HR Consulting in the US - Industry Market Research Report

HR Consulting in the US - Industry Market Research Report

HR Consulting in the US

Human resource (HR) management has become 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 profit remained elevated despite decreasing over the five years to 2022, clients' willingness to pay for consulting services has increased, leading more companies to hire industry operators to contend with HR-related concerns. Over most of the past five years, industry revenue has benefited from economic growth that increased business activity and expanded the national labor force. However, it is anticipated that during the current period, the US HR Consulting industry will perform marginally worse than the market as a whole. Due to its dependence on business clients, whose budgets have been squeezed as a result of the recession, as well as by technological advancements that have rendered some of its services obsolete. Overall, industry revenue is expected to decrease at an annualized rate of 0.2% to reach an estimated $25.3 billion entering 2023, with an decrease of 1.5% in 2023.

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.