During COVID-19, it can be observed from available data that the mental health of a considerable number of employees worldwide and in various fields has been affected due to several factors – anxiety, loneliness, affected social life, job insecurity, and so on. Employees had and have been going through a continuous mental health struggle because of the fear of lay-offs, meeting expectations of achieving higher targets, etc. Businesses found it vital to keep their employees informed about the ongoings of the organization and their job security.
An HR consultant has a crucial role to play to cope with such situations, by being available, showing empathy, and providing long term support to the employees. The high levels of stress that have emerged still continue to affect employees worldwide during the ongoing pandemic, and is a huge area of concern. It is a well-known fact that physical and mental wellbeing are correlated, and one cannot be managed at the expense of the other. The work-from-home practice due to COVID-19 was quite literally adopted overnight by employers, creating a whole new set of challenges for all stakeholders. Thus, an increased emphasis on employees’ mental health and satisfaction is key not just for them but the businesses they are an important part of.
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HR Advisory Services Market Size And Forecasts
The global HR advisory market size is expected to grow from $81.45 billion in 2021 to $87.32 billion in 2022 at a compound annual growth rate (CAGR) of 7.2%. The growth in the market is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The HR advisory services market is expected to reach $109.83 billion in 2026 at a CAGR of 5.9%.
HR Advisory Services Market Trends Show Further Focus On Employees
Employee engagement shows the level of an employee’s commitment to an organization, and an increase in the development of employee engagement platforms is an emerging trend in the HR advisory services market. Companies are adopting more employee engagement programs to increase productivity, retention rate, lower absenteeism, increase loyalty, and many other benefits for the organization. Such platforms can measure workplace inclusion, provide tangible recommendations to employees, managers, and leaders, and improve the overall employee experience.
HR Advisory Services Market Segmentation
The HR advisory services market is segmented by type into Compensation Consulting, Benefits Consulting, Actuarial Consulting, Strategic and Other Consulting. Compensation Consulting was the largest segment of the HR advisory services market by type, accounting for $ 59.9 billion or 40.3% of the total market in 2021.
TBRC’s HR advisory services market report is also segmented by services into Integration and Deployment, Support and Maintenance, Training and Consulting, with Support & Maintenance as the largest services segment. It is segmented by end-use into IT Services, Manufacturing, Financial Services, Mining and Oil & Gas, Construction, Other Services and Others, with Financial Services as the largest end-use segment.
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