HR Consulting in the US
Human resource (HR) management is becoming more important to businesses as the US economy becomes increasingly service oriented, which creates a greater emphasis on employee relations and benefits. This trend has benefited the HR Consulting industry, which provides services to companies and individuals in this area. As corporate profitability has grown over the five years to 2018, clients' ability to pay for consulting services has increased, leading more companies to hire industry operators to contend with their HR-related concerns. The majority of industry operators are nonemployers that service clients' HR problems within specialty niche markets. Over the five years to 2018, individual HR consultants have entered the industry. Alternatively, employing operators have aimed to make themselves a one-stop shop for all their clients' HR and other consulting-related needs through consolidation, as Willis, a risk and insurance consulting firm, did with Towers Watson in 2016. Over the next five years, large industry operators will enter overseas markets and expand their service offerings to better compete with full-service firms and attract new customers. However, sustained competition with other industries will likely limit profitability.
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.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.