Professional Services Industry Landscape

The professional services industry covers a number of different market sectors. These firms cater to companies who need to outsource jobs such as consulting, advertising, engineering, accounting, legal services, IT services, and other tasks that can't be handled internally, or that require outside expertise.

"The confidence to say, 'this is what the market is paying for this job' is really powerful."

Michele Bourdon Keeffe, BuzzBee CEO and Founder

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The need for the services in the Professional Services industry is dependent on the current state of the economy and corporate profits. During the economic downturn, many companies decided that these services were not vital to the success of their businesses. The lack of regular incoming projects was a blow to many firms. Small firms in particular struggled to survive.

Currently, there is a place for both large and small firms in the market because larger firms offer more services but smaller firms are able to offer more specialized services. Technological advancements have also proven to be a significant contributor to the post-recession recuperation of lawyers, accountants, consultants, advertising agencies, public relations firms and the like.

 

Larger firms in particular have invested their financial resources in a variety of communication technologies that have helped them to improve relationships with customers and keep track of day-to-day business functions. Generally speaking, this industry relies heavily on either providing a large range of services or providing specialized services that can't be found elsewhere.
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What we do

Due to the diverse nature of this industry, it can be difficult to determine what compensation should be when there is an assortment of different professions that each firm employs. PayScale maintains the world's largest database of unique salary profiles and therefore is able to provide salary benchmarks for a wide range of professional jobs in law, accounting, advertising, public relations, and other consulting disciplines. PayScale's detailed market data and robust software can help you to compensate employees based on both the competitive market and the skills necessary for each particular job. We track the salary impact of hundreds of skills and certifications so you can benchmark your exact positions.

 

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