Greater resources: Despite increased competition, growth will continue as business activity picks up

Over the past five years, HR management has become more important to businesses, as the improving US economy helped to rebound corporate profit levels and the number of employees. Moreover, regulatory issues related to employee benefit plans have continued to stimulate demand for the HR Consulting industry. As the economy continues to improve and more employees return to the workforce, more companies will seek out HR consultants for advice. Moving forward, the largest industry operators are expected to increasingly turn to overseas markets for expansion as the economy becomes more globalized, further boosting domestic industry revenue as HR consultants manage international transfers...read more.

Industry Statistics & Market Size
Revenue
$22bn
Annual Growth 12-17
0.6%
Forecast Growth 17-22
Profit
Employment
167,678
Businesses
61,342
What Our Customers Say

Industry Threats & Opportunities

  • Falling unemployment increased demand for some industry services, including advice on recruitment, retention and employee relations
  • Consolidation has boosted industry profitability over the past five years
  • The largest operators are expected to turn to overseas markets for expansion
  • Industry Report - Industry Key Buyers Chapter

    The HR Consulting industry comprises many small, nonemploying firms that typically market their services to narrow geographic areas and niche markets. The four largest firms in the industry are multinational companies with operations typically spanning across North America, Asia and Europe. In 2017, the four largest industry players are expected to generate 40.1% of total industry revenue, corresponding to a medium level of market share concentration. One of the largest operators, Aon Corporation, primarily operates through its subsidiary, Aon Hewitt. The firm provides human capital and management consulting and is estimated to account for 11.0% of industry revenue alone in 2017. The...purchase to read more.

    Additional Insights for the HR Consulting Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the HR Consulting Industry are

  • Access to highly skilled workforce
  • Ability to compete on tender
  • Access to niche markets
  • IBISWorld analysts also discuss how external factors such as Number of employees and Corporate profit in the HR Consulting industry impact industry performance..

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    What is the HR Consulting Industry?

    Industry operators provide advice and assistance to businesses and other organizations for structuring human resource and personnel policies, employee benefits, compensation systems, wage and salary administration, recruitment and retention. This industry does not include companies that provide professional and management development training or those that list employment vacancies and place applicants in open positions.

    Industry Products
  • Compensation and benefits consulting
  • Human resources management consulting
  • Actuarial consulting
  • Strategic consulting
  • Industry Activities
  • Providing compensation planning services
  • Providing personnel management assessment
  • Providing actuarial consulting services
  • Structuring employee benefits
  • Assessing organization development
  • Providing employee assessments
  • Providing advice for recruitment and retention
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Number of employees
  • Corporate profit
  • Demand from health and medical insurance
  • External competition for the Management Consulting industry

  • Current Performance
  • Expanding labor market
  • Consolidation and profit
  • Chart: Revenue Growth

  • Industry Outlook
  • Growth areas
  • Competition increases
  • Table: HR Consulting Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - HR Consulting Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Utilities
  • Finance and Insurance
  • Healthcare and Social Assistance
  • Public Administration

  • Key Selling Industries
  • Commercial Leasing
  • Computer Stores
  • Office Supply Stores

  • Products & Services
  • Compensation and benefits consulting
  • Human resources management consulting
  • Strategic consulting
  • Other
  • Actuarial consulting
  • Chart: HR Consulting Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Consumer and industrial businesses
  • Financial service companies
  • Government entities
  • Technology, media and telecommunications businesses
  • Healthcare companies
  • Energy and utilities companies
  • Chart: Major Market Segmentation for the HR Consulting Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases and depreciation
  • Rent and utilities
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs HR Consulting

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the HR Consulting Industry

  • Industry Globalization
    Deloitte Touche Tohmatsu LimitedAon CorporationMarsh & McLennan Companies Inc.Willis Towers Watson PLC
  • Table: Deloitte Touche Tohmatsu Limited - financial performance
  • Table: Aon Corporation - financial performance
  • Table: Marsh & McLennan Companies Inc. - financial performance
  • Table: Willis Towers Watson PLC - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the HR Consulting Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the HR Consulting Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)
  • Number of Employees (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Table: Industry Financial Ratios
    Actuary
  • A person who analyzes the probability and likely cost to a company in the event of an employee disability, sickness, injury, death or loss of company property.
  • Human Capital Management
  • The development of all labor-related issues, such as employment, employee assessment, compensation and improving labor relations.
  • Personnel Policies
  • A set of statements for employees that include comprehensive information about workplace rule,; such as hours, attendance, pay, benefits, supervision and discipline.
  • Why buy this report?

    IBISWorld’s HR Consulting Industry Research Report contains up-to-date data and analysis, allowing you to identify the strengths and potential weaknesses of major companies in the industry. Build your credibility with clients and prospects by sharing insights into the current and emerging trends driving their industry. Our market research gives you the tools to win new business and keep existing clients.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on HR Consulting:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The HR Consulting market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on HR Consulting, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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