The global human resources consulting services market is expected to reach a valuation of US$ 49.4 billion in 2022 and accelerate at a CAGR of 5.2% to top US$ 82 billion by 2032.
Human resources consulting services accounted for nearly 12% share of the global management consulting market at the end of 2021.
A team’s or a human resources consultant’s contractual compensation is also based on the project deliverables, milestones reached, and results gained within the allotted time frame. The hiring of human resources consultants will lower the costs associated with hiring new employees, providing them with training, and making investments in technologies and tools.
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Human Resources Consultancy to Help Businesses Lower Their Recruiting Expense Burden
The HR departments of businesses are more likely to consist of generalists than specialists in all associated organisational disciplines. On the other hand, human resources consultants have experience working with numerous businesses across numerous industries and sectors. They are therefore aware of and have insight into the best practises that should be used.
A team’s or a human resources consultant’s contractual compensation is also based on the project deliverables, milestones reached, and results gained within the allotted time frame. The hiring of human resources consultants will lower the costs associated with hiring new employees, providing them with training, and making investments in technologies and tools.
“Human resources consulting to gain popularity in every industry vertical over the coming years,” says a Fact.MR analyst.
Why is the U.S. a Huge Market for HR Consulting Services?
The United States human resource consulting market is estimated to expand at a CAGR of 5.2% through 2032.
The potential rise in employment rate in the United States and the growing adoption of advanced technologies such as HR analytics are expected to drive the U.S. human resources consulting services market.
- According to the US Bureau of Labor Statistics, the employment rate in the United States was about 59.3% in December 2021, which increased to 60.1% in August 2022.
Market Development
The intensity of competition in the human resources consulting market is high with the presence of various established and new market players in the market. These market players are resorting to various organic & non-organic strategies to stay competitive in the market.
- In March 2020, Willis Towers Watson was acquired by Aon Plc.
Additionally, market players are taking rigorous action to enhance their consumer base by focusing on various industry verticals. They are are focusing on improving their services with integration of advanced technologies such as cloud computing, artificial intelligence, and machine learning.
Competitive Landscape
The global human resources consulting market is expected to be highly competitive with the adoption of various strategic initiatives such as partnerships and acquisitions by key market players.
For instance :
- In March 2020, London-based global service provider of insurance, risk management, and human resource consulting, Aon Plc, acquired Willis Towers Watson (WTW), a U.K.-based risk management, insurance brokerage, and advisory company.
- In February 2021, Washington DC-based human resource data analytics firm, DCI Consulting Group announced the acquisition of Milwaukee, Wisconsin-based HR Analytical Services.
Key Companies Profiled
- Accenture
- Aon Hewitt
- Automatic Data Processing, Inc.
- Bain & Company
- Boston Consulting Group
- Capgemini
- Deloitte
- Ernst & Young
- G. H. Smart & Company, LLC
- Huron
- Kaiser Associates
- Others