EY has launched plans to double the size of its consulting practice across the UK and Ireland. Over the next four years, a £ 75 million investment will see training that will expand its capabilities, with a focus on delivering more complex technology -enabled changes.
Along with the other Big Four, while EY is traditionally referred to as an ‘accounting firm’, the professional services giant has a diverse offering of service lines – many of which are quickly gaining ground in its historical bread and butter making. Alongside its assurance wing, EY provides consulting, tax and transaction services to support its clients.
In late 2021, EY’s global entity reported its annual results – and announced how important those advisory services are to its financial success. While Assurance remains the company’s single largest line of service – bringing in more than $ 13.5 billion worldwide – consulting revenues have grown faster, consistently. With a seven -year CAGR of 7.6%, compared to 4.2% of assurance, consulting now generates $ 11.1 billion of EY’s global revenues. And that doesn’t take into account the revenues brought in by its booming strategy advisory brand, EY-Parthenon-which helped strategize and line up EY’s transactions that brought in $ 4.7 billion in the last financial year.
As EY looks to build on the growing momentum of its consulting wing, therefore, it is committed to large investments in its various national and international operations. In the UK and Ireland, it announced the arrival of 80 new partners – both promoted and appointed externally – in the last 24 months, along with four acquisitions to accelerate the strengthening of the company’s consulting capabilities. Adding technical and specialist skills and talent to EY’s consulting teams, it secured deals for technology company and Microsoft Gold Partner Pythagoras; Microsoft Dynamics 365 Business Applications expert Seaton Partners; workforce transformation specialist Lane4; and PeakEPM financial planning advice.
Now, as EY plans to boost the growth of UK&I consulting operations, it has launched an initiative to raise its number from 5,100 to approximately 10,200 people by 2026. Initiated by increasing demand from implementing clients of large strategic change programs, powered by technology, data, and people, new recruits will strengthen the company’s existing strengths across finance, risk, supply chain, change management, cultural change, and strategy – while strengthening skills in areas including: SAP, Microsoft, ServiceNow, Cloud, Data Analytics, and Cyber.
Benoit Laclau, Managing Partner for Consulting at EY in the UK and Ireland, said, “Our clients are looking for in -depth technical support to help transform their businesses and future proof their strategy. This usually involves implementation. of new technology and often major cultural changes in their organization. “
Laclau added that strong market demand for consulting services has given EY confidence to invest in size. With £ 95 million in growth, EY’s UK&I wing will spend an additional £ 75 million in 2022 alone. As competition heats up in the labor market for top talent, the company is aware that it will need to use those resources to good use, and recruit diverse talent in the two countries, wherever they are based, while Laclau also mentioned that the company must be “promoting flexible and hybrid working to attract talented individuals” to stand out from the crowd.
Beyond London
More than half of the new roles are based outside London, for that purpose. It will see EY look to grow offices across the city including Manchester, Glasgow, Edinburgh, and Birmingham. Beyond promoting EY’s success, Laclau suggested that it will play an additional role in strengthening local economies, as it will see the training of future business leaders, “which will undoubtedly require enhanced innovation and technology skills in their careers “, and later plays an important role in other businesses looking to” stay ahead of the curve and make an impact in their local market. “
Recruitment will also be looked at to boost social mobility across the UK and Ireland. The Big Four firm will recruit at all levels, from the Partner level to graduates and high school graduates. In conjunction with professional qualification courses for relevant employees, such as Chartered Accountant (ICAEW), Chartered Management Accountant (CIMA), and Chartered Management Consultant (CMI) qualifications-EY will also provide its newcomers of opportunities to take several Masters courses developed with Hult International Business School, at no cost to the individual.
Alison Kay, EY UK&I Managing Partner for Client Services, who leads EY’s UK&I consulting growth plan, concluded, “At EY, we are investing heavily to increase skills and expand our workforce, to meet demand from to businesses starting with innovation projects, to ensure they remain competitive, keep pace with change, and keep up with market challenges. ”