Deloitte Switzerland continues on its growth path and to invest in skills, technology and new services
5 October 2019
- Created over 600 jobs in the past five years to become a leading employer in Switzerland
- Grew net revenue by 1.3% in FY19, as the firm continues to invest in its audit footprint, each of its businesses, and its people
- Market-leading Advisory business experienced sustained growth, driven by high demand for large-scale technology and business transformation projects, and cyber risk and M&A services
- Further strengthened the position of the firm’s Audit & Assurance business as a result of substantial investment in audit clients, tenders and technology
Deloitte Switzerland has increased its net revenue by 1.3%, from CHF 475 million to CHF 481 million, in the fiscal year ending 31 May 2019 (FY19). This marks the continuation of Deloitte’s growth path over the last decade, as the professional services firm continues to invest in its audit footprint, each of its businesses, and its people. The firm’s Audit & Assurance, Consulting, Financial Advisory, Risk Advisory and Tax & Legal business areas all contributed to the firm’s performance. Among the sectors driving Deloitte’s growth were industrial products, consumer, life sciences and health care, and insurance.
Reto Savoia, CEO of Deloitte Switzerland, says, “Deloitte’s multi-disciplinary business model continues to be a source of competitive strength. We are market leaders on the issues that matter the most to our clients including technology-driven transformation, cyber risk, and global tax and regulatory change. Also, we have created over 600 jobs in the last five years and established ourselves as a leading employer. Deloitte is indeed continuing on its growth path in the Swiss market, which is particularly pleasing in a year where we made considerable investments – in new business and delivery models, technology and talent.’’
In FY19, Deloitte acted for 95% of the companies in the SMI Index as well as numerous mid to large-size private organisations. Deloitte’s market-leading Advisory business experienced sustained growth, driven by high demand for large-scale technology programmes, strategic and operational business transformation projects, and cyber risk and M&A services. Audit & Assurance also recorded another year of robust growth, all whilst further transforming the core of the business to deliver the audit of the future, which provides intelligent and insightful audits to meet the evolving needs of society and investors. The firm’s Tax & Legal business navigated through a challenging market marked by uncertainties as to the Swiss tax reform and US and UK foreign policies.
Investing in our clients and technology – and in new business models
Having established Deloitte as the largest advisory business in Switzerland, one of Deloitte’s strategic priorities in FY19 was to invest in its audit footprint and clients. In the past year, there has been unprecedented activity in the Swiss audit market, fuelled by the European audit rotation. Another strategic priority in FY19: drawing on Deloitte’s unmatched global and local technology expertise to help even more Swiss-based organisations across all sectors to strategize and implement technology programmes such as SAP S4/HANA.
Reto Savoia explains, “Our 2019 results reflect the substantial investment we have been making across our firm. This sustained investment in our clients, new tenders as well as the next generation of technology have further strengthened our market position in both audit and advisory. Adding SBB to our audit portfolio and winning various large-scale technology transformation projects is certainly a highlight resulting from last year’s investments. Another highlight is how much we’ve diversified our client portfolio: Deloitte now has an established mix of Swiss and international clients of mid to large size, and a wide-ranging sector footprint, with the financial services, consumer and industrial, and life sciences industries all equally represented.”
Deloitte has also been avidly exploring and investing in new services and business models. Recognising that organisations are increasingly adopting a more holistic and value-based approach to outsourcing relationships by using managed services, Deloitte Managed Services was created in 2016. What was launched as a platform to automate compliance processes across the banking sector, has now evolved into an innovative collaboration with SIX as well as broader range of managed services that Deloitte provides to predominantly financial services firms. Deloitte Switzerland has also been increasingly capitalising on global alliances with leading digital innovators including Apple, Facebook, Google and SAP to help local clients address their toughest business transformation and technology challenges.
Reto Savoia affirms, “The future holds exciting opportunities for Deloitte Switzerland. From focusing on building new business models and creating a different experience for our clients and our people: I truly believe we provide a more contemporary, relevant service offering and our multi-disciplinary approach is the best-in-class in the professional services market. Our clients are operating in a more digitally and globally connected way than ever before, and continue to turn to Deloitte as the largest and truly global professional services firm in the world for both strategic advice and pragmatic solutions.”
Creating jobs and building an inclusive culture
Over the past five years, Deloitte has created more than 600 jobs in the Swiss market and become a leading employer in Switzerland. In FY19, Deloitte increased its talent pool in Switzerland to 2023 people, including welcoming nearly 350 graduates, interns and apprentices. A truly diverse firm, Deloitte’s people represent almost 60 different nationalities as well as a variety of backgrounds and generations. Women represent nearly one third (31%) of the Executive team and 32% of the workforce.
Building an inclusive, open, high-performance culture where everyone can thrive remains a top priority. Last year, the firm continued to invest significantly in learning and development programmes, and advanced a number of initiatives designed to support the career development and personal well-being of its professionals, including: A new feedback tool to enhance Deloitte’s innovative performance management approach was developed, and a comprehensive mental health initiative launched. Deloitte’s Women in Cyber and Women in Tech initiatives were expanded, and the firm once again helped to organise the Swiss Company Triathlon – and secured the trophy as the ‘fittest company in Switzerland’.
Reto Savoia said, “We’re proud to be one of Switzerland’s most attractive employers and to continue to create new, high-quality jobs year after year. At Deloitte, we strongly believe we can only be successful if our people are able to bring their best self to the office and are respected and appreciated for who they are. The firm’s sustained investments in our talent agenda aim to nurture an enhanced people experience based on purpose – thus empowering our people to make an impact that matters for clients, colleagues and society as a whole.”
A WorldClass initiative for societal impact
Committed to empowering people to succeed in a rapidly changing global economy, Deloitte launched WorldClass two years ago: Through targeted investments in education, skills development and access to opportunity, Deloitte’s global network aspires to reach 50 million ‘futures’ by 2030, in-line with the UN Sustainable Development Goals. One local initiative launched by Deloitte professionals in Zurich and Geneva in FY19: CARE – Connection and Assistance for Refugee Employability, which aims at empowering refugees in Switzerland to lead better lives while positively impacting the local economy. Last year, 60 Deloitte volunteers helped to increase 35 refugees' employability through business acceleration, mentoring, sponsorships, networking and integration activities.