. Chief Supply Chain Officers (CSCOs) increasingly control 50% or more of a company’s annual spending, with two thirds of all employees directly reporting to the role. More importantly, CSCOs have begun to play a vital role in strategy development, product and service innovation, and even sales.
Why the change? lnkd.in/gXqaMWU4
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Supply Chain Leaders Making The Move To CEO
Better supply chain management means better businesses, and better businesses make for a better world.
Very few people make it to the top office of any business without first holding other major responsibilities. The chief financial officer (CFO) role is typically regarded as just such a standard precursor. However, according to a 2015 survey of CEOs in the Forbes 2000, only 13% of CEOs came over from the CFO position. Instead, the trend in recent years has been to move those CFOs into more operational roles, giving them an opportunity to bolster their hands-on abilities within the organization. lnkd.in/gp42y_Q9
How a Background in Supply Chain Can Set You on the Path to CEO
Anyone who’s been paying attention knows that Supply Chain Management has emerged from its status a back-office function to become a major strategic differentiator for business. Welcome the Supply Chain CEO! lnkd.in/gxeu2a5B
#supplychain
I actually have employers tell me they will NOT consider a student if they do NOT have a strong professional LinkedIn presence. Hmm. How to effectively join LinkedIn. lnkd.in/dAwyTUy I have former students that found new jobs & they were not even looking! Yes, aggressive orgs found them via LI. Some firms w/ a market cap of > $1T do this often. Interviewing tools: lnkd.in/gipsXEsK. Thank you WMU for 112 pages of ideas.
www.linkedin.com/posts/sime-curkovic-61617a115_employers-expect-a-strong-li-profile-activity-6997976884756041728-xqiA?
Yale advice:
lnkd.in/gggJFADW
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Harvard:
lnkd.in/ghEYr3Qw
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MIT:
lnkd.in/g3xqeDyc
Personally, I prefer WMU’s Career Services manual. Also, WMU HCOB/ISM has a great ROI (just ask my students starting at 70K & making over six digits by age 30). Keep in mind that many schools such as Harvard ($54K/yr tuition), Yale ($58K/yr), & Stanford ($57K/yr) don't offer undergrad business degrees. WMU ($13K/yr) - A Top Business School (take a look at the list): lnkd.in/dn9-BCg
Should current students negotiate an INTERNSHIP offer? The avg SCM internship is $44,918/yr, or $21.6/hr. People on the lower end, bottom 10%, make $37K/yr ($17.80/hr), while the top 10% makes $54K ($25.96/hr). lnkd.in/gpBm_m84
Should grads negotiate a job offer (i.e., a higher starting salary)?
lnkd.in/gMJYNJkh
Virtual career fairs: lnkd.in/evKd-VzQ
Business externship? lnkd.in/e9aeewPa
Placement success of ISM Program - *Median salary was $60K - $65K (around 10% of grads hired on w/ 1 auto OEM at $78K!). "Supply Chain"+"Degree"=jobs & $$. lnkd.in/gV4x6GWE
Will technology replace SCM jobs?
lnkd.in/gX8vcRNa
Global Negotiation: Fastest growing class.
lnkd.in/guTUcvdu
A Top School: lnkd.in/dVdMRXP
Sample Lectures: lnkd.in/e9j33EQ
Power BI or Tableau? Do not be a victim of technology.
lnkd.in/eKEaPGq
lnkd.in/e5zG6sZ
Here is a good read on how SCM 4.0 does not have to be super expensive: lnkd.in/eyebnSct
How much Python do I need to know in order to excel in SCM?
lnkd.in/e6Rmzpw
STAR job interviews & online robots…
lnkd.in/ePzz3NG
lnkd.in/eZgTxWc
lnkd.in/eyCv4x5
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Myers-Briggs. lnkd.in/ehj3ysR
For details on how to build your brand: lnkd.in/dSAA6wF
Similar to MBTI: lnkd.in/ey4TEUY
lnkd.in/exNDhSv
Help with online interviews...lnkd.in/eKBDsMq
Practice before it really matters...lnkd.in/ekaBK5Q
Resume advice...
lnkd.in/eWen96qj
lnkd.in/e7utipBi
lnkd.in/eVEHgvk6
Internships, salary data, etc.
lnkd.in/eNfUzksJ
Covid job market…
lnkd.in/ed-ZfanD
Delay graduation for experience? lnkd.in/ewKu7b_X
Right time for grad school? lnkd.in/eTk-PXPv
Predictive Data Analytics (Excel)…lnkd.in/dQABdsXc
Problem solving #1 skill set! Elon's resume - lnkd.in/eWaJ8q2
#jobhunting #networking #interviewing
Should current students negotiate an INTERNSHIP offer (i.e., a higher salary)? Yes, if a company does not know your market value. There are already>10,000 SCM 2023 internships posted: lnkd.in/gRKmr7QE.
lnkd.in/gt98WuvK & > 16,000 business related internships. Perhaps delay graduation for work experience & stay specialized...lnkd.in/gdr7f9wb
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lnkd.in/g4-csGUy
www.linkedin.com/posts/sime-curkovic-61617a115_goals-of-a-supply-chain-internship-or-co-op-activity-6994340284243345408-XO44?
Top 100 Internships
lnkd.in/g8N_p43w
Should current students negotiate an INTERNSHIP offer (i.e., a higher salary)? Yes, since many orgs are offering students 20-30% below market value. The avg supply chain internship is $44,918/yr, or $21.6/hr. People on the lower end, bottom 10%, make $37K/yr ($17.80/hr), while the top 10% makes $54K ($25.96/hr).
lnkd.in/gpBm_m84
> 1/2 our students are making over $20/hr. The program avg is around 20-22/hr. You can work in food customer service for $16/hr. Fed Ex is hiring manual part time laborers for 22.50/hr. You can collect unemployment & make around 16/hr. Why would any org want to pay 20-30% below avg?
Should grads negotiate a job offer (i.e., a higher starting salary)? Yes, but only if you know how to negotiate. I do have students that get offers in the $50K-$60K range & many successfully negotiate up to > $60-70K. That is a 10-30% bump before you even start! Many people have to work a few years to get that bump.
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Our avg is $65K. You need to position yourself w/i that context. Are you above avg? Why? And, does this org want someone that is above avg? Probably. If someone asked me what the avg WMU SCM student looked like, I might say: they have around a 3.3-3.4 GPA, 2-3 internships, a very relevant minor like Business Analytics, etc. So what if you have a 3.1 GPA & only one internship? It's OK! You can still get the best jobs out there! Maybe you interview great, maybe you really connect w/ the corporate culture, maybe you have stronger soft skills, etc. What if you have a 2.7 GPA & have to take a job w/ a mom & pop 3PL for $48,600? What's wrong w/ that?! Yes, there might be consequences for not getting more experience, for not having a higher GPA, for not having a BA minor, etc., but, it is America. You get 2nd+ chances.
Also, the top 20% in our program are getting offers 64K-78K from the F500 types. Not all orgs can compete against these offers & try not to focus too much on $. The $ will come no matter what if you have a challenging job. Try to make an assessment based on things beyond $. I know it is hard to do but you have to think long-term, & long-term the $ will come.
The most important part of your long term earning potential is not your starting salary, but what your resume will look like 3-5 years from now. In other words, what will you accomplish & what will you be doing in your first job during the first 3-5 years of your career?
#joboffer #negotiation
Wow, the Harvard Business Review (Delgado & Mills) called this right 5 years ago in 2018 (pre covid), well done. Why are supply chain industries the source of so many high-paying jobs and so much innovation? lnkd.in/grs9FUsw.
Degree program fuels supply chain and logistics industry’s workforce of the future: lnkd.in/g65xNd9M. “Its bachelor’s degree gives students the chance to boost their average annual pay in the field to $87,280, compared with $49,689 for a high school graduate.”
A Look at the U.S. Supply Chain Economy: lnkd.in/gWuBsbyw. “It’s worth noting that supply chain traded services have the highest wages in the supply chain economy, averaging at $80,800 annually - 3 times higher than traditional “service” jobs.”
The supply chain economy: A new industry categorization for understanding innovation in services (Delgado & Mills): lnkd.in/g3XCQvVQ.
In 2020-2021, SCM was the 89th most popular major nationwide with 10,986 degrees awarded. lnkd.in/gBA7id7M. Top Degrees in demand, current data (2023) from NACE: lnkd.in/g3kM_sZ6.
Great time to be a supply chain student. Deloitte expects U.S. manufacturers to have 2.1M unfilled jobs by 2030, & the BLS is projecting that logistics employment will grow by 7% annually through 2026. lnkd.in/gQ4cTdiy
"The number of US job postings for supply chain managers on LinkedIn more than doubled between 2019 & 2022, according to data shared w/ the Financial Times." lnkd.in/gyWH5gxt.
The U.S. supply chain accounts for 37% of all domestic jobs, according to the Harvard Business Review. lnkd.in/gbV_aMT7.
Nice SCM salary report summary: lnkd.in/dTneTGgw.
#supplychain #jobs #economy
I have a feeling you don't like Toyota cars :D
Hi Jefferson, I have great admiration for Toyota, but I do try to support the local economy if I can do so with all other things being equal (i.e., value). For cars, they are all the same to me at this point. Note, I would be thrilled and beyond welcoming if Toyota built a factory in my town and employed my neighbors with great paying jobs.
Hi Jefferson, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime
Wow
Great lecture
Hi Edgar, see below if you find this helpful (some of the material on the website is free).
simecurkovic.com
I hope all is well. FYI, I just created a website with a subscription service ($25/year). It gives you access to hundreds of my blogs, job postings, hours of lecture videos, and class/research material. Also, there is a Q & A and contact section. You can contact me for any purpose any time and I will get back to you quickly. You are under no obligation to join, but I think the investment would pay for itself. Also, even if you do not join, you can of course still reach out any time. I would be grateful if you considered joining.
My goal is to create an endowed scholarship fund for future supply chain students so I can retire on a very high note.
Free sample view of one blog (see Elon’s resume and get resume ideas):
www.simecurkovic.com/2021/04/30/does-your-resume-make-it-obvious-that-you-know-how-to-solve-problems/
Please join at:
www.simecurkovic.com/membership/
Thank you again! Sime