Jobs, Salaries and Career after Masters in Human Resources Management - Updated 2020

2018 median Pay for Human Resources Management

The median annual wage for compensation and benefits managers was $121,010 in May 2018.


Pay

Most of these managers work in offices. Work Schedules Most compensation and benefits managers work full time. About 1 in 3 worked more than 40 hours per week in 2016. They may work more hours during peak times to meet deadlines, especially during the benefits enrollment period of their organization.



Best paying jobs for Business Administration and Management -MBA


Number of Jobs for Human Resources Management

Number of Jobs in 2018 was 15,800


Education required

Bachelor's degree


Job Outlook for Human Resources Management

Employment of compensation and benefits managers is projected to grow 5 percent from 2016 to 2026, about as fast as the average for all occupations. Competition for jobs is expected to be strong.


Job description of Human Resources Management

Compensation and benefits managers plan, develop, and oversee programs to compensate employees.

Duties

Compensation and benefits managers typically do the following:

  • Coordinate and supervise the work activities of specialists and support staff
  • Set the organization’s pay and benefits structure
  • Determine competitive wage rates to develop or modify compensation plans
  • Choose and manage outside partners, such as benefits vendors, insurance brokers, and investment managers
  • Oversee the distribution of pay and benefits information to the organization’s employees
  • Ensure that pay and benefits plans comply with federal and state regulations
  • Prepare a program budget and keep operations within that budget

Although some managers administer both the compensation and benefits programs in an organization, other managers—particularly at large organizations—specialize and oversee one or the other. All managers, however, routinely meet with senior staff, managers of other human resources departments, and the financial officers of their organization. They provide expertise and make recommendations on compensation and benefits policies, programs, and plans.

Compensation and benefits managers may perform data analysis to determine the best pay and benefits plans for an organization. They may also monitor trends affecting pay and benefits and assess how their organization can improve practices or policies. Using a variety of analytical, database, and presentation software, managers draw conclusions, present their findings, and make recommendations to other managers in the organization.

Compensation managers are responsible for managing an organization’s pay structure. They monitor market conditions and government regulations to ensure their organization’s pay rates are current and competitive. They analyze data on wages and salaries, and they evaluate how their organization’s pay structure compares with that of other companies. Compensation managers use this information to maintain or develop pay scales for an organization.

Some also design pay-for-performance plans, which include guidelines for bonuses and incentive pay. They also may help determine commission rates and other incentives for sales staff.

Benefits managers administer a company’s employee benefits program, which may include retirement plans, leave policies, wellness programs, and insurance policies such as health, life, and disability. They select benefits vendors and manage enrollment, renewal, and delivery of benefits to the organization’s employees. They frequently monitor government regulations and market trends to ensure that their programs are current, competitive, and legal.


How to become Human Resources Management

Compensation and benefits managers need a combination of education and related work experience.

Education

Compensation and benefits managers typically need a bachelor’s degree for most positions. Managers usually need a bachelor’s degree in human resources, business administration, business management, finance, or a related field.

Work Experience in a Related Occupation

Work experience is essential for compensation and benefits managers. Managers often specialize in either compensation or benefits, depending on the type of experience they gain in previous jobs. Managers often start out as compensation, benefits, and job analysis specialists. Work experience in other human resource fields, finance, or management is also helpful for getting a job as a compensation and benefits manager.

Licenses, Certifications, and Registrations

Although compensation and benefits managers are not legally required to be certified, certification can show expertise and credibility. Employers may prefer to hire candidates who are certified, and some positions may require certification.

Certification programs for management positions often require several years of related work experience to qualify for the certifying exam. Many professional associations for human resources workers offer certifications. Some associations, including the International Foundation of Employee Benefit Plans and WorldatWork, offer certification programs that specialize in compensation and benefits. Others, including the HR Certification Institute, offer general human resources credentials.

Important Qualities

Analytical skills. Compensation and benefits managers analyze data on salaries and the cost of benefits, and assess and devise programs that best fit an organization and its employees.

Business skills. Compensation and benefits managers administer a budget, build a case for their recommendations, and understand how compensation and benefits plans affect the company’s finances.

Communication skills. Compensation and benefits managers direct staff, give presentations, and work with colleagues. For example, they may write about and present the advantages of a certain pay scale to management and address any concerns.

Decisionmaking skills. Compensation and benefits managers weigh the strengths and weaknesses of different pay structures and benefits plans and choose the best options for an organization.

Leadership skills. Compensation and benefits managers coordinate the work activities of their staff and properly administer compensation and benefits programs, ensuring work is completed accurately and on schedule.


What people in similar profession do

Job Title What they do How to become one
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Non-Profit, Public, Organizational Management Social and community service managers coordinate and supervise social service programs and community organizations. They manage workers who provide social services to the public. Social and community service managers typically need at least a bachelor’s degree and work experience. However, some positions also require a master’s degree. Education Most social and community service manager jobs require a bachelor’s degree in social work, public or business administration, public health, or a related field. However, some positions also require a master’s degree. Work Experience Workers usually need experience in order to become a social and community service manager, and it is essential for those with a bachelor’s degree.
Accounting , Accountancy Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. Most accountants and auditors need at least a bachelor’s degree in accounting or a related field. Certification, including the Certified Public Accountant (CPA) credential, can improve job prospects.   Education Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field.
Human Resources Management Compensation and benefits managers plan, develop, and oversee programs to compensate employees. Compensation and benefits managers need a combination of education and related work experience. Education Compensation and benefits managers typically need a bachelor’s degree for most positions. Managers usually need a bachelor’s degree in human resources, business administration, business management, finance, or a related field. Work Experience in a Related Occupation Work experience is essential for compensation and benefits managers. Managers often specialize in either compensation or benefits, depending on the type of experience they gain in previous jobs.
Finance Top executives devise strategies and policies to ensure that an organization meets its goals. They plan, direct, and coordinate operational activities of companies and organizations. Although education and training requirements vary widely by position and industry, most top executives have at least a bachelor’s degree and a considerable amount of work experience. Education Many top executives have a bachelor’s or master’s degree in business administration or in an area related to their field of work. Top executives in the public sector often have a degree in business administration, public administration, law, or the liberal arts. Top executives of large corporations often have a master’s degree in business administration (MBA). College presidents and school superintendents are typically required to have a master’s degree, although a doctorate is often preferred. Although many mayors, governors, or other public sector executives have at least a bachelor’s degree, these positions typically do not have any specific education requirements. Work Experience in a Related Occupation Many top executives advance within their own firm, moving up from lower level management occupations or supervisory positions.
Finance and Financial Management Services Financial managers are responsible for the financial health of an organization. They produce financial reports, direct investment activities, and develop strategies and plans for the long-term financial goals of their organization. Financial managers typically have a bachelor’s degree and 5 years or more of experience in another business or financial occupation, such as an accountant, securities sales agent, or financial analyst. Education A bachelor's degree in finance, accounting, economics, or business administration is often the minimum education needed for financial managers. However, many employers now seek candidates with a master’s degree, preferably in business administration, finance, accounting, or economics. These academic programs help students develop analytical skills and learn financial analysis methods and software. Licenses, Certifications, and Registrations Although professional certification is not required, some financial managers still get it to demonstrate a level of competence.
Management Information Systems Computer and information systems managers, often called information technology (IT) managers or IT project managers, plan, coordinate, and direct computer-related activities in an organization. They help determine the information technology goals of an organization and are responsible for implementing computer systems to meet those goals. Typically, a bachelor’s degree in computer or information science, plus related work experience, is required. Many computer and information systems managers also have a graduate degree. Education Computer and information systems managers normally must have a bachelor’s degree in a computer- or information science–related field. These degrees include courses in computer programming, software development, and mathematics.
Marketing Management Advertising, promotions, and marketing managers plan programs to generate interest in products or services. They work with art directors, sales agents, and financial staff members. A bachelor’s degree is required for most advertising, promotions, and marketing management positions. These managers typically have work experience in advertising, marketing, promotions, or sales. Education A bachelor’s degree is required for most advertising, promotions, and marketing management positions. For advertising management positions, some employers prefer a bachelor’s degree in advertising or journalism.
Taxation Accountants and auditors prepare and examine financial records. They ensure that financial records are accurate and that taxes are paid properly and on time. Accountants and auditors assess financial operations and work to help ensure that organizations run efficiently. Most accountants and auditors need at least a bachelor’s degree in accounting or a related field. Certification, including the Certified Public Accountant (CPA) credential, can improve job prospects.   Education Most accountant and auditor positions require at least a bachelor’s degree in accounting or a related field.

Job Outlook for other majors in Business Administration and Management -MBA

Job Title Number of jobs Median Salary Job outlook
Operations Management and Supervision 367600 $142530 Faster than average
Non-Profit, Public, Organizational Management 147300 $65320 Much faster than average
Accounting , Accountancy 1397700 $70500 Faster than average
Finance 2572000 $104980 As fast as average
Finance and Financial Management Services 580400 $127990 Much faster than average
Management Information Systems 367600 $142530 Faster than average
Marketing Management 249600 $132620 Faster than average
Taxation 1397700 $70500 Faster than average