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Key findings: Human resources consulting services
Human resources consulting services are rapidly shifting to a digital platform as buyers are adopting digital HR for various HR-related processes by businesses. This is benefiting buyers with improved organizational performance as well as minimizing cost. The popularity of the social media platform is also driving HR consulting firms to leverage talent management software to recruit professionals. These factors are observed to exert a cumulative impact on the category spend momentum during the forecast period.
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Written from the perspective of the buyers and suppliers, this human resources consulting services procurement research report offers comprehensive coverage of the factors driving spend across various regions and helps buyers to identify opportunities for cost savings. To help buyers procure human resources consulting services at cost-effective rates, an analysis of the pricing outlook and supplier cost structure is also offered in this report.
Insights offered in this human resources consulting services sourcing and sourcing and procurement report will help the buyers understand:
Buyers from some of the critical end-user sectors are preferring to outsource talent management and retention services to HR consulting firms to deepen their focus on their core business goals. This is propelling the spend growth of the talent management segment, which claimed about 30% share of the overall category spend last year and is predicted to grow at a stable rate. With an aim to attract and retain talents, buyers are focusing on offering better employee benefits. This is motivating the service providers to improve their capabilities to offer compensation and benefits analysis solutions. This is expected to boost the spend momentum of the human resources consulting services category during the forecast period.
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This human resources consulting services market intelligence report covers:
Optimize category spend for human resources consulting services
Buyers can achieve a significant reduction in their overall procurement spend by collaborating with regional HR consulting firms. This will boost the buyer's bargaining power as well as enhance their visibility into project progress, contract compliance. Partnership with regional HR consulting firms will also reduce the billing rates and immune buyers from adverse fluctuations in currency exchange rates.
This human resources consulting services procurement research also covers:
Assess category spend for the US region
Stringent work visa norms are impeding talent acquisition from foreign countries which has created a lacuna in the talent pool in the US. It is expected that such a situation is expected to create substantial demand for HR-related services such as advice on recruitment, employee retention, employee training and development, and employee relations and communication. Buyers from financial and healthcare sectors in the US are exhibiting exponential demand for human resources consulting services which aid them in complying with the stringent regulations in these sectors. This is accelerating the category spend momentum in the US to a significant extent.
Additional information offered in this human resources consulting services market intelligence report will help buyers analyze:
Build strategies for effective supplier selection
Evaluating suppliers based on their model of operation that can be customized as per buyer's requirements is a crucial factor for selecting the right supplier. Such a model of engagement must be assessed for its relevance to the buyer's business needs. Buyers should look at all the available pricing options from HR consulting firms before finalizing engagements.
This human resources consulting services procurement research report identifies the major costs incurred by suppliers and provides additional information on:
Overpayment of claims made by employees is one of the commonly faced challenges by buyers. Category managers are advised to outsource the eligibility audit services to firms that can identify and eliminate those ineligible for the benefits can reduce healthcare claim cost by 5%-10% for buyers.
Key insights offered in this human resources consulting services procurement research report will help the buyers identify:
Design strategies based on regional spend data
The rapid expansion of businesses in APAC is triggering complexities in HR-related activities pertaining to talent management and employee benefits management. Such complexities are compelling buyers to outsource processing services which are expected to be one of the primary category spend accelerators in APAC. On a similar note, diversity in the workforce in terms of gender and age, as well as norms such as 40% quota for women in corporate boards in all the EU countries, are increasing HR-related complexities in the region. This is expected to result in an incremental category spend in the region in the coming years.
To estimate the regional spend potential, this human resources consulting services procurement research report considers geographies such as:
Information on the top HR consulting firms and major risks faced while procuring human resources consulting services is offered in this human resources consulting services market intelligence report. Download a free sample to access the report's complete scope of coverage.
SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.