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1、1,2,2,2,2,4,4,5,7,9,WWW.IBISWORLD.COM,HR Consulting in the US September 2011,At the source:Despite high competition,growthwill return as US business activity picks upIBISWorld Industry Report 54161bHR Consulting in the US,September 2011,Kevin Culbert,2 About this IndustryIndustry DefinitionMain Acti
2、vitiesSimilar IndustriesAdditional Resources3 Industry at a Glance4 Industry PerformanceExecutive SummaryKey External DriversCurrent PerformanceIndustry OutlookIndustry Life Cycle,14 International Trade15 Business Locations18 Competitive Landscape18 Market Share Concentration18 Key Success Factors18
3、 Cost Structure Benchmarks20 Basis of Competition20 Barriers to Entry21 Industry Globalization22 Major Companies22 Aon Corporation23 Marsh&McLennan Companies Inc.,28 Regulation&Policy28 Industry Assistance29 Key Statistics29 Industry Data29 Annual Change29 Key Ratios30 Jargon&Glossary,24 Towers Wats
4、on11 Products&Markets,11 Supply Chain11 Products&Services12 Demand Determinants13 Major Markets,26 Operating Conditions26 Capital Intensity27 Technology&Systems27 Revenue Volatility,|1-800-330-3772|,2,WWW.IBISWORLD.COM About this Industry,HR Consulting in the US September 2011,Industry DefinitionMai
5、n Activities,This industry includes establishmentsthat provide advice and assistance tobusinesses and other organizations forstructuring human resource andpersonnel policies,employee benefits,compensation systems and wage andThe primary activities of this industry areProviding compensation planning
6、servicesProviding personnel management assessmentProviding actuarial consulting servicesStructuring employee benefitsAssessing organization developmentProviding employee assessmentsThe major products and services in this industry areActuarial consultingCompensation and benefits consultingHuman resou
7、rces management consultingOther,salary administration.This industry doesnot include companies that provideprofessional and managementdevelopment training or those that listemployment vacancies and placeapplicants in employment.,Similar IndustriesAdditional Resources,54161 Management Consulting in th
8、e USOperators provide advice and assistance to businesses on management issues such as organizationalplanning,financial planning and budgeting and marketing objectives.54162 Environmental Consulting in the USOperators provide advice and assistance to businesses on environmental issues such as contro
9、lling pollution,toxic substances and hazardous materials.54169 Scientific&Economic Consulting in the USOperators provide advice and assistance to businesses on scientific and technical issues such as agriculturalconsulting,chemical consulting and safety consulting services.For additional information
10、 on this industrywww.bls.gov Bureau of Labor Statisticswww.humanresources.org National Human Resources Associationwww.shrm.org Society for Human Resource M Workforce Management,%change,%change,3,p.22,SOURCE:WWW.IBISWORLD.COM,Human resources,WWW.IBISWORLD.COM Industry at a GlanceHR Consulting in 2011
11、,HR Consulting in the US September 2011,Key Statistics Snapshot,Revenue Annual Growth 06-11$23.9bn 1.1%,Annual Growth 11-163.8%,Profit$2.2bn,Wages Businesses$15.7bn 80,624,Market Share,Revenue vs.employment growth,Number of employees,Aon Corporation18.4%Marsh&McLennanCompanies Inc.15.9%Towers Watson
12、6.6%,6420246Year 03,05,07,09,11,13,15,17,420246Year,05,07,09,11,13,15,17,Revenue,Employment,SOURCE:WWW.IBISWORLD.COM,Key External DriversNumber of employeesBusiness outsourcing Corporate profitExternal competition Legislative compliance requirements,p.4,Products and services segmentation(2011)4.4%Ac
13、tuarialconsulting17.3%Other29.2%Compensation andbenets consulting,49.1%management consultingSOURCE:WWW.IBISWORLD.COM,Industry Structure,Life Cycle StageRevenue VolatilityCapital IntensityIndustry AssistanceConcentration Level,MatureMediumLowNoneMedium,Regulation LevelTechnology ChangeBarriers to Ent
14、ryIndustry GlobalizationCompetition Level,LightLowLowMediumHigh,FOR ADDITIONAL STATISTICS AND TIME SERIES SEE THE APPENDIX ON PAGE 29,4,Summary,WWW.IBISWORLD.COM Industry PerformanceExecutive Summary|Key External Drivers|Current PerformanceIndustry Outlook|Life Cycle Stage,HR Consulting in the US Se
15、ptember 2011,Executive In the five years to 2011,revenue for theHR Consulting industry is expected toincrease 1.1%to$23.9 billion.Theindustry has experienced growth ashuman resource(HR)management hasbecome more important and the USeconomy becomes more serviceoriented,putting emphasis on employeerela
16、tions and benefits.Recent industrygrowth has been stifled by therecession,though,which limitedcorporate profit and clients abilities topay for consulting services.The growing importance of human resourcemanagement has supported the industryFurthermore,high unemployment hasreduced the demand for some
17、 industryservices,including advice onrecruitment and retention and onemployee relations and communication.Rising corporate profit and animproving labor market are expected toincrease revenue 2.6%in 2011.In addition to weakened demand in2009 and 2010,the industry has facedincreased competition from o
18、therindustries over the past five years.Consulting firms that have traditionally,served finance and accounting clients arebeginning to offer more HR-relatedservices.As a result,the industry hasexperienced a period of consolidation asfirms join forces or acquire other playersto be more competitive.In
19、 the five yearsto 2011,the number of firms operating inthe industry declined 0.8%annually toan estimated 80,624.In 2010,twohigh-profile mergers took place:AonConsulting Worldwide merged withHewitt Associates to form Aon Hewitt,and Towers Perrin and Watson Wyattmerged to form Towers Watson.In the fiv
20、e years to 2016,industryrevenue is forecast to increase 3.8%peryear to$28.8 billion.As corporate profitand the labor market continue to recover,more companies will return to HRconsultants for advice on recruitmentand retention;employee relations andcommunication;and determiningoptimal workplace hour
21、s,attendance,pay and benefits.Over the next five years,large industry operators will turn tooverseas markets and additional serviceofferings for growth.Continuedcompetition with other industries,however,will limit profit growth.In 2016,profit margins are forecast to represent9.4%of industry revenue,
22、up only twopercentage points from 2011.,Key External Drivers,Number of employeesGrowth in the number of people that areemployed by US businesses will increasethe demand for services related to healthand benefits,retirement andcompensation issues.This driver isexpected to increase slowly in 2011.This
23、 isa potential opportunity for the industry.Business outsourcingThis industry provides advice tocompanies regarding HR-related issues.Growth in the number of companies thatseek guidance for these issues will cause,industry demand to rise.This driver isexpected to increase in 2011.Corporate profitA r
24、ise in corporate profits will increasethe number of businesses that can affordconsulting services.This driver isexpected to increase in 2011.External competitionThis industry faces competition fromother industries,such as the HumanResources and Benefits Administrationindustry(IBISWorld 56111).An inc
25、rease,%change,%change,5,WWW.IBISWORLD.COM Industry Performance,HR Consulting in the US September 2011,Key External Driverscontinued,in competition will weigh on industryrevenue and profit.This driver is expectedto increase in 2011.This represents apotential threat for the industry.Legislative compli
26、ance requirementsRetirement-related consulting servicesare subject to pension and financial lawsNumber of employees42024,and regulations,including those ofcertain jurisdictions and the Securitiesand Exchange Commission.Increasedregulations often cause companies todiscontinue defined benefit programs
27、and reduce demand for such services.This driver is expected to increaseslowly in 2011.Corporate prot302010010,6Year,05,07,09,11,13,15,17,20Year,05,07,09,11,13,15,17,SOURCE:WWW.IBISWORLD.COM,Current PerformanceThe recessions effect,Companies seek the aid of humanresources(HR)consultants for a variety
28、of services,from risk analysis andemployee relations to compensationand benefits consulting.Over the pastdecade,the business community hasincreasingly accepted the benefits ofHR consultants,boosting industrygrowth.HR management has becomemore important as the US economy hasAccounting for nearly half
29、 of industryrevenue,HR management consulting isthe primary service offered by thisindustry.The service includesconsultation on recruitment andretention strategies;guidance onemployee relations and communication;and determining optimal workplacehours,attendance,pay and benefits.The,grown more service
30、-oriented.Otherfactors,such as rapid changes intechnology and increased performanceexpectations,have increasingly madeHR consultants more relevant.Consequently,IBISWorld estimatesthat revenue for the HR Consultingindustry will increase 1.1%annuallyon average to$23.9 billion in the fiveyears to 2011.
31、need for effective management of staff,strategy,processes,administration andorganization rarely wanes regardless ofeconomic conditions.Industry growthslowed during the recession,however,ascorporate profit fell and manybusinesses were forced to cut back onprofessional services,including HRmanagement
32、consulting.Consequently,6,WWW.IBISWORLD.COM Industry Performance,HR Consulting in the US September 2011,The recessions effectcontinuedConsolidation and profit,industry revenue growth slowed in2008,declined in 2009 and remainedrelatively flat in 2010.Luckily for industry operators,some ofthe activity
33、 in this industry is generatedby recurring work as a result ofregulatory issues related to employeebenefit plans and the recurring need forthe services.Furthermore,the industryprovides some countercyclical services,including those related to large-scalecorporate layoffs.Such firms have helpedcompani
34、es reduce the cost of labor bydeciding on the type and size of layoffs.Growth in this market has had amitigating effect on the declines over thepast five years,with more corporationsseeking the advice of HR consultants inregard to the layoff process.An increase in corporate profit andimprovement in
35、the labor market areexpected to cause revenue to increase2.6%in 2011.Growth in corporate profitThis industry is primarily composed of alarge number of small players,withmany firms operating on a local basis.IBISWorld estimates that more thanthree-fourths of firms operating in thisindustry are self-e
36、mployed individuals.Among larger firms,however,financialservice consulting firms and consultingfirms associated with accounting,technology and IT have increasinglyexpanded their services to include HRover the past five years.Consequently,the HR Consulting industry has recentlyexperienced consolidati
37、on,a factor thatwas evidenced by two major mergers in2010.In January 2010,major playersTowers Perrin and Watson Wyattmerged to form Towers Watson.Then,inOctober 2010,major players AonConsulting Worldwide and HewittAssociates merged to form Aon Hewitt.Such acquisitions have caused the,Growth slowed a
38、scorporate profit fell andbusinesses cut back onprofessional serviceswill cause businesses to have moremoney to spend on professional services.Meanwhile,an increase in the number ofemployees in the United States willrequire the need for general HRconsulting services,which includesbenefits consulting
39、 and human capitalmanagement.The industry will alsobenefit from its large client base;firmsacross nearly all US industries use HRconsultants.In particular,a large portionof industry revenue is generated byfinancial services and insurancecompanies,as well as governmententities and healthcare companie
40、s.number of firms operating in theindustry to decline at an averageannualized rate of 0.8%to 80,624 in thefive years to 2011.Overall,this consolidation has causedan increase in industry profitability overthe past five years.IBISWorld estimatesthat industry profit will represent about9.2%of industry
41、revenue in 2011,upfrom 8.4%in 2007.In spite of the overallgrowth,many firms faced reducedmargins in 2009 and 2010 due to anincrease in price competition.Andcompetition from similar industries,such as the Human Resources andBenefits Administration industry(IBISWorld report 56111),has persistedover th
42、e past five years.Many businessesopt to use these competitors becausethey generally operate as an outsourcedHR department and provide a widerange of services,including payroll.,%change,7,WWW.IBISWORLD.COM Industry Performance,HR Consulting in the US September 2011,Employment and wage growth slowIndu
43、stry OutlookLimited profit growth,As the economy slowed and companiesrevenue dried up,many consultingfirms reduced staff numbers.Becauseof decreased demand for services in2009,management consultant firmswere able to operate with feweremployees.Consequently,IBISWorldestimates that industry employment
44、dropped 0.8%per year to 197,529people in the five years to 2011.Wages have decreased as a proportionof industry revenue over the past fiveIn the five years to 2016,IBISWorldestimates that revenue for the HRConsulting industry will increase at anaverage annualized rate of 3.8%to$28.8billion.As the ec
45、onomy improves andmore employees return to the workforce,more companies will once again turn toHR consultants for advice on recruitmentand retention;employee relations andcommunication;and determiningoptimal workplace hours,attendance,pay and benefits.During the five years to 2016,thelargest firms i
46、n this industry willincreasingly turn to overseas markets forgrowth as the economy becomes moreglobalized.Similarly,HR consultants willincreasingly provide their services togrowing industries,including healthcareproviders.Firms will also market theirability to handle complex labor issues,highlightin
47、g economic risk and volatilityas a reason for using their services.Furthermore,rising corporate profit willIn the short term,profit margins areexpected to improve as demandincreases.Industry profit will also risedue to consolidation over the past fiveyears.IBISWorld estimates that profitmargins will
48、 increase to 9.4%by 2016,upmarginally from 9.2%in 2011.The,years,falling from 68.2%in 2006 to anestimated 65.5%in 2011.The decline inwages is largely attributable to theindustrys employment conditions.Asdemand for consulting servicesdecreased,average employee salariesincreased but the number of empl
49、oyeesdeclined at a faster rate.Nevertheless,the average wage for a worker in theindustry is estimated at$79,331,which is considerably higher than theaverage US salary.Industry revenue6420246Year 03 05 07 09 11 13 15 17SOURCE:WWW.IBISWORLD.COMgive clients additional flexibility inchoosing whether or
50、not to useprofessional service organizations.In2012,corporate profit is expected to rise7.9%.IBISWorld estimates that thisincrease will contribute to industryrevenue growth of 3.6%to$24.8 billionduring the year.growth of industry profit will be limitedas a greater number of industriescompete for out
