LONDON--(BUSINESS WIRE)--SpendEdge, a global procurement market intelligence firm, has announced the release of its Global HR Consulting Industry - Procurement Intelligence Report.
The frequency of cross-country and domestic recruitment is gradually taking a nosedive owing to the turbulent political and trade relations among the superpowers who claim major shares in the global economy. For the HR consulting industry, this will not only eschew the demand for HR consulting suppliers but will also increase the complexities in the recruitment process. While it will be wrong to conclude that stakeholders in the HR consulting industry are staring at a bleak future, complexities and increasing OPEX incurred by HR consulting suppliers will affect the demand growth in the HR consulting industry.
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Factors such as the popularity of social media platforms, the rapid adoption of digital HR for various HR-related processes by businesses, and the increasing need for talent management will drive the demand in the HR consulting industry which is set to attain a spend growth of USD 10 billion through 2023. However, this spend growth will not necessarily translate into a favorable procurement scenario for buyers. This report has answered some of the critical questions that are pertinent to the present procurement scenario in the HR consulting industry. Some of which is listed below:
What are the HR consulting price trends that are driving the overall price structure in the global HR consulting industry?
- The average fee charged by an HR consultant is expected to increase which will ultimately propel OPEX of HR consulting suppliers in this industry. A part of the rise in OPEX will be ultimately passed on to buyers in the form of increased service charges.
Uncontrolled procurement spend is playing as one of the most antagonizing forces across a range of markets and lack of visibility of the same is hitting the buyer’s business where it hurts the most. Get a free demo of our web-based platform where to get instant and real-time insights on the price trends and procurement strategies that are being adopted by your competitors.
- The rise in the adoption of emerging technologies is a major cost driver that will drive the HR consulting price trends. Buyers are increasingly adopting technologies such as AI and data analytics to enhance the quality and efficiency of their services. However, the adoption of such tools and technologies increases the OPEX of service providers as they need to bear the costs related to aspects such as deployment, maintenance, and upgrade of hardware and software associated with these technologies.
- Fixed fee and hourly consulting are the two widely adopted pricing models in the HR consulting industry. The retainer-based and risk/reward-based pricing models are less adopted but offer a higher ROI potential.
What are the scopes of optimizing procurement spend with these upward rising HR consulting price trends?
The scopes to optimize spend are ample and it will require strategic insights into the HR consulting industry. Strategic selection of suppliers will not only fulfill the buyer’s delivery requirements but also play a critical role in guiding the buyers to adopt measures to optimize their procurement spend. As a matter of fact, suppliers who are known to adopt cost-optimizing measures pass on their profits to the buyers in the form of reduced product prices. With cost-savings in mind, some of the criteria that this report has enlisted and should be considered while selecting HR consulting suppliers are:
Prioritizing engagement with regional service providers
Engagement with regional service providers will offer buyers a high negotiation power due to spend consolidation, enhanced visibility into project progress, and contractual compliance by service providers. It also leads to low billing rates and protection from adverse fluctuations in currency exchange rates.
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Collaborating with service providers that adopt technologies such as AI and big data analytics
The adoption of the latest technologies such as AI and big data analytics by service providers helps buyers gain useful insights into the HR consulting industry. For instance, service providers use people analytics to identify potential candidates by scanning their profiles on social media sites such as LinkedIn and Facebook. Similarly, AI is used to schedule interviews and sending reminders to candidates for reporting. Automation of such services saves considerable time and reduces the hiring time.
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