Careers in Human Capital Management Systems
Find out about the types of jobs you could pursue in human capital management. Read on to learn more about career options along with salary and education information. Schools offering Financial Management degrees can also be found in these popular choices.
What Kinds of Jobs Exist in Human Capital Management?
Human capital management includes the positions of human resources (HR) specialists, human resources managers, and compensation managers. HR specialists work directly with employees to discover their needs and keep track of employment records and information. HR managers are the link between management and employees, and can act as mediators during a dispute between two sides. Compensation managers are in charge of employee wages and benefits, and ensure that all compensation packages are in compliance with federal and state laws.
The following chart provides an overview of the education, job outlook and average salary in this field.
|Human Resource Specialist||Human Resources Manager||Compensation Manager|
|Degree Required||Bachelor's degree||Bachelor's degree; graduate or MBA may be preferred||Bachelor's degree; graduate or MBA may be preferred|
|Education Field of Study||Human resources, communication, HCM software||Human resources, business, information technology||Human resources, business management, finance|
|Key Responsibilities||Develop and implement recruitment criteria; write and post position descriptions; interview prospective employees||Organize and manage a workforce; oversee recruitment and hiring; handle staffing issues||Evaluate compensation packages, prepare salary reports|
|Job Growth (2014-24)||5%*||9%*||6%*|
|Mean Annual Salary (2015)||$63,710*||$117,080*||$121,630*|
Source: *U.S. Bureau of Labor Statistics
What Is Human Capital Management?
Professionals in this field help companies develop salary and benefit structures, employee retention programs and training assessments. Common human capital management job titles include human resources (HR) specialist, compensation analyst and human capital or human resources manager. These workers are often employed by HR consulting firms and internal HR departments. Some organizations and departments use human capital management (HCM) software suites to help them manage all HR functions; most workers in this field have a good understanding of HCM software programs.
What Kinds of Job Responsibilities Will I Have?
Human resources specialists create recruiting programs, implement workplace policies and interview job seekers. Most specialists are expected to have a bachelor's degree and at least three years of HR experience. Employers may also look for job candidates who hold the Professional in Human Resources credential offered by the HR Certification Institute.
Compensation analysts prepare salary reports, develop employee incentive plans and monitor performance management systems. These professionals are usually expected to have a bachelor's degree and 1-4 years of experience, but some employers prefer analysts who hold a Master of Business Administration (MBA). In addition, earning the Certified Compensation Professional designation through the World at Work Society of Certified Professionals can improve your job prospects.
In larger companies, human capital managers may oversee HR departments that focus on a specific area, like mergers and acquisitions or employee recruitment. These managers often supervise other staff members and meet directly with clients. Requirements for this position usually include a bachelor's degree and 5-7 years of HR experience.
What's My Career Outlook?
According to the U.S. Bureau of Labor Statistics (BLS), the number of employed human resources specialists was expected to increase by 5 percent between 2014 and 2024 and increase by 9 percent for human resource managers (www.bls.gov). Job growth for compensation and benefits managers during this same decade is expected to increase 6 percent. As of May 2015, compensation and benefits managers earned an mean annual salary of $121,630. During the same year, human resources specialists earned an annual wage of $63,710 and managers earned an average of $117,080 per year, reports the BLS.
What Are Some Related Alternative Careers?
A bachelor's degree opens up many doors for those looking for related jobs. Financial managers develop investment strategies and goals for companies and organizations. Training and development managers are responsible for the enhancement and enrichment of employee skills and knowledge. Labor relations specialists monitor contracts and deal with issues including pensions, healthcare and union practices.
To continue researching, browse degree options below for course curriculum, prerequisites and financial aid information. Or, learn more about the subject by reading the related articles below: