Human resource consulting

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Human resource consulting is a $18.4 billion industry^[1] that has emerged from management consulting, as clients' needs have become more complex and specialized, widening the gap between HR needs and work force capabilities, and thus accentuating the ability of HR management consulting firms to fill this gap.^[2] While the multi-faceted nature of business sometimes causes overlap in consulting industries (i.e., with regards to human resources, general management, and information technology), the following are core fields around which most HR consultancies are based:^[3][4][5]

• 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
• Mergers & Acquisitions, examining fit across culture, job-type, transaction costs, etc.
• Communication, including surveying employee attitudes, satisfaction, engagement, and other employee behaviors
• Retirement
• Outsourcing

Services may also include legal counseling, global initiatives, investments consulting, and the implementation of HR technologies to facilitate human capital management. The HR consulting industry also employs more actuaries than any other in order to assist in their services.

[edit] 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), Deloitte ($1.6 billion), Watson Wyatt ($1.4 billion), Aon ($1.3 billion), and PricewaterhouseCoopers ($1.1 billion). Other major players include Towers Perrin, Hewitt Associates, and Hay Group.^[1]

[edit] Qualifications and certifications

Many human resource consultants have specialized qualifications or certifications, such as:

• Accountancy: ACCA, CA, CPA, CCA
• Actuarial: EA, ASA, FSA, MAAA
• Educational: MSc in Management/HR, MBA, Ph.D. in Management, DBA, J.D.
• Finance: CFA
• General consulting: CMC
• Health and benefits: CEBS, CCP, CBP
• Human resources: Various SHRM certifications (e.g. PHR, SPHR, GPHR); MCIPD

[edit] References

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