Coming off of a strong 2006, the HR consulting revenues will continue to expand through the remainder of 2007 and into 2008, with each HR consulting subsegment — benefits consulting, HR technology advisory, and talent management consulting — pulling its share and driven by continued client demand for many services. Kennedy has not seen a market environment like this for a long time, where each segment and each geographic region is experiencing strong growth. Kennedy forecasts annual growth for HR Consulting in the 7% range through 2009, with a slowdown expected in 2010 and 2011 and pegs the 2006 global HR consulting revenues at $18.62 billion.
Oct 5, 2007
The Booming HR Consulting Market
Kennedy Research states that the market is booming. Hmm... I wonder why Learning and Development services is not listed as a part of the HR consulting market. Looks like the biggest beneficiaries of the strong market growth are going to be the big players with global reach. And seems like I should be focusing on talent management consulting ;-)
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While the human capital consulting market is growing, it is also equally difficult to sell. Some factors are : 1)Value propositions need to be flexible 2) Too many players 3)Boutique & specialized HC firms versus big ones 4) The client is an ex-consultant sometimes. Its so much more harder to negotiate with someone in the same profession ;)
ReplyDeleteWhat clients really need are the depth and breadth of expertise and solutions(rather than services). From my experience, Industry specializations play a key differentiator
One of the big market has been in technology and regulatory implementation & adoption. While most bigger human capital consulting firms leverage this opportunity, there is a blanket of opportunities for boutique firms in specialized advisory solutions and services space.
BTW, great idea on focusing on Talent Management consulting. Leverage on retiring baby boomers, skill gap, diversity etc etc ;)
Seriously, there is a great market for that.