Contingent Labor Category Manager, Procurement

Northern Trust • Chicago, IL

1d

About The Position

About Northern Trust: Northern Trust, a Fortune 500 company, is a globally recognized, award-winning financial institution that has been in continuous operation since 1889. Northern Trust is proud to provide innovative financial services and guidance to the world’s most successful individuals, families, and institutions by remaining true to our enduring principles of service, expertise, and integrity. With more than 130 years of financial experience and over 22,000 partners, we serve the world’s most sophisticated clients using leading technology and exceptional service. Position Overview The Contingent Labor Category Manager is responsible for overseeing ~$600 million in contingent labor spend. This role has responsibility to oversee the Vendor Management System (VMS), coordinates with a third-party Managed Service Provider (MSP), and is responsible for the team negotiating statements of work across our different Business Units (primarily Technology). The manager will lead a team of four and participates in key committees, including an IT Labor Committee, with a strong focus on risk mitigation and cost efficiency. This role will report into the CPO, and will interact with the C-Suite on a consistent basis.

Requirements

• Bachelor’s degree in business, supply chain, Finance, HR, or related field.
• 5+ years of experience in contingent labor management, procurement, or vendor management.
• Proven experience managing large-scale spend and working with VMS and MSP providers.
• Strong leadership and team development skills.
• Excellent communication, negotiation, and stakeholder management abilities.
• Demonstrated focus on risk mitigation and cost efficiency.
• Excellent understanding of procurement philosophies and strategies along with in-depth knowledge of supply chain management and procurement
• Deep understanding/knowledge of contract terms and conditions and legal impact of different terms

Responsibilities

• Spend Management: Oversee and analyze $600 million in contingent labor spend. Develop strategies to optimize costs and ensure compliance.
• Vendor Management System (VMS) Oversight: Manage and enhance the VMS to ensure efficient tracking, reporting, and performance measurement of contingent labor.
• Managed Service Provider (MSP) Coordination: Serve as the primary contact for the third-party MSP, ensuring service quality, adherence to agreements, and continuous improvement.
• Statements of Work: Review, negotiate, and manage statements of work to align with organizational goals and risk requirements.
• Team Leadership: Lead, mentor, and develop a growing team of four professionals, fostering a collaborative and high-performing environment. Develops best-in-class procurement practices enterprise-wide, including: effective category sourcing and overall procurement strategies; processes and infrastructure to effectively manage procurement activities. Develops, implements and communicates an overall strategy to meet both the Business Unit's and Corporation's strategic plan. Conducts performance management and career development processes, provides input for staffing and disciplinary actions and provides hands-on training to staff
• Responsible for development of sourcing strategy and performing category analytics.
• Leads and manages RFx (e.g. Request for Proposal, Request for Information, Request for Quote) process, including project management, development of RFx, negotiations and award process.
• Responsible for contract review, drafting and creation of various agreements, including NDAs, Master Agreements, Statements of Work, etc. and leading all aspects of contract & price negotiations and ongoing contract administration.
• Supports and monitors supplier adherence to contracts, manage suppliers via supplier activity reporting and business/performance reviews, support and conduct supplier scorecards, supplier rationalization and demand management opportunities.
• Manages and supports regulatory and compliance requirements (e.g. OFAC, FCPA, Spend Analysis, Client Relationships).
• Manages reporting of Procurement performance metrics, and provides ongoing support for internal and external audit requests.
• Establish and maintain relationship with key partners, education on policy/guidelines and resolving related purchasing issues.
• Interacts with business and Partners to formulate and implement strategy and solutions to enhance existing services, create new services or improve processes.
• Identifies impact of changes and processes; facilitates acceptance of change through training and communication. Provides ongoing support for the solution.
• Committee Participation IT Labor Committee: Actively participate and lead the IT Labor Committee, contributing expertise on contingent labor and strategic workforce planning.
• Other Committees: Engage in additional cross-functional committees as needed to support organizational objectives and promote best practices.
• Risk and Cost Management Identify and mitigate risks associated with contingent labor engagements. Implement cost management strategies to drive savings and enhance value. Monitor compliance with company policies, industry standards, and applicable regulations.

Benefits

• Northern Trust provides a comprehensive benefits package including retirement benefits (401k and pension), health and welfare benefits (medical, dental, vision, spending accounts and disability), paid time off, parental and caregiver leave, life & accident insurance, and other voluntary and well-being benefits.
• Northern Trust also provides a discretionary bonus program that may include an equity component.

What This Job Offers

• Job Type: Full-time
• Career Level: Manager
• Number of Employees: 5,001-10,000 employees