09-04-2012, 04:32 PM
INDUSTRY PROFILE
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HR Consulting
HR consulting or Human Resources consulting is one of the primary components of management consulting but it has branched out into its own specialization due to the needs of businesses becoming more complex and specialized. There is a great deal of overlap between in the services provided by firms specializing in HR consulting, IT consulting, and management consulting.
The core fields around which most HR firms base their consulting methodologies are human capital, health and benefits, merger and acquisitions, communication, retirement, and outsourcing. Some business will use a firm to provide all of their HR services while others will use them as needed.
Human Capital, including remuneration (also called total rewards), employee rewards and incentive programs, and talent acquisition and management
Health & Benefits; i.e., orchestrating optimal employee health plans with the carriers themselves
Companies in the Field
HR consultancies vary in their ranges of services and sizes, with many consultants and academicians breaking off to form their own practices. A 2007 Workforce Management study identifies the top five revenue producing HR consultancies as Mercer ($2.4 billion), Ernst & Young ($1.8 billion), Deloitte ($1.6 billion), Watson Wyatt ($1.4 billion), Aon ($1.3 billion), and PricewaterhouseCoopers ($1.1 billion). Other major players include Towers Watson, Hewitt Associates, Hay Group, Ma Foi Randstad (part of the Dutch Randstad Holding), and Buck Consultants.