The market for consulting companies that advise and assist businesses with Human Resources Consulting is known as the human resources (HR) consulting market. This could cover matters like hiring, performance management, adhering to labour rules, providing employee benefits, and succession planning. Since more and more businesses are looking to outside professionals for help managing their human resources, the market for HR consulting services is widely seen as a sizable and expanding sector of the economy.
Following COVID, the market has seen a huge growth. Human resources consulting accounted for over 12% of the world market for management consulting in 2021. This is a contemporary method of organising an organization’s workforce to increase employee effectiveness.
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Segmentation of Human Resources Consulting Industry Survey
- By Service :
- Human Capital Strategy
- Compensation & Benefits
- Organisational Change
- Talent Management
- Learning & Development
- HR Function
- HR Analytics
- By End-use Industry :
- Consumer Markets
- Energy and Natural Resources
- Government & Public Services
- Life Science & Healthcare
- Media & Telecommunications
- Technology
- Others (not covered elsewhere)
- By Region :
- North America
- Latin America
- Europe
- East Asia
- South Asia & Oceania
- MEA
Key Takeaways from Market Study
- The global human resources consulting services market is projected to expand at a steady CAGR of 5.2% and be valued at US$ 82 billion by 2032.
- The market exhibited 3.8% CAGR for the period of 2017-2021.
- Under service segment, compensation & benefits dominate the market with a share of 36%.
- North America led the global market with 41% share in 2021.
- Demand for HR consulting services is expected to increase at CAGRs of 5.1% and 6.2%, respectively, in Europe and East Asia.
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
- Kearney
- Korn Ferry
- KPMG
- McKinsey & Company
- Mercer
- Milliman, Inc
- Oliver Wyman
- Paychex
- PwC
- Trinet
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.
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