Human resource consulting includes consulting activities and implementing work related to the management of the organization's human resources and the human resources function. The range of  third party service ranges from covering work on human resource strategy to designing and implementing a salary & bonus framework to transforming the HR function.

1.    Overview about HR consulting market

The HR consulting services market is estimated to be worth $31 billion, accounting for about 10% of the total global consulting market, making it the smallest of the four major consulting segments. Sales of HR consulting services have grown by about $1 billion annually. The annual growth rate varies from 3.6% to 4.5%, and most recent years show better performance.

What is HR third party service? What does this service do?

>>>Services human resources company in Vietnam

In the coming years, the demand for third party service in HR consultants is forecasted to continue to increase, thanks to major trends in the human resources sector such as an aging workforce that is not suitable for the labor market. , the increased impact of diversification/inclusion and the need to align employee competency development with 21st century skills.

2.    HR consulting third party service

The human resource consulting third party service market includes the following main areas:

• Human Resource Strategy
• Compensation policy
• Organizational change
• HR function
• Talent management
• Learning & Development.

2.1 HR Consulting in Human Resource Strategy

This covers a wide range of strategic work in the HR field, such as defining corporate culture, designing organizations, setting HR strategies supporting key areas. in the business, as well as designing strategies related to recruitment and talent management.

2.2 Salary & Bonus Policy Consulting

This third party service considers all aspects from basic salary, performance based salary to bonus schemes and other benefits.

2.3 HR consulting in Organizational Change

This service aims to guide and successfully trigger changes in organizational structure, working methods or cultural changes in the enterprise.

2.4 Functional HR Consulting

This third party service focuses on all activities related to improving the functionality of the HR department. Proposals to support the development and implementation of targeted HR operating models, to the implementation of HR systems and technologies, or other HR transformations that drive the effectiveness of processes and of the organization.

2.5 Talent management
This activity includes all activities to recruit, retain and develop talent, as well as having the right structure and processes in place to support talent to perform optimally.

2.6 HR Consulting in Learning & Development

HR  third party service deals with activities aimed at improving the performance of individuals and groups. The scope ranges from organizational and capacity development from management to departments and functions to support the training and learning needs of each employee. Learning & development also includes aspects of coaching and mentoring, as well as aspects of technology used in training, such as the development and implementation of learning management systems.

3.    What does an HR consultant do?

HR consultants are typically hired by three types of clients.
 

• First, HR advisors help the company's HR director and manager improve the performance of the HR function – for example, implementing an HR partnership model, redesigning HR processes, or implementing new HR partnerships. deploying the HRIS (Human Resources Information System).
• Second, HR third party service consultants are hired to assist with other HR matters, which range from providing HR support for M&A deals to managing cultural transformation or developing management strategies. new talent for key business activities.
• Finally, HR consultants are often hired to assist with major transitions to ensure that the necessary staff and related expertise are available to execute the project. In this case, the client is usually another consulting department within the consulting firm.

For example, the Financial Transformation program at an enterprise will be primarily consulted by a financial consulting service provider, then combined with human resources consultants to support unifying leadership, change management, learning and communication.
 

Faro Vietnam is recognized as a leading reputable human resources service provider in Vietnam

4.  HR consulting company in third party service

Analysts typically distinguish between three types of HR firms: large global players specializing in HR (e.g. Aon Hewitt, Hay Group, Mercer, Willis Towers Watson), general consulting firms with a separate HR consulting unit and players focus on a particular segment or market.

By utilizing Faro Vietnam exceptional HR  third party service, you can unlock a multitude of significant benefits. Firstly, you'll save an immense amount of time by entrusting the most time-consuming HR practices to us, enabling you to focus more on your core business endeavors.

Rest assured that with Faro Vietnam, timely and precise payment of monthly salaries, taxes, and insurance for your employees is guaranteed without any excuses. We take pride in maintaining a consistent level of third party service excellence.

Our team comprises highly skilled and experienced HR third party service consultants who possess comprehensive knowledge in various HR aspects. Their expertise ensures that you receive top-notch guidance and support for all your HR needs. Confidentiality is paramount to us, and we assure that all income information and sensitive individual data remain completely secure and protected.

Furthermore, staying compliant with the latest labor, personal income tax, and insurance regulations is a priority for us. We keep you updated with any changes, allowing you to remain fully compliant and up-to-date.

With over 17 years of establishment and operation, Faro Vietnam has earned a reputable standing as a leading human resources third party service provider in Vietnam. Our clients' satisfaction is not only attributed to the premier quality of services we offer but also the additional support we provide beyond the scope of our engagement. When choosing Faro Vietnam, you gain a trusted partner dedicated to empowering your HR practices and driving success for your business.

Grow your business with our trusted Human Resource solutions

CONTACT FARO VIETNAM today for comprehensive and reliable HR solutions.

Faro Vietnam Service

Email: service.vn@farorecruitment.com

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