Industry Analysis & Industry Trends
The growing importance of outsourcing internal services such as human resources by businesses has helped the industry grow through the recession. Nevertheless, a large amount of business closures, low corporate profit and high unemployment rates significantly slowed spending on HR consulting services, which are often nondiscretionary, during the recession and slow recovery. However, moving forward, the industry is forecast to turn around as the economy and business activity pick up... purchase to read more
Industry Report - Starting a New Business Chapter
The HR Consulting industry has low barriers to entry. There are low start-up costs to opening a HR consulting firm and there is little regulation of the industry. Furthermore, the industry is highly fragmented, and although there are a significant number of operators, there is a low level of market share concentration. The top four companies in the industry generate less than 20.0% of the industry's revenue.
The most significant barrier to entry is the specialized knowledge required for industry operators. There is relatively little capital investment required to enter the industry as it is service industry. Because the industry is labor intensive, hiring employees with a high degree of specialized knowledge is one of the primary barriers to entry... purchase to read more