October 17, 2014
Rebounding from a decline in previous years, the HR consulting industry saw growth of 6.1 percent in 2005 and maintained a steady growth rate of 9.1 percent in 2006, resulting in an $18.4 billion market, according to a recent study conducted by Kennedy Information. Furthermore, the study forecasts that the global HR consulting industry will experience an 8.3 percent compound annual growth rate from 2006 to 2010.
Legal and regulatory changes regarding retirement benefits, such as the enactment of the Pension Protection Act in 2006, are identified as being the lead drivers within the U.S. market. Other factors contributing to demand include increasing need for executive talent management strategies and the implementation of HR technology as well as trends in business process outsourcing, including HR outsourcing. According to Watson Wyatt, there are about 950 firms globally that provide HR-related consulting services in such areas as recruitment, compensation, retention and benefits.
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