HR advisory firms work towards building strong workplaces by improving employee well-being and strengthening workplace culture
FREMONT, CA: Data suggests that during the pandemic, anxiety, loneliness, and job insecurity has made a considerable impact on the mental health of several employees at a global level. Fear of lay-offs, meeting expectations of achieving targets have been some of the reasons that pushed employees through a continuous mental health struggle.
An HR consultant may help employees cope with such events by being available, demonstrating empathy, and giving long-term assistance. Employees around the world are still suffering from high levels of stress as a result of the ongoing pandemic, which is a major source of concern. Physical and mental well-being are inextricably linked, and one cannot be controlled at the expense of the other. Employers embraced the work-from-home practice as a result of COVID-19 almost overnight, posing a new set of issues for all parties. As a result, a greater focus on employees' mental health and contentment is critical, not only for them but also for the companies in which they work.
At a compound annual growth rate of 7.2 percent, the worldwide HR advisory market is predicted to rise from USD 81.45 billion in 2021 to USD 87.32 billion in 2022. Companies are reorganizing their operations and recuperating from the COVID-19 impact, which had previously resulted in tight containment measures such as social distancing, remote working, and the shutdown of commercial activities, all of which created operational issues. At a CAGR of 5.9percent, the HR advisory services market is estimated to reach USD 109.83 billion in 2026.
Employee engagement measures a person's commitment to a company, and the creation of employee engagement platforms are becoming more popular in the HR advice services market. Companies are increasingly implementing employee engagement initiatives to boost productivity, retention, absenteeism, and loyalty, among other things. Such systems may track workplace inclusiveness, offer actionable advice to employees, managers, and leaders, and improve the entire employee experience.
