Just like any other position in the startup, an HR business partner earns a salary. An employee with the designation of HR business partner usually has more responsibilities than that of a typical HR department. They used to play a key role in the HR department. Their salary depends upon the quality of work they contribute to their organization. HR business partners can earn a handsome income working hourly. As the hourly rate is comparatively higher than the collective annual income. Let’s learn about ‘Salary Ranges For HR Business Partners’.
Salary Ranges For HR Business Partners
The salary range for HR business partners ranges between possible maximum and minimum salary in all states of the US. The maximum and minimum salary can be:
- The maximum salary is: $57,385
- The minimum salary is: $70,978
The average salary range is around $63,833. While the estimated yearly salary of HR business partners is about $105,509.
Evaluating Salary of HR Business Partners
As HR is an essential department of each organization, its demand is increasing day by day. HR Business Partner is a person who assists HR professionals in their work. Even HR business partners can earn more earnings through commission than HR co-founders. Their salary is always an interesting factor for those who are going to start this career. Evaluating salary for HR business partners can be done by observing the level of organization and other dependent factors. Depending on your company’s size, experience level, and industry, you could earn anywhere from $40K-$200K in salary as an HR business partner.
Earning of HR Business Partner per Hour
The salary of HR partners from state to state, even from city to city. Their earnings annually are comparatively lower when we evaluate their hourly salary. According to the Bureau of Labour Statistics (BLS), the hourly salary for an HR business partner is $31. This value always falls6 or rises based on time, demand, and experience. But the hourly salary range is always between $28 and $34. Hourly rates depend on various factors like education, skills, certifications, professional education, etc.
Factors Affecting HR Business Partners
Some factors that may affect the annual salary or commission of HR business partners are:
- Size of Company
- Experience
- Industry
- Your interest
- Skills and expertise
- Location or state in which you belong
HR Business Partner Salary by Company Size
While the base salary for HR business partners varies by company size, the most common range is between $40K and $100K. If your company has under 10 employees, your salary will be significantly lower. In addition, companies with 10-20 employees may pay an even lower salary if you have little experience. However, if your company has over 100 employees, you will likely earn a significantly higher salary.
HR Business Partner Salary by Experience Level
How much you earn as an HR business partner depends on your experience and designation level. If you’re new to the role and have a limited amount of experience, you could earn at least $40K. As your years in the role increase, you could earn between $40K and $100K as an HR business partner with 3-5 years of experience.
HR Business Partner Salary by Industry
The industry in which your business operates could impact your salary as an HR business partner. For example, if you work for a large bank that provides financial services for large corporations, you could earn significantly more than an HR business partner in a public utility company. In addition, the size of your company could have an impact on your salary as an HR business partner in the technology industry. If you work at a small technology startup, your salary could be significantly lower than an HR business partner in a large technology company.
Calculating Salary for HR Partner
To determine your salary as an HR business partner with 6-10 years of experience, first review the average salary of the position. Next, add in your specific experience level and the company’s budget. For example, if your company is paying an average salary of $65K and you have 10 years of experience as an HR business partner, your salary could be $75-80K.
For example, if you want to calculate the salary of Har in a technology company, then follow this procedure:
To determine your salary as an HR business partner in the technology industry, first determine the average salary for the position. Next, determine the budget for the position. This budget will help you determine your salary as an HR business partner in the technology industry. With this information, you can determine how much you could earn as an HR business partner in the technology industry.
Salary Expectations of HR Partner
If you are doing any type of job and are earning a median level salary, then obviously you would aim to earn a high-level salary. Also, you would be interested in how much your salary will be based on your experience in the future. You can find out the future salary expectation by observing your current salary, experience, and type of work you are doing. The salary of an HR Business partner would be greater than a co-founder. So, an HR partner has a high chance to earn a good salary.
How to Become an HR Business Partner?
A career as an HR business partner can begin with an internship or with a role as a contractor. In this position, you would report to an HR manager and assist in the analysis and evaluation of compensation, benefits, and other benefits programs. The next step is to get certified as an HR business partner. To get certified, take the HR Payroll Professional certification exam offered by the HR Association. After that, you have to find jobs and connect with different companies. Finally, apply to become an HR business partner with your sponsor.
Duties for HR Business Partners
They are required to monitor compensation and benefits programs; counsel managers on their compensation, training design, and development processes; analyze performance data, and evaluate alternative compensation plans. They work with other team members and also know operations, sales, and marketing.
Conclusion
While the salary for an HR business partner will vary based on company size, experience level, industry, and designated level of experience, the salary generally starts at between $40K and $100K. If you are interested in a career as an HR business partner, you can pursue certification as an HR business partner. To do so, take the HR Payroll Professional certification exam offered by the HR Association. Then find a job in different companies that are offering the job. Finally, apply to become an HR business partner with your sponsor.
FAQs:
- Q: Should HR business partners demand a salary on an hourly basis or annually?
At the time of salary negotiation, you should demand a salary on an hourly basis. As this is the best choice to make a handsome income.
- Q: What would be the average salary range of HR business partners?
Their estimated yearly salary is about $105,509. The median salary range is nearly $83,735.
