- A research report by Technavio, a global technology research and advisory company, predicts that the compound annual growth rate (CAGR) in the global HR consulting services market will be 6% during the next five years, according to a release.
- The growth in mobile platforms and online applications for payroll, talent management, leave benefits and other HR functions are driving the growth in CAGR. Angad Singh, a lead Technavio procurement specialist, said in the release that high-level risks and regulations in health and benefits administration are driving companies to purchase HR consulting services, which can help them with compliance issues and cost-savings.
- The Global HR Consulting Services: Procurement Intelligence Report 2017-2021 is an in-depth analysis of best procurement practices, cost-efficiency and category spend. The information is aimed at helping organizations buy quality HR consulting services for the best price.
HR consulting services, like technology, are helping employers carry out payroll, benefits administration, talent management and compliance-related HR functions. Besides saving employers time and money, HR consulting services allow them to focus on key objectives, such as planning strategies for hiring, recruiting, training and benefits.
Some smaller businesses and startups may opt for consulting services instead of complete, in-house HR services, which may also account for some growth.
As HR technology continues its march to the cloud, more HR leaders may be seeking guidance and assistance in adapting to new trends. A report like Technavio’s can be invaluable for organizations that are involved in, or learning how to, navigate procurement processes and procedures.