What is HR Consulting industry in the US?
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 and Services
- Compensation and benefits consulting
- Human resources management consulting
- Actuarial consulting
- Strategic consulting
- 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
Demand for the HR Consulting industry is expected to accelerate, with industry revenue forecast to increase at an annualized rate of 2.6% to $24.6 billion over the five years. Revenue growth will likely coincide with broader economic recovery in the wake of the COVID-19 (coronavirus) pandemic. As the domestic labor force grows, more companies will likely seek out human resource (HR) consultants for advice on recruitment and retention; employee relations and communication; and determining optimal workplace hours, attendance, pay and benefits. Similarly, the pandemic has provided a unique opportunity growth opportunity for industry operators. Transition to remote work capabilities and employee immunization policies will likely remain a key area of focus.