Forbes.com - May 23, 2005
Uptick in Texas Hiring Spurs Growth in HR Services Firms
Lafayette, CA — May 23, 2005 — Syzygy Consulting Group’s recent survey of 62 public and private companies headquartered in the greater Dallas area reported a slight increase in hiring, especially for senior level positions and executives. “Our clients increased payrolls by 3.8 percent in the first quarter of 2005 and expect to maintain or surpass that growth rate in the second and third quarters,” reported David Broman, Syzygy’s Principal and CEO. As a result of increased corporate hiring, human resources consulting firms are now expanding service offerings to help companies recruit and retain talented employees.
Affiliated Computer Services, another Dallas-based company, also announced last month that it would acquire the human resources and outsourcing business of Mellon Financial in an attempt to expand its business offerings. Ms. Beall believes these consolidations will continue, saying “Companies want to form a lasting relationship with one human resources provider, such that they can leverage that client relationship to improve quality while minimizing costs. It’s all about scalability.”
Ms. Beall has also witnessed a rapid increase in job opportunities throughout Texas. Executive search engagements have nearly doubled this year, and corporations are now investing in new programs to retain, motivate and grow human talent. “Compensation demands are surging too,” says Beall. Is the Dallas labor market re-experiencing the job growth of the late 1990s? “Employers aren’t giving Porsche Boxsters as sign-on bonuses yet,” Broman joked, “but sign-on bonuses are returning and compensation is becoming more competitive.” Syzygy believes the Texas labor market of today is similar to late 1994 and early 1995, when the economy was just beginning to boom and corporate hiring practices were beginning to reflect the tight labor market that followed. “It was during this time frame that human resources service firms began expanding too,” says Broman, “so it’s déjà vu all over again.”
Syzygy Consulting Group serves clients ranging from small private companies to the largest multinational corporations. Syzygy’s customized compensation design services help clients define and implement compensation programs to retain key talent and improve the effectiveness of overall compensation programs. Syzygy is a registered trademark of Syzygy Consulting Group.
Katherine Beall Consulting Group, Inc., headquartered in Fort Worth, Texas, specializes in executive recruitment and organization effectiveness.
Contact: Brandon Butler
925-284-3669
925-284-0858 Fax
info@syzgyconsulting.com
http://www.syzygyconsulting.com
