Human Resource can be an exciting, invigorating and fulfilling career. If you are someone who loves seeking out talented people, organizing them into functional teams, motivating and challenging them to achieve results, HR can be a gratifying career.
Beyond gratification, HR can be financially lucrative as well. In some industries, human resource positions are among the best-paying. The ultimate question is: what are the highest paying HR positions? Well, the top 5 are given below.
1. Labor Relations Specialist
Median salary: $83,298 per annum
The Labor Relations Specialist acts as a link between a company and the labor unions to which the company’s employees belong. This position is relevant to companies whose employees belong to labor unions. The Labor Relations Specialist charged with smoothing over the relationship between the company and its labor unions to minimize disruptions which can arise from industrial action. As such, they represent the company in negotiations with labor unions. They also advise the company on how to ensure that their labor policies are in line with state and federal legislations. Occasionally, they carry out public relations on behalf of the company.
To excel as a Labor Relations specialist, you need excellent interpersonal, communication and negotiation skills. You also need an in-depth knowledge of state and federal laws. You need to be able to write, read and interpret legal documents. Above all, you need to keep abreast with any changes in both federal and state labor laws.
2. Training and Development Manager
Median salary : $87,700 per annum
The Training and Development Manager is responsible for the career development of employees within the company. They organize induction and orientation of new employees; and develop training programs for all employees. They are charged with ensuring that every employee is equipped with the knowledge and skills needed to perform at their highest level. As such, they always work with other managers to identify the skills or knowledge gaps in employees, and then organize training program s to fill the gaps.
The Training and Development Manager is charged with finding or developing training materials including manuals, books or videos. They are also responsible for identifying external training programs or courses which can benefit employees, and recommending who should go for them.
To excel as a Training and Development Manager, you need to have a passion for helping people to grow and develop. You should also have excellent people skills, as well as an in-depth knowledge of the workplace related laws and compliance requirements. Above all, you should truly enjoy seeing people grow and fulfill their potential.
3. Compensation and Benefits Manager
Median salary: $94,291 per annum
The compensation and Benefits Manager is one of the most sensitive human resource positions. This is because they are responsible for handling employee compensation and benefits. They are charged with designing compensation packages which are attractive enough to employees without placing an undue financial strain on the company. They are also responsible for negotiating compensation packages including wages, bonuses or perks. Above all, they are responsible for ensuring that the company’s compensation and benefits policies are in line with the relevant laws and legislations.
To excel as a Compensation and Benefits Manager, you need excellent communication and negotiating skills. You also need an in-depth understanding of how compensation and benefits work. You need thorough knowledge of compensation-related legislations like FSLA and ERISA. Finally, (although it is not a hard and fast rule), you may need a minimum of 4 years experience in the compensation and benefits department before you can ascend to the position of Compensation and Benefits Manager.
4. Human Resources Manager
Median salary: $96,130 per annum
A human resources manager is responsible for running different aspects of the human resources department. Among others, they oversee staffing, training, labor relations, compensation and benefits. They ensure that all the managers of the different sections are performing to expected standards. They also ensure that all processes within the human resources department are compliant with both internal policies and legal guidelines. The HR manager also acts as a link between the human resources and the executive management team.
To excel as a human resources manager, you need excellent leadership and management skills. You also need organizational and team-building skills. Above all, you need vast knowledge on different aspects of human resources management. You also need experience in navigating the different aspects of human resources. On average, a human resources manager has at least 5 years experience.
5. Vice President of Human Resources
Median salary: $214,427 per annum
Sometimes referred to as the Chief HR Officer, the VP of Human Resources is the highest HR position in a company. They are the general overseer of all HR functions in the company. As such, they are ultimately responsible for ensuring that every aspect from recruitment to training, benefits and labor relations is fully functional.
The VP of Human Resources is part of the executive team. As such, they have a thorough understanding of the company’s strategic vision. They are charged with transforming this vision into workable policies which can be executed by the workers. They are therefore solely responsible for formulating HR policies, and overseeing their implementation.
To excel as a VP of Human Resources, you need excellent leadership skills. You also need thorough knowledge of the company’s culture, strategic vision and goals. You must also be well-versed with all the laws which govern every aspect of human resources. You also need a wealth of experience in human resources. Although it isn’t a hard and fast rule, to ascend to VP of Human Resources, you may need a minimum of 8 to 10 years experience.
In a nutshell, those are the 5 highest paying human resource positions. Please note that the salary figures included are just averages. In actuality, human resource salaries and benefits vary according across industries. In some cases, the difference in the salaries earned by HR positions in different industries can by as much as $25,000 per annum. Essentially, the lucrativeness of human resource positions can vary depending on the industry.
Therefore, if you intend to enjoy a lucrative human resource career, you shouldn’t just focus on specific positions. You should also target specific industries. Even then, ensure that whatever industry you go for can provide you with a sense of excitement and fulfillment. After all, no amount of money can make up for a dull, uninspiring and ungratifying work experience.