If you are considering a future in human resources management, your prospects are bright.
Stronger Than Average Projected Job Growth
According to the U.S. Bureau of Labor Statistics (BLS), the job outlook for human resources managers through 2026 is 9 percent growth. The BLS expects an additional 12,300 new jobs in that time frame.
The BLS states, “As new companies form and organizations expand their operations, they will need human resources managers to oversee and administer their programs, and to ensure firms adhere to changing and complex employment laws. Strong competition can be expected for most positions.”
All business departments grow or shrink to some degree based on the economy and success of their organizations. Employment in human resources management (HRM) depends even more on the employer’s performance, since HR departments generally scale to the number of company employees. It is therefore paramount for candidates to research and scrutinize the future prospects of potential employers.
Increasing complexity in laws regarding healthcare, equal employment opportunities, occupational safety and retirement planning will also drive growth in HRM.
More and more companies are outsourcing some of their human resources functions, which may also lead to additional job growth in the HR management industry. Outsourcing offers smaller organizations access to specialized HR services at an affordable rate.
In all organizations, job candidates with superior training and education have the best prospects. People with HR certifications and master’s degrees will continue to be in high demand.
Excellent Compensation and Advancement Potential
Salary.com reports a median national salary for human resources managers of $99,585 as of April 2018. This data is derived from surveys of thousands of HR departments at companies across the United States of all sizes, in all industries.
Salary.com reports a median annual salary of $94,605 and total compensation (with bonus) of $99,588 in Oklahoma City. In Dallas, the median salary is $98,888, and in Houston, it is $100,780.
According to Salary.com, there are several positions with six figure salaries for HR professionals in Oklahoma City. Regional human resources managers and international human resources managers top $100,000, while human resources directors earn well above this figure.
In Oklahoma, PayScale says (after supplying variable form field data) that a human resources manager in Oklahoma City holding an MBA with an emphasis in human resources can expect to earn $68,000. In Texas, the statewide median salary is $65K. It is higher in Dallas and Houston at $71,000 and $79,000, respectively. Surprisingly, Houston pays as well as Chicago and better than Los Angeles or New York for this position. In Georgia, the PayScale median salary is $61,000, and in Florida, it is $55,000.
Nationally, the increases in median pay by experience for a human resources manager with an MBA are impressive. With one to four years of experience, the median is $51,000. At five to nine years, it is $62,000, and at 10 to 19 years, it is $76,000.
Within human resources management, there are several lucrative skills and specialties. Median salaries are especially strong for employee relations at $68,000, benefits and compensation at $71,000, performance management at $72,000, and organizational development at $82,000.
There are several career advancement options for successful human resources managers, according to PayScale. Human resources directors earn median salaries of $84,000. Senior human resources managers earn $85,000, HR business partners earn $74,000, and VPs of HR earn $133,000.
If you are searching for a growing field with high job growth and strong income prospects, consider investing in an MBA with an emphasis in human resources.
Sources:
U.S. Bureau of Labor Statistics: Occupational Outlook for Human Resources Managers
PayScale: Human Resources Manager Salary
Salary.com: Human Resources Manager Salary