The field of human resource management deals with the hiring, training, and maintenance of a company's personnel. As employees develop and become more experienced, they increase in value, thereby providing a lasting advantage for a company. Larger organizations generally employ teams of human resource specialists, whose responsibilities include handling compensation and benefits; job placements and recruitment; labor relations; and training and development. Smaller companies might only employ one HR manager to oversee all these duties. Traditional HR roles are evolving, however, HR professionals are becoming more involved in decision-making processes that affect a company's strategic plan.In recent years, large data collection has proven invaluable for companies to track human resource trends and develop more useful hiring strategies. Experts predict human resource management will move toward more strategic, self-directed, and data-driven function, with companies demanding data and analysis of employee effectiveness. According to a Recruiting Division report, two of the most popular HR jobs in 2015 were chief digital officer (in charge of performance analytics) and chief human resources officer (directly reports to the CEO). Candidates for this new type of HR position are now drawn from non-traditional backgrounds in finance and information technology, and tasked with a more pro-active role in making executive-level decisions for company growth. With this new type of business-oriented responsibility, new and exciting roles for HR specialists will emerge.The U.S. Bureau of Labor Statistics (BLS) reports job growth of 9% for human resource managers from 2014-2024, faster than the national average. In general, a master's degree is a prerequisite for higher-level management positions. Successful modern HR managers must have solid work experience, be highly strategic, adaptable to new trends, and have a strong understanding of information technology, finance and organizational leadership. Salaries vary widely in the HR field, but with median pay for HR managers at $102,780 in 2014, this career path can potentially lead to a very high return on investment. As new trends take hold, and new HR positions become integrated in strategic planning, the job outlook in the field is bright and the talent pool widening.
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Though associate and bachelor's degrees are excellent points of departure for entry level work, and for developing basic knowledge and skills in business, more advanced training is required to enter the HR field at the managerial level. A master's degree is currently the industry standard for managerial positions, and students will find the greatest possibility for return on investment with this degree.
| Degree Level | Average Cost | Loan Default Rate | Time Commitment | Early Career Pay | Mid-Career Pay | Unemployment Rate |
|---|---|---|---|---|---|---|
| Associate | $12,054 | 14.69% | 2 years | $32,500 | $46,500 | Not reported |
| Bachelor's | $17,112 | 9.39% | 4 years | $41,300 | $66,400 | 5.7% |
| Master's | $21,089 | 7.31% | 2 years | $50,400 | $82,900 | 6.8% |
Though a master's degree is more costly than a bachelor's degree, the increase in base salary provides a faster turn-around when paying off the cost of education. For example, compare the 2014 median salary of an HR manager (requiring a master's degree) of $102,780, with that of an HR assistant or clerk (requiring an associate degree) of $31,500. Master's degree holders are able to acquire a higher earning potential, and as a result, default less on student loans than those only holding a bachelor's or associate degree. It should be noted that salaries vary depending on the industry. The BLS reports that the top industries for HR managers as are professional, scientific and technical services, management of companies and enterprises, manufacturing, government and healthcare and social assistance.
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| Career | Median Salary | Projected Growth | 2014 Employment |
|---|---|---|---|
| Payroll Manager | $61,591 | 9% | 122500 |
| Staffing Manager | $61,639 | 9% | 122500 |
| Benefits Manager | $71,680 | 5% | 482000 |
| Human Resources Generalist | $49,895 | 5% | 482000 |
| Recruitment Specialist | $45,483 | 5% | 503900 |
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Meet Our Expert: Jennifer Bouley
HR Professional, Bouley-Mak Consulting and CoachingJennifer Bouley received her bachelor of human resources and labour relations fully online from Athabasca University. She also holds a social services diploma from Sheridan College. As an HR Professional with four years of experience, she opened her own HR and career development practice.
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As students explore these educational options, it should be noted that choosing an HR program though an accredited institution is highly recommended. Though there is no national HR accreditation agency. Students should check to see that their college or university (and online program) is accredited regionally. Accreditation is not required to begin work in the HR field, but may put applicants ahead of the curve for more highly sought-after positions, where having a specialized HR certificate in addition to credentials from a regionally accredited institution might set them apart from the competition.
Society for Human Resource Management Certification
The Society for Human Resource Management provides two types of credentials designed to provide HR professionals with recognition, and a set of criteria for distinction. These credentials include the SHRM Certified Professional (SHRM-CP) and SHRM Senior Certified Professional (SHRM-SCP) credentials. Both focus on "competencies and knowledge" that apply universally to all HR fields. It should be noted, that these credentials are also accepted worldwide, and are extremely useful for HR professionals working abroad. Increased opportunities for eligibility has broadened the talent pool for HR employment, giving HR professionals greater flexibility for finding jobs in the global community.