Are you curious about how much human resources (HR) professionals make in today’s job market? Get ready to be surprised as we dive into the latest salary trends and uncover the highest-paying HR positions. From entry-level to executive positions, find out how much you can expect to earn if you plan to pursue this exciting career.
Do You Need a Degree to Work in Human Resources?
Many companies prefer to hire candidates with a degree in human resources or a related field, such as business administration or psychology. A degree may qualify you for more advanced roles or positions with more responsibility.
Although beneficial, a degree is not always required in HR positions. Some companies may also hire candidates with relevant work experience and strong interpersonal and organizational skills, regardless of their educational background.
Human Resources Average Salary
The average salary for an HR professional varies depending on location, level of experience, and type of organization. According to data from Glassdoor, the average annual wage for HR professionals is $88,562. However, depending on the abovementioned factors, their earnings can range from $51,000 to $162,000.
However, in some locations and industries, such as major metropolitan areas and technology companies, the average salary for human resources professionals can be significantly higher.
Based on degree level
The average salary for HR managers can vary based on the level of education they have attained. Here are some estimates for human resources salaries based on degree level:
- Bachelor’s degree: $109,170 – $116,573 per year
- Master’s degree: $110,143 – $117,647 per year
- Doctorate: $111,116 – $118,721 per year
It’s important to note that these figures are estimates and can vary depending on location, years of experience, and the specific company or organization.
Based on the level of experience
The average salary for an HR professional can vary based on several factors, including experience level. Entry-level HR positions typically have a lower salary range, while more senior roles command higher salaries:
- Entry-level HR positions (0-1 year of experience): $69,008
- Mid-level HR positions (4-6 years of experience): $70,531
- Senior-level HR positions (10-14 years of experience): $99,348
- Managerial level (10+ years of experience): $120,000 – $150,000
Other Factors That Impact a Human Resources Professional’s Salary
As a human resources professional, various factors can determine your salary. Such factors include your level of education and experience, your employer’s size and industry, and your job’s location. Factors such as certifications and specialized skills can also play a role in determining your salary. When considering job opportunities and negotiating your salary, it is essential to keep these factors in mind.
Education
Education can significantly affect human resources salary as it can open up more opportunities for advancement and higher-paying positions within the field. A higher level of education, such as a master’s degree, can demonstrate advanced expertise and knowledge that can lead to higher salaries and better job opportunities.
Certifications
Staying current with the developments is a big part of HR. And the best way to do so is by obtaining certificates. Like previous education, certifications demonstrate credibility, the will to learn and work, and a candidate’s competence. Certifications will surely set you up for success and, ultimately, higher salaries.
Specialty
Specialty can have a significant impact on human resources salary. HR professionals with specialized skills and experience in specific areas, such as recruitment, compensation, benefits, employee relations, or training and development, can command higher salaries than those with more general skills. Specialized skills and experience in talent management, labor relations, or diversity and inclusion can also result in higher wages.
Geographical location
Within a specific area, factors that influence salary include the cost of living, industry, company size, regional variations, and education and experience. Cities with a higher cost of living, such as New York or San Francisco, tend to have higher salaries to compensate for the increased cost of living.
See in the list below what states pay more than the others:
- District of Columbia: $99,620
- New York: $84,200
- Washington: $83,940
- New Jersey: $83,740
- California: $81,360
Employer and industry
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Different industries have different demand levels for human resources professionals, which can affect the compensation offered. For example, industries with high demand for human resources professionals, such as technology or finance, may offer higher salaries than industries with lower demand, such as retail or manufacturing.
See the list below to learn more about top-paying industries for HR Specialists:
- Computer and Peripheral Equipment Manufacturing: $113,190
- Other Information Services: $111,010
- Securities and Other Financial Investments Activities: $104,500
- Sound Recording Industries: $102,600
- Support Activities for Water Transportation: $99,510
Job function
The job function can significantly affect salary because specific roles and industries tend to pay more than others. For example, positions in the technology or finance industries often have a higher earning potential than those in non-profit or social work. Similarly, higher-level executive or management positions usually pay more than entry-level roles. Additionally, certain job functions, such as sales, may have the potential to earn significantly more than a fixed salary position.
Employer size
Generally, larger companies have more resources and can offer higher salaries to attract and retain top talent. They may also have more established pay scales and benefits packages. On the other hand, smaller companies may have limited resources and cannot offer higher salaries.
Job Outlook
The job outlook for human resources (HR) professionals is generally favorable. According to the Bureau of Labor Statistics (BLS), the employment of HR managers will grow by 7%, whereas HR specialist job demand will see a rise of 8% from 2021 to 2031.
The increase in the number of businesses, the growth in service sectors, and the continued importance of human resources in organizations are only a few factors that will contribute to this growth.
Conclusion
In conclusion, HR salaries are rising, with an average increase of 7%. The demand for skilled HR professionals is high, with job growth expected to continue. Companies are recognizing the importance of HR in attracting and retaining top talent and are willing to invest in their HR teams. This trend is likely to continue as the role of HR continues to evolve and become more strategic. As a result, HR professionals can expect to see even higher salaries.