Human resource consulting consists of advisory and implementation activities related to the management of an organization’s human capital and the HR function. The service ranges from overarching work on the human capital strategy to the design and deployment of a compensation & benefits framework. Following are the major human resource consulting services:
· Recruitment & selection
· Performance management
· Learning & development
· Succession planning
· Compensation and benefits
· Human Resources Information Systems (HRIS)
· HR data and analytics
All these services can be categorized into two components based on the service offering. Software-based consulting service and manual consulting service. In most cases, large organizations are preferred to use the combination of software manual service. Hence, the procurement need for human resource consulting services is becoming very crucial.
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Demand Outlook
The global HR consulting market is valued at USD 18 billion in 2020 and it is expected to grow at a CAGR of 12% from 2020 to 2025 as remote working practices are prompting small and medium companies to opt for the latest HR consulting services so that strategic decisions can be made efficiently. The software HR consulting segment is dominant over the manual HR consulting segment of the market with a revenue share of over 68% in 2020. North America is leading the HR consulting market with more than 30% market share followed by Europe and APAC.
Cost Drivers
The cost component of HR consulting services can be categorized into two major segments: the cost of HR consulting software development, and the salary of HR personnel in manual HR consulting services. Usually, software development and implementation cost are higher than appointing HR personnel to perform similar activities. Large-scale global organizations prefer to implement software solutions along with having a small team of HR personnel in specific regions. However smaller companies prefer to have a small HR team for HR consulting as they do not need to manage a large number of employees.
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HR TECH as the third eye is the ultimate problem solver, guardian and friend working to do what falls in the employer and employees key interest.Today, Human Resource Management (HRM) is seen as the LEADER of corporate hierarchy!
Its’ function, practice and procedures play a key role in the normal working of work culture.
Human resources in any enterprise- be it small or medium constitutes an important area of study.Careful human resource management in small and medium enterprises is required to create and nourish good opportunities in the production process.
If managed effectively and efficiently, human resources can play a BIG ROLE in realizing the objectives of the businesses looking for ways TO MIND THEIR BUSINESS!
!As quoted in the Research India Publications http://www.ripublication.com 26 as Rajiv Oza, director HR, Dr Reddy’s Laboratories says, “HR will play an important role in attracting and retaining talent to work in SMEs.
For those who would like to fold their sleeves and manage dynamics very near to the market will enjoy their career in SMEs.
