HR Consulting Cost and Pricing Analysis
In this HR consulting service procurement intelligence report, we have estimated the pricing of the key cost components. Consultant salaries, hiring and training HR consultants, legal costs, IT and technology costs, and research, marketing and advertising costs are some of the key cost components. Other costs can include website design and development, travel expenses, and insurance. Having an HR consulting business website is important in today’s digital world. A well-designed website showcases the firm’s services and helps in attracting and retaining clients. The cost of designing a basic website can be around USD 2,000 to USD 5,000. Additional features will quickly increase the cost and can range from USD 5,000 to USD 15,000. More customization and complex design can lead to an increase in costs.
Legal charges while setting up the business can vary based on the location and the legal structure it chooses. For instance, according to the FINMODELSLAB 2023 report, the cost of commencing a business in the U.S. can range from USD 500 to USD 1,500. Within the U.S. also there are differences between the states, such as, in California, the minimum cost to register an LLC can be around USD 75 while in Delaware it can be around USD 90.
Order your copy of the HR Consulting category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis
Operational Capabilities - HR Consulting
Years in Service - 25%
Industries Serve - 20%
Geographical Service Provisions - 15%
Revenue Generated - 15%
Employee Strength - 15%
Key Clients - 10%
Functional Capabilities - HR Consulting
By Services
Recruitment - 15%
Onboarding - 15%
Engagement - 15%
Learning & Development - 15%
Rewards and Recognition - 15%
Talent Management - 15%
Others - 10%
Rate Benchmarking
When analyzing rate benchmarking of HR consulting services, consulting rates can vary depending on the location, industry consideration, and scale of business. The availability of the number of consultants, technological advancements, and cost per human power within the location also impact the consulting rates. For instance, in India, the average HR consulting rate is USD 6.74 per hour. Similarly, the consulting rate in the U.S. is around USD 38.51 per hour. The consulting rates in India are way lower than in the U.S. or the U.K. due to the availability of cheap labor.
In Singapore, the HR consultant rate is USD 24.11. The average salary of an HR consultant in Singapore is around USD 64,000 per year. A McKinsey & Company 2022 survey indicates that 86% of clients give priority to consultants with extensive industry-specific knowledge in Singapore. According to a Singapore Business Review study in 2022, clients are prepared to pay up to 20% more for consultants who have a track record of accomplishments in their respective fields.
List of Key Suppliers
- Boston Consulting Group
- Bain & Company
- McKinsey & Company
- KPMG
- PWC
- EY
- Oliver Wyman
- Accenture
- Mercer
- Hewitt
Supplier Newsletter
- In October 2023, EY and IBM announced EY.ai Workforce, an HR solution driven by IBM's technology. This solution empowers businesses to incorporate artificial intelligence into their HR operations seamlessly.
- In September 2023, Workday announced an update on its products by introducing workday AI and machine learning within Workday HCM (human capital management) software. This would simplify manager experience, recommend actions, and provide timely insights related to employee skills, important dates, team time off, and goals. This would result in creating opportunities for team career growth.
- In March 2023, PwC acquired People Force, a firm operating in people technology selection and implementation. The acquisition is part of PwC’s technology alliance strategy with employees joining PwC’s team. This will help in the growth of PwC’s HR technology arena.
Browse through Grand View Research’s collection of procurement intelligence studies:
- Office Supplies Procurement Intelligence Report, 2024 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
- Media Buying and Planning Procurement Intelligence Report, 2023 - 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
HR Consulting Procurement Intelligence Report Scope
- HR Consulting Category Growth Rate : CAGR of 6.1% from 2023 to 2030
- Pricing Growth Outlook : 3% - 6% (Annually)
- Pricing Models : Value-based pricing, service-based pricing, competition-based pricing
- Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence
- Supplier Selection Criteria : Services provided, end-to-end services, project timeline, global reach, regulatory compliance, operational capabilities, quality measures, certifications, data privacy regulations, and others
- Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model
Brief about Pipeline by Grand View Research:
A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions.
Our services include (not limited to):
- Market Intelligence involving – market size and forecast, growth factors, and driving trends
- Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
- Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
- Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions
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