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. The HR teams of firms are more likely to be a team of generalists than specialists in every related discipline of the organization. Human resources consultants, on the other hand, have expertise working with several companies across a variety of industries and sectors. As a result, they are familiar with and have insights into the finest practices that need to be adopted.
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Emerging Trends in HR Consulting:
The HR consulting market is constantly evolving to address emerging challenges and opportunities. Several trends are shaping the industry’s future:
- AI and Predictive Analytics: HR consultants are increasingly using AI and predictive analytics to make data-driven decisions in areas like talent acquisition, retention, and employee engagement.
- Remote Work Strategies: The shift to remote work during the pandemic has spurred the need for HR consultants to assist organizations in developing sustainable remote work policies and practices.
- Employee Experience (EX): EX has become a focal point, with consultants helping organizations create a positive employee journey from onboarding to retirement.
- Agile HR: Agile methodologies are being applied to HR processes, making HR more responsive to changing business needs.
- Skills-Based Talent Management: Consultants are emphasizing skills-based talent management over traditional job descriptions, enabling organizations to better align talent with evolving roles.
- Sustainability and CSR: HR consultants are assisting organizations in integrating sustainability and Corporate Social Responsibility (CSR) into their HR strategies to attract and retain socially conscious talent.
- Mental Health and Well-being: The pandemic has heightened awareness of mental health issues. HR consultants are helping organizations develop mental health programs and support systems.
Competitive landscape:
Prominent human resources consulting service providers are 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, and Trinet.
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.
Fact.MR has provided detailed information about the service providers of human resources consulting positioned across regions, revenue growth, and service offering expansion, in the recently published report.
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
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Questionnaire answered in the Market outlook Report of Human Resource Consulting include:
- What is the key strategy deployed by large players to maximize Human Resource Consulting Market growth?
- What are the main challenges faced by players in the Human Resource Consulting market Demand?
- With the advent of technological advancement, how will the Human Resource Consulting market landscape change over the forecast period?
- What does player bring to the table which is unique as a strategy, and is easy to emulate for new investors in the Human Resource Consulting market size?
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