The wage level in HRM is influenced by various factors, including the demand and supply of labor.
One of the crucial factors considered by HR managers in determining wages is the ability to pay, which plays a significant role in setting acceptable compensation for specific positions.
The type of employment, legal provisions, and comparative wage levels are also key factors that influence wages in HRM.
In conclusion, when conducting a benchmark of HR pay, it is important to take into account various factors that impact compensation. These factors include the specific job function and specialization, as well as the level of the job, which encompasses factors such as skill level, extent of leadership responsibilities, and level of experience. This comprehensive approach ensures that a fair and accurate assessment of HR compensation is obtained.
The salaries and incentive opportunities for HR professionals have seen an increase. This report delves into the total targeted annual cash compensation and eligibility for incentives in HR jobs within the United States. It uncovers the variations in pay due to factors such as job level, specialization, location, and company size.
The median annual wage for human resources managers was $130,000 in May 2022.
According to the job outlook, there is a projected 5 percent growth in employment for human resources managers from 2022 to 2032, which is faster than the average for all occupations.
On average, it is projected that there will be approximately 15,500 job openings for human resources managers each year over the decade.
There are several ways to increase your pay as a Human Resources (HR) Manager. One option is to seek employment with a different employer who offers higher pay for your skills. Another possibility is to further your education by obtaining advanced degrees, which can increase your income potential and make you eligible for promotions. Additionally, researching current salary trends for HR Managers can provide helpful insights and negotiation strategies.
The annual median salary for a Human Resources (HR) manager with a bachelor's degree is $130,000, as reported by the U.S. Bureau of Labor Statistics (BLS).
The job of Human Resources (HR) Manager has received a job satisfaction rating of 4.13 out of 5, based on 3,347 responses. It can be concluded that, on average, HR Managers are highly satisfied with their job, according to the data collected from 10,596 survey responses.
According to statistics, an HR manager with SHRM certification typically earns an average annual salary of $69,000. The highest earners in this field, at the 90th percentile, can make up to $155,000 per year, while those at the 10th percentile may earn as little as $38,000 per year.
Having the SHRM-SCP credential significantly impacts salary, with those holding this certification reporting a median salary of $107,800. On the other hand, HR managers without SHRM certification earn an average salary of $67,698 per year.
Compare your offer with other pay packages and negotiate with confidence. The average salary at SHRM ranges from approximately $104,868 per year for a Specialist to $163,044 per year for a Director. Employees rate the compensation and benefits package at 4.0 out of 5 stars.
The eligibility criteria for obtaining the SHRM-SCP certification entails advanced education and additional experience, including proven managerial experience and executive-level leadership. Consequently, professionals who hold the SHRM-SCP designation tend to command higher salaries than those with the SHRM-CP certification. However, it is worth noting that the salary increment associated with the SHRM-SCP certification is slightly lower compared to the SHRM-CP certification.
An entry-level Human Resources (HR) Manager with less than 1 year experience can earn an average total compensation of $55,701, which includes tips, bonus, and overtime pay.
Entry-level HR job titles and descriptions differ from one company to another. Some common titles for entry-level HR positions include Staffing Coordinator. The average salary for this role is $17.92 per hour.
The primary responsibilities of a Staffing Coordinator involve recruiting employees, screening job candidates, assisting with new hire orientation, and handling administrative tasks like organizing time-off requests. These professionals play a crucial role in supporting the HR department.
Indeed, certification does have a positive impact on pay, according to various metrics. Specifically, senior-level certifications tend to yield a higher increase in pay compared to other certification levels.
There are commonly found combinations of HR credentials, such as 50% of SHRM Certified Professionals (SHRM-CP) also holding a Professional in Human Resource (PHR) certification from HRCI. Similarly, 62.5% of SHRM Senior Certified Professionals (SHRM-SCP) also possess a Senior Professional in Human Resources (SPHR) certification issued by HRCI.
These statistics indicate the prevalence of individuals who hold dual certifications in the HR field. Having multiple certifications can have a positive impact on one's career in human resources, providing additional expertise and demonstrating a commitment to professional development.
Obtaining certification can be beneficial in terms of salary, although the increase may not be immediate. Over time, certified HR professionals tend to earn more compared to their non-certified counterparts. Some of the popular job titles that benefit from having SPHR certification include HRIS Managers, VP of HR, Assistant HR Manager, and Benefits Supervisor.
The SHRM certification is the sole HR certification provided by the largest HR membership organization globally. Being the industry leader in HR professional development, SHRM has provided assistance to over 100,000 employers, comprising of 140 million employees worldwide.
The benefits of obtaining a SHRM certification are significant. By achieving this certification, individuals can demonstrate their HR knowledge and skills, enhance their credibility in the field, and gain access to a reputable network of HR professionals.
The certifications offered by SHRM are relatively newer compared to those offered by HRCI. As a result, the 90th percentile salary for SHRM's highest HR certification, SHRM-SCP, is lower than the highest HR certification offered by HRCI, which is SPHR.
The salary ranges for HR professionals with SHRM certifications vary from $25,000 to $200,000 per year. On average, individuals who are certified as SHRM-SCP earn a salary that falls within this range.
If you find yourself overwhelmed with work as the only HR practitioner, it may be beneficial to consider expanding your department to include another staff member. Expanding the HR team is not a straightforward process, but by creating a strong business case that aligns with the company's strategic objectives, you can make a compelling argument for the additional help.
One of the reasons to consider a career path in HR is the potential for a high salary. According to the Bureau of Labor Statistics (BLS), the median annual salary for HR managers is $113,300. The lowest 10 percent earned less than $66,870, while the highest 10 percent earned more than $201,380.
In conclusion, pursuing a career as an HR manager is a promising choice due to the potential for a high income.
Some individuals travel for the purpose of attending professional meetings or recruiting employees.
To become a human resources manager, candidates generally need a combination of education and relevant work experience over a number of years.
While most positions in this field require a bachelors degree, certain positions may require a masters degree as well.