Others find it exhilarating. Most specialist positions require you to be very detail-oriented. For example, benefits specialists need to know the intimate details of the company's benefit plans. You are perceived as the company expert in a specific area and people rely on you to give them informed answers to their questions. This means knowing things inside and out.
Generalists tend to be a bit more isolated from the effects of a downturn.
In a downturn, generalists often pick up more of the responsibilities of downsized specialists. Outside consulting firms can always be used to fill in the gaps. If your goal is to eventually open up your own human resources consulting practice, consider spending a few years in each of the specialties. When you are a specialist, clients tend to be more open to paying higher fees since they know they do not have the level of expertise that you can offer inside their own organization. If your goal is to manage the HR department for a small company, then you might want to go the generalist route because smaller companies often look for generalists.