The Industry of HR
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Transcript of The Industry of HR
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Defining the ‘HR Industry’ is a challenging task, not only for the reason that there is
no standard definition set one can refer to, but also because the dynamic and
fragmented nature of the industry makes a unanimous classification almost
impossible.
In this story, People Matters attempts “to create a framework for this industry and
share opinions from practitioners, industry players and expert professionals, to
bring transparency and tangible information to the buyers in this industry: CEOs and
CHROs”.
Introduction
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Composition & Segmentation of HR Industry
The ‘Industry of HR’
Estimated to be more than INR 10,000 crores
Growing at a rate of 14%
Composition & Segmentation:
Players Estimated budget
Recruitment & Staffing 4500 cr – 5,000 cr
Learning & Development 3,000 cr – 3,250 cr
Outsourcing & Others 900 cr – 1,000 cr
HR Technology 800 cr – 900 cr
HR Consulting 500 cr – 600 cr
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Recruitment: Executive Search (Retained Search) Search & Recruitment (Contingent Search) Staffing & Temping Portals RPO
Learning & Development: Leadership & Behavioral Training Business Schools’ Executive Education Freelancers
The Players in HR Industry & their elementsHR Consulting: HR consulting practices of audit firms Specialist HR consulting Niche or specialized Players Freelancers
HR Technology: HRMS modules of ERPs Stand-alone HR software Specialized HR solutions
Outsourcing and Others: HRO solutions of large BPO players Functional HR Outsourcing players Outsourcing consulting players Companies that provide specialized services with high expertise
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Key Challenges
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The Next League
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The HR Industry matrix
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Expert comments
Every business has its own engagement models
In terms of the expected growth of the industry, our
estimate is that it will be directly linked to GDP and
will grow at an additional 3% to 4%.
E. Balaji, MD & CEO, Ma Foi Randstad
The market is ripe for Consolidation
There is potential for several billion dollar firms to
grow in sectors like skilling, training and recruiting.
Currently there are 28,000 players in recruitment and
100 payroll firms.
Pankaj Bansal, CEO & Co-Founder,
PeopleStrong
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Expert comments
Mindset to training has witnessed a paradigm shift
The training industry estimates the total market size at
around INR 11,000 crores and training investments
represent 0.5-1% of revenues.
Pallavi Jha, Chairperson & MD, Walchand PeopleFirst
Ltd.
Investment in HR Tech. in India is still too low
Considering investment of HR technology is a percentage
of people cost, I see this spend is somewhere between
0.10% and 0.25% today, which is too low.
Balaji Ganesh, CEO, Adrenalin
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The nature of vendors in India is very diverse
There are three aspects in HR decision making : the
internal HR perspective, the external perspective and
whether the decision is transactional or strategic.
Deepa Mohamed, Group Head HR & Training, SMC
Group
Speed of institutional building is crucial
I think HR industry can be defined as the market formed
through decision on buying products or services for any
part of the human capital value chain.
N.S. Rajan, Partner and Asia Pacific Head of Human
Capital, E&Y
Expert comments
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Expert comments
The conversation has changed from process to outcomes
As an HR head or CEO, I am no more interested only in
the process or system, but I also want to know the
business implication of the intervention.
Deepak Dhawan, CEO & Founder, Talentonic
We need solutions that customized to the Indian reality
What I see in the service provider side is that each
company focuses on selling what they have in their
offerings and by force fitting a solution, rather than co-
evolving solutions.
Krish Shankar, Director HR, Bharti Airtel Ltd.
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Expert comments
It’s time to put the H (human) back in HR
It is time for the HR team to do its two most important
tasks: partner with the business leaders build
engagement with employees.
Aquil Busrai, CEO, Aquil Busrai Consulting
Organizations are choosing horses for courses HR
budgets are growing since quality of people attraction
and retention are driving growth and success of
businesses more than ever before.
Dhruv Prakash, MD, India, Leadership & Talent,
Consulting, Korn/Ferry International
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Expert comments
The HR consulting industry is facing a credibility gap
In the HR consulting space, the data services still account
for more than 50% revenue of large firms.
Debabrat Mishra, Startup Entrepreneur, Led HR
consulting for MNCs across South Asia and Middle East
HR Consulting is not a Business
Whether you are a manager or a consultant, if you are in
human services profession, the primary purpose is
service.
Dr. T. V. Rao is, Chairman, TVRLS, Founder President
National HRD Network, Founder Honorary Director,
AHRD
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