Ranked according to consulting revenue. Published: March 12, 2007
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State of the HR Consulting Industry
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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