Career Path in HR Consultancy
Let's say this person starts working for a consultancy. With years of experience, he/she will rise to be a "vertical head." Salaries are high for really good vertical heads (greater than 2 crores per annum).
There could be a tangent in this career: after 2-3 years of hard work, a person with good networking and knowledge of a sector can find a job as a "hiring manager" in a corporate in the same sector. Salaries can range from as low as 35k to 2 lacs, depending on the candidate/company.
In the long run, qualifying for senior positions will be a herculean task. The person will have to study a lot and understand all aspects of HR, be it compensation and benefits, talent development, etc.
Since the person already has 2 years of experience handling payroll/labour, they should acquire in-depth knowledge of various labor laws and pick up a bigger establishment where the scope for learning is more. Salaries in Industrial Relations are good (ranging from 50k to 2 lacs per month for mid-management).
Certifications and Further Opportunities
Another route is acquiring certifications in Compensation and Benefits from Hay Group, CAMI, or another reputable vendor. At the bottom, we have payroll managers getting a salary of 6-12 lacs per annum. For a compensation and benefits manager, it's 12-13 lacs upwards.