The pay rate of human resource managers varies among employers. Years of experience, type of employment, size of the firm and geographic location each contribute to the annual salary. In 2002, the median pay rate for human resource managers was about $64,170. The low end of the scale earned about $36,280 and the high end earned around $114,300. Human resource managers often receive a basic benefit package which includes paid sick days, vacation days and holidays, health and dental insurance and a retirement plan.
Within the next decade the demand for human resource managers is estimated to expand faster than the average growth of all other occupations in the United States. The employment rate for human resource management positions is expected to jump approximately nine percent over the next 8 years. This means that approximately 7,090 job positions will open up nationwide each year.
Legislation is increasingly setting standards in numerous areas dealing with occupational safety, equal employment opportunities, wages and health and pension plans. These standards will increase demand for human resource management specialists. Another reason for growth lies in rising healthcare costs. Organizations hire human resource managers to establish creative compensation and benefits packages that firms can offer employees to make up for the increasing healthcare costs.
Additionally, the demand for human resource managers should grow as business firms become more involved in labor relations and try to settle disputes out of court that may be very costly to the company.
