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Demand for compensation and benefits planning services has remained strong over the past three years as companies across nearly all sectors have sought ways to strategically implement HR management practices; this trend has led to increasing prices for buyers. To help procurement professionals make better buying decisions faster, business intelligence firm IBISWorld has added a report on the procurement of Compensation & Benefits Planning Services to its growing collection of procurement category market research reports.
Los Angeles, CA (PRWEB) February 23, 2014
Compensation and benefits planning services have a buyer power score of 3.4 out of 5. This score reflects moderate negotiating strength for buyers. Companies continue to require assistance in developing pay levels and rewards that not only provide sustainable cost structures, but also attract and retain high-quality employees. Demand for compensation and benefits planning services have remained strong over the past three years as companies across nearly all sectors have sought ways to strategically implement HR management practices. Sustained demand, coupled with rising corporate profit levels, an increasing number of businesses and expanding employment, is expected to drive prices even higher in the three years to 2016, says IBISWorld procurement analyst Andrew Rebhan. Despite increases in pricing, buyers have faced little risk of price fluctuations, reducing the risk associated with drastic price shifts.
Buyers currently face a moderate level of market share concentration, and with continued consolidation efforts occurring among vendors, buyers may have fewer vendors to choose from as the market evolves. Major vendors operating in the market include Automatic Data Processing Inc. and Marsh & McLennan Companies Inc. Larger vendors that run diverse consulting operations have started to incorporate compensation and benefits planning services as a means to bolster their consulting portfolios and take advantage of growing market demand, adds Rebhan. The intensity of competition among vendors remains high; however, which allows buyers to potentially leverage offers and obtain more favorable pricing.
Compensation and benefits planning is a crucial process for business owners, and it often requires the assistance of knowledgeable consultants who can develop custom solutions to align pay and benefits programs with company goals. Although this business necessity shifts some of the negotiation power toward suppliers, buyers will still benefit from other purchasing factors, such as the low total cost of ownership, low supply chain risk and moderate amount of substitute services. For more information, visit IBISWorlds Compensation & Benefits Planning Services procurement category market research report page.
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IBISWorld Procurement Report Key Topics
This report is intended to assist buyers of compensation and benefits planning services. Companies that offer these services to buyers provide their own consultants to assist with the planning, communication and implementation of staff benefits programs and compensation systems. Benefits planning may include evaluating a firms retirement plans, health insurance, vacation pay and employee stock options. Compensation planning refers to the development of a firms wage or salary programs and structures. Suppliers generally furnish their management services on a contracted basis, assisting with short-term projects or consulting on an ongoing basis.
Recent Price Trend
Product Life Cycle
Total Cost of Ownership
Supply Chain & Vendors
Supply Chain Dynamics
Supply Chain Risk
Market Share Concentration
Vendor Financial Benchmarks
Buying Lead Time
Key RFP Elements
Buyer Power Factors
About IBISWorld Inc.
IBISWorld is one of the world's leading publishers of business intelligence, specializing in Industry research and Procurement research. Since 1971, IBISWorld has provided thoroughly researched, accurate and current business information. With an extensive online portfolio, valued for its depth and scope, IBISWorlds procurement research reports equip clients with the insight necessary to make better purchasing decisions, faster. Headquartered in Los Angeles, IBISWorld Procurement serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.
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