LONDON--(EON: Enhanced Online News)--According to the latest procurement intelligence report from Technavio, the global human resources (HR) consulting services market is expected to grow at a CAGR of almost 6% over the next five years due to the growing adoption of mobile platforms and online applications by firms for most HR processes such as payroll, leave, and talent management.
“The high level of risk and the regulations involved in the health and benefits administration space is driving firms to enlist the services of a consulting firm. Consulting firms have experts who are well-versed with the governing laws and can help firms design a cost-effective benefits plan”
The research report titled ‘Global HR Consulting Services: Procurement Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The high level of risk and the regulations involved in the health and benefits administration space is driving firms to enlist the services of a consulting firm. Consulting firms have experts who are well-versed with the governing laws and can help firms design a cost-effective benefits plan,” says Angad Singh, a lead procurement specialist at Technavio for category spend intelligence research.
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Cost saving opportunities in the HR consulting services market
The adoption of cost optimization levers allows buyers of HR consulting services to not only realize direct cost savings but also enhance category management and value benefits (including the reduction in procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the HR consulting services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Cloud-based HR solutions for payroll, HRMS, performance management and talent management are increasingly being adopted in the market. Firms are moving toward a Software-as-a-Service (SaaS) model to achieve operational efficiency and revenue growth.
Mobile-based applications are the new tools for recruitment, training, and performance management. The adoption of mobile applications will result in ease of administration for HR as it is employee-driven.
Optimization of procurement practices saving aspects
Buyers should have a supply base that has the right mix of global and regional service providers. They can engage with global suppliers when they require high levels of expertise and requirements across various geographies and rely on regional suppliers for short-term assignments and to obtain savings on procurement costs
Category managers should have a pre-defined set of parameters and KPIs to measure the performance of suppliers. This should be established during the contract negotiation stage and scorecards should be shared intermittently to help improve performance.
Bundling of services saving aspects
Buyers should hire suppliers that offer digital consulting solutions in the form of mobile applications or the automation of HR processes as it improves operational efficiency, reduces costs, and helps them stay competitive in the market.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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