Scope and career growth aspect – hr or finance ?
I’m a MBA aspirant (91.34%)
I’m interested in hr and finance.Most of the people I meet they ask me to go with finance because it has better career growth and wider scope.is it so ? If not can someone explain careers in hr?
Yes, I agree that Finance is one of the most sought after specialization in MBA, but, there are plenty of opportunities in the HR domain as well. If you are an MBA in finance, you will get most of the offers from the banking sector. Graduates can seek employment in various other fields and sectors such as in markets research, government and private sectors, budget planning, public accounting firms, consultancies, and corporations.
As I mentioned earlier, there are various job opportunities in the field of human resource management as well. An MBA graduate can start their career as HR Generalist and HR Manager/Specialist. HR specialists focus their efforts in a single area, such as recruiting or training etc. Major divisions/organization type in which you can expect to work:
You can begin with Recruitment, Salary Processing & Payroll, Designing Employee Offer Letters, and coordinating all other activities in screening the right candidates.
Agencies & HR Consulting companies
There are plenty of recruitment agencies which basically handle the outsourced job of screening and testing portion of the recruitment process of a big organization.
Recruitment Process Outsourcing (RPO)
This has been the new addition to the kind of services an HR Professional can provide.
Choose the domain you feel you will be comfortable with. Choose wisely. All the best!
Member of InsideIIM Student Team 4.0 | IIM Trichy
The various verticals that an HR professional gets to deal with is as follows:
- Recruitment: Devising a recruitment strategy that is in line with the organizations business. How will you recruit, where will you recruit from, what should be the process are some of the things you will be focusing on.
- Training and Development: After the employees are recruited how do you intend to train them? Do they have a training period, do you let them learn on the job? You will be responsible for designing the modules and plans for training programs. Sometimes in house employees need to keep their skills updated too. So you need to come up with solutions to that as well. You will also be looking at talent development, leadership programs etc.
- HRBP: A HR Business Partner is embedded within the workforce. You will be working closely with a certain team in sales or operations or supply chain and you will look at various ways to improve productivity, ensure engagement and deal with their performance management.
- Performance Management and Administration: This role entails you to design performance management systems for your company and design ways for the evaluation of employees. Who to promote, how to promote etc also comes under your purview.
- Compensation and Benefits: Under comp and ben, you get to design salary structure for companies, assign pay ranges, do job evaluations and design compensation packages according to the company’s needs.
- Industrial Relations: Under IR you will be expected to handle the workforce in plants. You have to deal with unions, ensure legal compliance and make sure that the production doesn’t stop.
These were some of the broad verticals. Now, coming to careers, it is true that the HR requiremnt in companies is pretty low. There is usually one HR handling 250-1000 employees, depending on the organization. So the number of roles being offered is pretty low. However, the growth is not too bad. As long as you work well, you can be assured of growth in an organization.
You have a lot of HR consulting companies too such as Aon, Mercer etc where you will be consulting with clients on the above mentioned fields.
Member, InsideIIM Student Team 4 | PGDHRM - XLRI Jamshedpur, 2020
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