Sr. Sourcing Manager

Visa is a world leader in payments and technology, with over 259 billion payments transactions flowing safely between consumers, merchants, financial institutions, and government entities in more than 200 countries and territories each year. Our mission is to connect the world through the most innovative, convenient, reliable, and secure payments network, enabling individuals, businesses, and economies to thrive while driven by a common purpose - to uplift everyone, everywhere by being the best way to pay and be paid.

Make an impact with a purpose-driven industry leader. Join us today and experience Life at Visa.

This is a mid-level role within Visa's Global Sourcing organization and the responsibilities range from building relationships with business and supplier executives and working with stakeholders at all levels of the organization to drive strategic decision, to leading sourcing business partners to deliver savings while balancing the risks and regulatory issues from engaging third parties.

This role demands a strategic thinker with strong negotiation skills, in-depth knowledge of global insurance markets, and the ability to build strong relationships with internal stakeholders and external suppliers. Your expertise will be crucial in optimizing Visa's spend on employee insurance benefits while ensuring compliance, managing risks, and aligning with company objectives.

Essential Functions

• This role supports leaders in Visa's People (HR) team including VPs, Directors in the US as well as in the regions
• Build strong relationships with business partners to drive Sourcing engagements and influence role of Sourcing within the various business teams. This person can expectdirect visibilityto senior executives including, but not limited to, Visa's SVP, and Leadership Team members.
• Regularly update executives at all levels of the company on deal status, category reporting, etc. Provide continuous written and verbal updates to the business partners, suppliers and other stakeholders on the status of deal.
• Take a global view to ensure that Visa leverages its scale domestically and internationally.

Category Expertise

As a sourcing professional with deep expertise in procuring employee insurance benefits on a global scale, your category expertise will include:

• Collaborating with Category Teams and Visa Stakeholders: Work closely with category teams and key stakeholders within Visa to establish supplier strategies specific to employee insurance benefits. This includes identifying and partnering with preferred insurance carriers to optimize spend and service quality for Visa employees worldwide.
• Applying Knowledge of Insurance Procurement Models: Leverage your comprehensive understanding of various insurance procurement models, to negotiate and secure the best terms for Visa.
• Serving as a Trusted Partner: Act as a reliable advisor to Visa business partners across Strategy, Finance, Risk, Human Resources, and Corporate Functions. Provide insights and recommendations that align insurance benefit sourcing with organizational goals and employee needs.
• Delivering End-to-End Sourcing Services: Lead the sourcing process for insurance benefits, including executing RFX processes, conducting negotiations, reviewing contracts, and managing other sourcing-related activities. Ensure that all procurement actions are efficient, cost-effective, and compliant with Visa's policies.
• Defining Optimal Contract Structures: Develop and recommend the best contract structures for Master Service Agreements (MSAs) and Statements of Work (SOWs). Focus on terms that manage risk, protect data privacy, ensure cybersecurity, and provide favorable commercial conditions.
• Performing Market Analysis: Conduct thorough market analyses to stay informed about industry trends, benchmark pricing, and emerging solutions in the global insurance market. Use this information to support strategic recommendations to stakeholders.
• Developing and Managing a Project Pipeline: Proactively identify and cultivate a pipeline of sourcing projects related to employee insurance benefits. Engage with stakeholder business partners to prioritize initiatives that deliver value and drive organizational objectives.
• Maintaining Regulatory Awareness: Stay abreast of global regulatory developments that impact insurance sourcing strategies and market approaches. Assess and communicate how changes in regulations may affect Visa's insurance programs and procurement activities.
• This role will have global reach, high impact, and will be responsible for delivery of key program-level initiatives. The preferred candidate will bring an deep passion for People/ HR industry, leading practices in consulting services, trends in digital and AI and supplier management and have a can-do attitude.

Sourcing Capabilities - Commercial & Contract Negotiations

• Manage escalations.Support the Sourcing and Stakeholder teams to negotiate and drive best-in-class deals for Visa. This role requires a strategic view and the willingness to execute on the day-to-day.
• Drive multi-vendor strategies to optimize Visa's leverage and reduce operational risk. Execute RFx events to support Visa's Sourcing organization.
• Perform savings tracking and report realized savings on a continual basis.
• Negotiate contract terms and conditions as a first line of defense, in partnership with Visa Legal, Data Privacy, Cybersecurity, and other teams.
• Take part in quarterly reporting, regularly recurring team meetings, and ongoing updates to direct reports, peers and leaders around the organization.

This is a hybrid position. Expectation of days in office will be confirmed by your Hiring Manager.

Basic Qualifications:

8 or more years of relevant work experience with a Bachelor Degree or at least 5 years of experience with an Advanced Degree (e.g. Masters, MBA, JD, MD) or 2 years of work experience with a PhD

Preferred Qualifications:

9 or more years of relevant work experience with a Bachelor Degree or 7 or more relevant years of experience with an Advanced Degree (e.g. Masters, MBA, JD, MD) or 3 or more years of experience with a PhD

4 years of experience as a sourcing and or procurement professional, preferably with a focus on People/ HR related and insurance and Rx benefits supplier relationships.

Demonstrated passion for People/ HR category understanding of People, benefits, insurance category elements including the ability to converse with, and influence, key People/ HR and Procurement executives on supplier strategy, sales models, market Visa levers, and financial modelling.

Excellent written, oral and presentation skills and an ability to synthesize complex and technical information into clear recommendations on course of action.

Demonstrated experience in negotiating with People/HR category suppliers with data driven analysis

Experience supporting People/HR and other stakeholders with a passion to deliver outstanding customer service, forge lasting relationships, and approach goals with team interests in mind.

Demonstrated ability to manage vendor relationships and influence key vendor account executives.

High level of self-motivation and initiative, and ability to operate as a team player.

Willingness to offer thought leadership, to think Positively, and to offer new ways of approaching old problems.

Undergraduate degree required, preferable in business, economics, computer science or engineering-related field graduate degree in business, economics or engineering a plus.

Work Hours: Varies upon the needs of the department.

Travel Requirements: This position requires travel5-10% of the time.

Mental/Physical Requirements: This position will be performed in an office setting. The position will require the incumbent to sit and stand at a desk, communicate in person and by telephone, frequently operate standard office equipment, such as telephones and computers.

Visa is an EEO Employer. Qualified applicants will receive consideration for employment without regard to race, color, religion, sex, national origin, sexual orientation, gender identity, disability or protected veteran status. Visa will also consider for employment qualified applicants with criminal histories in a manner consistent with EEOC guidelines and applicable local law.

Visa will consider for employment qualified applicants with criminal histories in a manner consistent with applicable local law, including the requirements of Article 49 of the San Francisco Police Code.

U.S. APPLICANTS ONLY: The estimated salary range for a new hire into this position is 128,000.00 to 185,700.00 USD per year, which may include potential sales incentive payments (if applicable). Salary may vary depending on job-related factors which may include knowledge, skills, experience, and location. In addition, this position may be eligible for bonus and equity. Visa has a comprehensive benefits package for which this position may be eligible that includes Medical, Dental, Vision, 401 (k), FSA/HSA, Life Insurance, Paid Time Off, and Wellness Program.