The dearth of quality human resources professionals, coupled with growing attrition and retention, has come to benefit HR consultancy firms. More and more companies are now looking to outsource their HR work.
International HR consultancy firms like BlessingWhite and Right Management are now entering India either through tie-ups with domestic firms or by setting up their own offices in the country. Indian HR firms have also stepped on the gas, expanding their presence in the country. The HR consultancy business in India is growing at a rate of 50-70% year-on-year and revenue is growing in double digits.
Says Ken Simper, MD, BlessingWhite, ?India today enjoys a substantial presence on the global stage. We believe that the time to enter the Indian market couldn?t be better.? The New Jersey-based company is entering India through a strategic tie-up with domestic player HR Anexi.
Similarly, global consultancy firm Right Management in November last year acquired 67% stake in Grow Talent, a leading HR consultancy firm in India, to ramp up its operations here.
Indian firms are also keen on ties abroad. Reveals Tapash Sengupta, MD of CHR Global Consultancy, ?We are looking to freeze three strategic alliances by this November, two in the US and one in Europe.?
Another HR consultancy firm, INX Global, is searching for executives for international companies after becoming a member of IMD International Search and Consulting, a consortium of leading HR firms.