HR Advisory Services Global Market Report 2024

HR advisory services play a crucial role in enhancing the efficiency of HR operations and facilitating the successful implementation of new policies and procedures for businesses. These services support organizations in reshaping their business culture, encompassing changes in organizational design, processes, and systems, among other aspects.

The primary categories of HR advisory services include compensation consulting, benefits consulting, human resources management consulting, actuarial consulting, strategic consulting, and others. Compensation consultants specialize in the design and implementation of compensation programs aimed at creating appropriate incentives for employees. They also offer guidance to businesses on compensation trends and prevailing pay rates for specific job categories. The range of services encompasses integration and deployment, support and maintenance, training, and consulting, and finds application across various industries such as IT services, manufacturing, financial services, mining, oil & gas, construction, and others.

The HR advisory market research report is one of a series of new reports from The Business Research Company that provides HR advisory market statistics, including HR advisory industry global market size, regional shares, competitors with a HR advisory market share, detailed HR advisory market segments, market trends and opportunities, and any further data you may need to thrive in the HR advisory industry. This HR advisory market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The hr advisory services market size has grown steadily in recent years. It will grow from $157.54 billion in 2023 to $162.81 billion in 2024 at a compound annual growth rate (CAGR) of 3.3%. The expansion observed in the historical period can be credited to robust economic growth in emerging markets, a heightened occurrence of mergers and acquisitions, the effects of globalization, and an increase in investments in research and development (R&D).

The hr advisory services market size is expected to see steady growth in the next few years. It will grow to $186.81 billion in 2028 at a compound annual growth rate (CAGR) of 3.5%. The anticipated growth in the forecast period can be linked to factors such as the integration of data analytics and AI, the ongoing trend of rising urbanization, continuous technological advancements, and a heightened emphasis on customer satisfaction. Major trends expected in the forecast period encompass the pervasive use of data analytics and AI, the upward trajectory of urbanization, ongoing technological advancements, and an increasing focus on enhancing customer satisfaction.

The expansion of the HR advisory services market is propelled by the significant utilization of data-driven tools and analytics for enhancing employee engagement. Employee engagement, a workplace strategy fostering optimal conditions for employees to perform at their best while adhering to company values and enhancing their well-being, is increasingly relying on data analytics and AI for critical decision-making. For example, Genpact, an American professional services company, employs data analysis to categorize employee data and identify patterns related to factors such as age, salary range, or experience level to understand employee attrition. Predictive analytics is then used to pinpoint employees at high risk of voluntary attrition, leading to targeted interventions for re-engagement. Ongoing advancements in data-driven tools and analytics are anticipated to further drive the growth of the HR advisory services market.

The HR advisory services market is also experiencing growth due to the expanding workforce. Workforce expansion, representing the total number of employees in an organization, industry, or country, is supported by HR advisory services offering strategic guidance on talent acquisition and onboarding. This ensures that organizations identify and attract suitable candidates while maintaining compliance and fostering efficient growth. Notably, in May 2023, the Australian Bureau of Statistics reported a rise in labor force employment, reaching 14,003,400 from 13,963,600 in April 2023, signifying a 0.3% increase. Thus, the increasing workforce expansion is a driving factor for the HR advisory services market.

The global trend of creating a digital workplace using cloud services and AI is gaining momentum in the HR advisory market. The digital workplace, centered on digital transformation, leverages cloud services and artificial intelligence to eliminate geographic barriers, enhance collaboration, increase productivity and employee engagement, improve decision-making, and optimize costs. For instance, SEO.ai, a France-based AI tool, suggests that AI could potentially replace around 800 million jobs worldwide by 2030.

Major players in the HR advisory services industry are adopting a strategic partnership approach to deliver essential HR advisory services, boost productivity, and drive efficiencies within HR. Strategic partnerships involve leveraging mutual strengths and resources for shared benefits and success. In October 2023, Ernst & Young Global Limited, a UK-based provider of financial advisory services, partnered with International Business Machines Corporation, a US-based technology company, to launch EY.AI Workforce. This innovative HR solution integrates artificial intelligence (AI) into key HR business processes, combining AI and automation from IBM Watsonx Orchestrate with EY's domain knowledge in HR transformation. This collaboration allows organizations to innovate their HR processes with tailored solutions that leverage AI for streamlined employee work.

In July 2023, Marsh McLennan Agency LLC, a US-based insurance firm, acquired Integrity HR Inc. for an undisclosed amount, aiming to enhance its HR consulting capabilities. The acquisition of Integrity HR Inc., a UK-based human resources consulting firm, enables Marsh McLennan Agency LLC to offer clients a more comprehensive suite of HR services, including strategic outsourced human resources (HR) and HR consulting services.

Major companies operating in the hr advisory services market report are Marsh & McLennan Companies, Inc., Willis Towers Watson, Accenture, Aon Hewitt, McKinsey & Company, Boston Consulting Group, Korn Ferry, KPMG LLP, Bain & Company, Deloitte Consulting LLP, Tricor Group, With Business Process Outsourcing, Quess Corp, Adecco India Pvt. Ltd., ABC Consultants Pvt Ltd., CareerNet Technologies Pvt Ltd., Innovsource Services Pvt Ltd., KOISRA UP, Reed Specialist Recruitment Korea, MAM Corporate Solutions, Talent Search Recruitment, LANSIMA, Global Expat Recruiting, Recruit Express Pte Ltd., JAC Recruitment Group, Wuhu Hande Business Consulting Co. Ltd., New Horizons Global Partners Shanghai, INFITEC, Morgan McKinley Shangha, Monroe Consulting Group, Links International, CDP Group, Ltd., Arcoro GmbH, Teamly, Ratbacher GmbH, Duerenhoff GmbH, IMU Institut GmbH, Pape Personalberatung, Dr. Maier + Partner Group, Conciliat GmbH, International Service Group, Venturi Ltd., CLEVIS GmbH, DEKRA Arbeit Group, Passion for People GmbH, SHUNTI, Leinonen Group, ManpowerGroup, BPI group, TEXON Recruitment, Acteon, TRIZA Exclusive, Staff-Up, Amrop, Unistaff, Unity Business Solutions, Robert Half, TPD, Creo Consulting, Pinnacle HR, ALL in ONE, First Class Consulting Firm, ACCUR, American Recruiting & Consulting Group, RMG Staffing, HH Staffing Services, Criterion Executive Search, The HT Group, Sim Carreira, Ubiminds, Mercer, CDL de Florianopolis, Empreza Service Center, Gi Group, ACIF, Grupo Meta RH, Employer RH, Foxtime Recursos Humanos, Alliage, EAG - Empresa Autogerenciavel, Nathan & Nathan Human Resources Solutions, Tuscan Consulting, NAJMA Consultancy, Pinpoint Human Resource Consultancy, Ultimate HR Solutions, JAMS HR Solutions, Accel HR Consulting, Dragon Recruiting, Education 1st Recruitment, PE Corporate Services (PECS), EY South Africa, KPMG East Africa Limited, Strategy&, Alvarez & Marsal, Nextcontinent, AMSCO

North America was the largest region in the HR advisory services market in 2023. Western Europe was the second largest region in the global HR advisory services market share. The regions covered in the hr advisory services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the hr advisory services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain

The HR advisory market consists of revenue earned by entities by providing services such advising on human capital matters and/or offerings revolving around the HR function. HR advisory services are generally used by three types of clients: those aiming to improve their HR function by redesigning HR processes, those undergoing transformations such as mergers and acquisitions to ensure the new human capital is trained. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

HR Advisory Services Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on hr advisory services market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for hr advisory services? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The hr advisory services market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Compensation Consulting; Benefits Consulting; Actuarial Consulting; Strategic and Other Consulting
• 2) By Service: Integration & Deployment; Support & Maintenance; Training & Consulting
• 3) By End-User: IT Services; Manufacturing; Financial Services; Mining and Oil & Gas; Construction; Other Services; Others
• Companies Mentioned: Marsh & McLennan Companies, Inc.; Willis Towers Watson; Accenture; Aon Hewitt; McKinsey & Company
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.