HR Advisory Services Market Growth Analysis And Indications – Includes HR Advisory Services Market Growth
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Major players in the HR advisory services market include Marsh & McLennan Companies, Inc., Willis Towers Watson, Accenture, Aon Hewitt, McKinsey & Company.
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The HR advisory services market is expected to reach from $ 148.6 billion in 2021 to $ 206.1 billion in 2026 at a rate of 6.8 %. The global HR advisory services market size is then expected to grow at a CAGR of 8.0% from 2026 and reach $ 302.8 billion in 2031.
North America was the largest region in the global HR advisory services market.
The HR advisory market consists of the sales of HR advisory services by entities (organizations, sole traders and partnerships) that provide advice on human capital matters and/or offerings revolving around the HR function. HR advisory services are generally used by two types of clients – those aiming to improve their HR function by redesigning HR processes and those undergoing transformations such as mergers and acquisitions to ensure the new human capital is trained. Only goods and services traded between entities or sold to end consumers are included.
The increasing use of data analytics and artificial intelligence (AI) is expected to drive the growth of the HR advisory services market during the forecast period.
During the pandemic, it can be observed from available data that the mental health of a considerable number of employees has been affected due to several factors, such as anxiety, loneliness, effected social life, job insecurity, etc. The employees have been going tHRough a continuous mental health struggle because of the fear of lay-offs, meeting expectations of achieving higher targets, etc. It is vital to keep them informed about the ongoings of the organization and their job security. An HR consultant has a crucial role to play to cope up with such situations, by being available, showing empathy and providing long term support to the employees. The high levels of stress that have emerged and continue to affect employees worldwide during the ongoing lockdown. is a huge area of concern. It is a well-known fact that physical and mental wellbeing are correlated, and one cannot be managed at the expense of the other. The work-from-home practice due to Covid-19 was literally adopted overnight by employers, creating a whole new set of challenges for all stakeholders.
By Type: Compensation Consulting, Benefits Consulting, Actuarial Consulting, Strategic and other Consulting
By Service: Integration & Deployment, Support & Maintenance, Training & Consulting
By End-Use: IT Services, Manufacturing, Financial Services, Mining And Oil & Gas, Construction, Others services
By Geography: North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.
The HR Advisory Services Market Report 2022–Opportunities And Strategies – Global Forecast To 2031 is one of a series of new reports from The Business Research Company that provides an overview of the HR advisory services market globally and regionally, analyzes and forecasts market size, share, HR advisory services market players, HR advisory services market segments, leading competitor revenues, profiles and market shares.
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