Now hiring: Increases in the number of businesses and corporate profit growth will boost revenue

Despite the economy's slow recovery and growth, the HR Consulting industry experienced strong growth over the five years to 2018. Such industry growth is the result of an increase in the number of businesses along with declining unemployment rates early on in the five-year period. Over the five years to 2018, industry revenue is anticipated to rise. Over the five years to 2023, the industry is expected to become increasingly stable as a rising number of businesses and increasing corporate profitability create a platform for industry growth. Furthermore, the national unemployment rate is expected to marginally rise, resulting in restraining growth and increasing demand for countercyclical services...read more.

Industry Statistics & Market Size
Revenue
$3bn
Annual Growth 13-18
6.5%
Forecast Growth 18-23
Profit
Employment
9,919
Businesses
5,599

Industry Threats & Opportunities

  • Competition will continue to rise from other external consulting industries
  • Companies will grow their operational reach through emerging markets, mergers and acquisitions and innovation
  • Industry services are heavily reliant on overall economic growth
  • Industry Report - Industry Products Chapter

    Companies in the HR Consulting industry in Canada provide assistance to businesses and other organizations regarding the development of human resource policies, practices and procedures. Operators also assist with employee benefits planning, communications and administration. The industry's largest players, most notably Mercer LLC, Aon PLC and Willis Towers Watson are able to provide a wide range of services to clients, while smaller players often focus on providing specialized services within a single area.Compensation and benefits consultingCompensation and benefits consulting represent the single largest component of industry revenue at 33.3% in 2018. HR ...purchase to read more.

    Additional Insights for the HR Consulting Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the HR Consulting Industry are

  • Access to highly skilled workforce
  • Well-developed internal processes
  • Having a good reputation
  • IBISWorld analysts also discuss how external factors such as National unemployment rate and Number of businesses in the HR Consulting industry impact industry performance..

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    What's in this report

    What is the HR Consulting Industry?

    This industry provides advice and assistance to businesses and other organizations for structuring human resource and personnel policies, employee benefits, compensation systems, wage and salary administration, recruitment and retention. This industry does not include companies that provide professional and management development training or those that list employment vacancies and place applicants in employment.

    Industry Products
  • Human resources management consulting
  • Compensation and benefits consulting
  • Actuarial consulting
  • Other services
  • Industry Activities
  • Human resources management consulting
  • Compensation and benefits consulting
  • Actuarial consulting
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • National unemployment rate
  • Number of businesses
  • Corporate profit
  • Demand from human resources and benefits administration

  • Current Performance
  • Recovery and opportunities
  • Rising competition
  • Industry landscape
  • Chart: Revenue Growth

  • Industry Outlook
  • Increasingly stable growth
  • Industry growth areas
  • Competition continues to intensify
  • Table: HR Consulting Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - HR Consulting Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Mining In Canada
  • Manufacturing In Canada
  • Retail Trade In Canada
  • Finance and Insurance In Canada
  • Professional, Scientific and Technical Services In Canada
  • Public Administration in Canada

  • Key Selling Industries
  • Commercial Leasing in Canada
  • Consumer Electronics Stores in Canada
  • Database & Directory Publishing in Canada
  • Office Supply Stores in Canada

  • Products & Services
  • Compensation and benefits consulting
  • Human resources management consulting
  • Other services
  • Actuarial consulting
  • Chart: HR Consulting Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Financial and professional services
  • Industrial goods and services
  • Consumer and retail sector
  • Public sector
  • Other industries
  • Technology, media and telecom sector
  • Energy, utilities and mining sector
  • Nonprofit organizations
  • Chart: Major Market Segmentation for the HR Consulting Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
    ProfitWagesPurchases and depreciationRent and utilitiesOther
  • Chart: Cost Structure Benchmarking – Sector vs HR Consulting

  • Basis of Competition
    Barriers to Entry
  • Table: Barrier to Entry Checklist for the HR Consulting Industry

  • Industry Globalization
    Morneau Shepell Inc., Mercer LLC, Willis Towers Watson,
  • Table: Morneau Shepell Inc. - financial performance
  • Table: Mercer LLC - financial performance
  • Table: Willis Towers Watson - financial performance

  • Capital Intensity
  • Chart: Level of Capital Intensity for the HR Consulting Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the HR Consulting Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Number of businesses (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Actuary
  • A person who analyzes the probability and, at times, cost to a company in the event of an employee disability, sickness, injury, death or loss of company property.
  • Hr
  • HR is the common acronym for human resources.
  • Human Capital Management
  • The development of all labour-related issues, such as employment, employee assessment, compensation and improving labour relations.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s HR Consulting market research report is a comprehensive guide to market size and growth prospects. Our industry reports offer strategic industry analysis of the factors influencing companies, including new product developments, economic, lifestyle and demographic influences, distribution and supply chain factors and pricing issues. Full analysis accompanies our data forecasts to illustrate how the market responds to emerging industry trends.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on HR Consulting:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The HR Consulting market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on HR Consulting, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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