EY aims to double its advisory business to 10,000 people by 2026
EY has launched plans to double the size of its consultancy practice in the UK and Ireland. Over the next four years, an investment of £75 million will allow the firm to expand its capabilities, with a focus on delivering more complex technology transformations.
Along with the rest of the Big Four, while EY is traditionally referred to as an “accounting firm”, the professional services giant offers a diverse offering of service lines, many of which are rapidly gaining ground on its historic bread-and-butter work. Alongside its insurance division, EY offers advisory, tax and transaction services to support its clients.
At the end of 2021, EY’s global entity released its annual results – and revealed how important these advisory services had become to its financial success. While insurance remains the firm’s largest service line – generating more than $13.5 billion globally – consulting revenue has grown faster and steadily. With a seven-year CAGR of 7.6%, compared to 4.2% for insurance, consulting now represents $11.1 billion of EY’s global revenue. And that’s not counting the revenue generated by its burgeoning strategy advisory brand, EY-Parthenon – which helped EY’s strategy and transactions line bring in $4.7 billion in the last practice.
As EY seeks to capitalize on the growing momentum of its advisory wing, it is committed to making significant investments in its various domestic and international operations. In the UK and Ireland, this marked the arrival of 80 new partners – promoted and appointed externally – over the past 24 months, as well as four acquisitions to accelerate the firm’s advisory capacity building. Adding technical and specialist skills and talent to EY’s consulting teams, he secured deals for technology company and Microsoft Gold Partner Pythagoras; Seaton Partners, specialist in Microsoft Dynamics 365 enterprise applications; workforce transformation specialist Lane4; and financial planning consulting PeakEPM.
Today, as EY plans to accelerate the growth of UK&I consultancy operations, it unveiled an initiative to grow its workforce from 5,100 to around 10,200 by 2026. Fueled by growing demand from customers implementing large-scale strategic transformation programs enabled by technology, data and people, the new hires will enhance the company’s existing strengths in finance, risk, supply chain procurement, change management, cultural transformation and strategy – while building skills in areas such as: SAP, Microsoft, ServiceNow, Cloud, Data Analytics and Cyber.
Benoit Laclau, Consulting Managing Partner at EY UK & Ireland, said: “Our clients are looking for in-depth technical support to help them transform their business and future-proof their strategy. This usually involves the implementation of new technologies and often a large-scale cultural change within their organization. »
Laclau added that strong market demand for advisory services has given EY confidence to invest at scale. Having already invested £95m in growth, EY’s UK&I wing will spend a further £75m in 2022 alone. he company is aware that it will need to use these resources wisely and recruit diverse talent from both countries, regardless of where they live, while Laclau also noted that the company would be “fostering flexible working and hybrid to attract talent” to stand out.
More than half of new roles based outside of London, for this purpose. This will see EY seek to develop offices in cities including Manchester, Glasgow, Edinburgh and Birmingham. Beyond promoting EY’s success, Laclau suggested he will play an additional role in boosting local economies, as he will see the training of future business leaders, “who will undoubtedly need skills strengthened in transformation and technology throughout their careers”, and later play a key role in other companies looking to “stay ahead and make an impact in their local market”.
Recruitment will also aim to boost social mobility across the UK and Ireland. The Big Four firm will recruit at all levels, from partner level to graduates and graduates. Along 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 offer its newcomers the opportunity to complete a number of master’s courses. developed with Hult International Business School, at no cost to the individual.
Alison Kay, EY UK&I Managing Partner for Client Service, who leads EY’s UK&I board growth plan, concluded: “At EY, we are investing heavily in developing and developing our workforce. , to meet the demand of companies embarking on transformation projects, to ensure they remain competitive, keep pace with change and face current market challenges. »