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Companies in this industry provide advice and assistance to businesses regarding human resources and personnel policies, employee compensation and benefit planning, and wage and salary administration. Major companies include Aon Hewitt and Mercer (both based in the US), Willis Towers Watson (based in Ireland), and divisions of global consulting firms such as Deloitte and Accenture.
The worldwide human resources (HR) consulting services industry generates about $31 billion in revenue annually, according to Consultancy.uk. The US is the largest market for consulting services overall, but global firms are targeting other industrialized regions with emerging economies for growth. The Asia/Pacific region is a leading market for industry growth.
The US human resources consulting services industry includes about 8,000 establishments (single-location companies and units of multi-location companies) with combined annual revenue of about $17.5 billion.
Coverage of the larger Consulting Services industry is included in a separate profile. Professional employer organizations (PEOs), which provide outsourced human resources management services, are also covered in a separate industry profile.
Demand is driven by the needs of businesses, nonprofit institutions, and government agencies for outside HR advice. The profitability of individual companies depends on the efficiency of their operations and their ability to maintain a steady flow of business. Large firms have advantages in being able to offer broad ranges of services and to take on more complex projects. Small firms can compete effectively by specializing. ...
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