$XX.Xbn
$XXX.Xm
XX,XXX
X,XXX
$XX.Xbn
Human resources and benefit administration servicers have endured considerable economic volatility and heightened competition, as higher interest rates have significantly influenced downstream clients. Administrators have struggled with volatile corporate profit in recent years, which has forced businesses to reconsider paying for extra value-added services and high levels of competition that forced servicers to exit the industry. These trends caused revenue to fall at a CAGR of 3.6% to an estimated $8.1 billion, including an anticipated 1.3% slip in 2024, primarily due to an expected spike in the unemployment rate. Profit has slipped in recent years amid heightened inflation, although economic stabilization has boosted servicers’ profit margin.
Industry revenue has grown at a CAGR of XX.X% over the past five years, to reach an estimated $XX.Xbn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 | Profit ($m)
2024 | Profit Margin (%)
2024 |
---|---|---|---|---|
LifeWorks Inc. | 252.6 | N/A | N/A | |
CGI Inc. | 228.9 | N/A | N/A |
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Human Resources & Benefits Administration in Canada
Industry revenue is measured across several distinct product and services lines, including Human resources administration , Benefits administration and Regulatory compliance administration . Human resources administration is the largest segment of the Human Resources & Benefits Administration in Canada.
Human resources administration services are a necessity for many industries
This industry provides a range of day-to-day office administrative services to clients, such as assistance with financial planning, billing and record keeping, personnel, physical distribution and logistics. This industry also furnishes general or specialized management services on a day-to-day basis and on a contract or fee-for-services basis. These businesses do not provide any actual operating staff to clients to carry out management or operational activities.
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NAICS 561110 - Human Resources & Benefits Administration in Canada
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Competition from in-house HR staff has siphoned away demand for administrators’ services. Higher emphasis on in-house HR servicing in the wake of heightened inflationary pres...
Learn about an industry's products and services, markets and trends in international trade.
Human resources administration services are a necessity for many industries. HR administration includes a wide range of services, such as supervisory education, training, ris...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Quebec is home to the largest share of industry operators. Professional services and industrial sectors encourage HR and benefits administrators to locate in the region.
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Reputation is key to success in the industry. Clients seek operators that can provide value-added services.
Learn about the performance of the top companies in the industry.
No company controls larger than a 5.0% share of the industry. The recent acquisition of Lifeworks Inc. by TELUS Health provides further opportunities for smaller servicers to...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Companies are integrating new software to improve efficiency. Many small companies and nonemployers are unable to afford cloud technology.
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Profit dipped amid the COVID-19 pandemic. Since then, economic recovery and rising corporate profit have allow profit to begin to recover.
Including values and annual change:
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Key data sources in Canada include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
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The market size of the Human Resources & Benefits Administration industry in Canada is $XX.Xbn in 2024.
There are $XX.Xbn businesses in the Human Resources & Benefits Administration industry in Canada, which has declined at a CAGR of XX.X% between 2019 and 2024.
The market size of the Human Resources & Benefits Administration industry in Canada has been stable at a CAGR of XX.X% between 2019 and 2024.
Over the next five years, the Human Resources & Benefits Administration industry in Canada is expected to remain static.
The biggest companies operating in the Human Resources & Benefits Administration market in Canada are LifeWorks Inc. and CGI Inc.
Administrative management services and Business management services are part of the Human Resources & Benefits Administration industry.
The company holding the most market share in Canada is LifeWorks Inc..
The level of competition is high and increasing in the Human Resources & Benefits Administration industry in Canada.