Human resource consulting
The human resource consulting industry has emerged from management consulting and addresses human resource management tasks and decisions. HR Consultants are responsible for assisting clients with strategically integrating effective HR processes, programs and practices into their daily operations. Their role is also to maximize the client's performance related to human resources by introducing or marketing "best practice" products or services as well as to provide periodic feedback to clients regarding their performance related to annual management objectives. To accomplish this, the HR Consultant may need to perform needs assessments or audits and make recommendations or proposals, coordinate the creation and implementation of an action or corrective plan, and when required, organize and coordinate cross-functional Human Resource teams to assist the client with developing and implementing performance improvement corrective plans, programs or processes. The following are core fields around which most HR consultancies are based:
- Human capital, including remuneration (also called total rewards), employee rewards and incentive programs, and talent acquisition and management
- Health and benefits, orchestrating optimal employee health plans with the carriers themselves
- Mergers and acquisitions, examining fit across culture, job-type, transaction costs, etc.
- Communication, including surveying employee attitudes, satisfaction, engagement, and other employee behaviors
- Recruitment process 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.
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. In 2007, there were 950 HR consultancies globally, constituting a USD $18.4 billion market.
As of 2014, major HR Consultancy firms included:
Qualifications and certifications
Many human resource consultants have specialized qualifications or certifications, such as:
- Accountancy: ACCA, CA, CPA, CCA
- Actuarial: EA, ASA, FSA, MAAA, FIA, FIAA, FFA
- Educational: MS in Management/HR/Industrial Organizational psychology, MBA, Ph.D. in Management, DBA, J.D.
- Finance: CFA
- General consulting: CMC
- HR consulting: Certified Human Resources Consultant (CHRC) by HRMI.org, Chartered Institute of Personnel and Development CIPD, Professional in Human Resources (PHR), SPHR, GPHR by SHRM & HRCI, USA
- Health and benefits: CEBS, CBP,
- Compensation: CCP (Certified Compensation Professional)
- Human resources: Various certifications SHRM (US) CHRP (Canada) (e.g. PHR, SPHR, GPHR); Chartered Institute of Personnel and Development#Membership grades|MCIPD]], PGDHR DHR[disambiguation needed]
- "Towers Watson Executives See Growth Ahead For Merged Firms". Workforce Management. 2007. Retrieved January 13, 2010.