The global public relations services market was valued at almost USD 31 billion during 2016 and is expected to surpass USD 40 billion by 2021.
Procurement market intelligence analysts have announced the launch of their latest market research report on HR consulting services for the period 2017-2021. This market analysis discusses the major drivers and key emerging trends that influence the growth of the HR consultation services market during the forecast period. Some of the top vendors listed in this industry analysis include Mercer, AON Hewitt, Willis Towers Watson, Deloitte, and McKinsey & Company.
In terms of geographical analysis, the Americas led the global market during 2016 by accounting for around 70% of the overall market share.
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According to Angad Singh, a procurement specialist at Technavio for research on category spend intelligence, “HR analytics is becoming increasingly popular as it helps in increasing productivity, workforce management, and providing deeper insights into team collaboration and productivity. Suppliers in the market are constantly innovating in the development of tools and using IoT and Big Data to come up with predictive analytic tools and talent management software.”
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The new procurement market intelligence report analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing demand for organizational change management solutions
Companies are looking to align their workforce and focus on retention, leading to a surge in the demand for HR services to help reorganize workplace structures. For instance, Piedmont Healthcare, a Georgia-based healthcare system collaborated with Willis Towers Watson in 2015 to develop proper job descriptions. This collaboration benefited Piedmont greatly. It also helped them develop applications for talent and performance management.
Need for expert solutions to design compensation programs
Companies increasingly rely on the expertise of consultants to design programs to address the challenges faced during designing executive compensation programs. For instance, a major cosmetic company that was facing cost challenges partnered with Willis Towers Watson and conducted an extensive global research to revamp the compensation for its executives worldwide.
Growth of contingent workforce segment
Companies such as Uber and Airbnb employ a contingent workforce to achieve cost savings. This has resulted in the increased demand for HR consulting services to manage this contingent workforce.
A more detailed analysis is available in the procurement market intelligence report titled, ‘Global HR Consulting Services – Procurement Market Intelligence 2017’.
