Deloitte marks eighth consecutive year of solid growth
- All Deloitte businesses, industries and regions grew fueled by organic growth, strategic alliances, and acquisitions
- Nearly 70,000 new hires; 800 alone in the Middle East
8 October, 2017 – Deloitte just marked its eighth consecutive year of solid growth for the fiscal year ended 31 May 2017 (FY2017).
“Deloitte’s revenue growth is attributable to two factors,” said Punit Renjen, Deloitte Global CEO. “First, our multi-disciplinary business model continues to be a source of competitive strength. Second, clients have choices and they are increasingly choosing Deloitte to help them navigate change and reinvent themselves in a constantly evolving global business environment.”
“This year marks Deloitte’s 91st year in the Middle East with continued presence since 1926. With close to 800 new hires last year, Deloitte continues to play a vital role in the growth of the professional services sector in this region”, said Omar Fahoum, CEO, Deloitte, Middle East. “Our commitment to serving our people, clients and the society with the highest standards of skills and deep industry knowledge is unwavering. We continue to make an impact that matters.”
Growth across all businesses, industries and regions
With a continued focus on creating an impact for clients across all geographies and service areas, Deloitte achieved growth in each of its five business areas—Audit & Assurance, Consulting, Financial Advisory, Risk Advisory and Tax & Legal.
Among the industries driving Deloitte’s growth in FY2017 were Technology, Media & Telecommunications and Consumer & Industrial Products; each grew revenue over 9 percent on a local currency basis.
- Asia Pacific revenue grew fastest among the regions at 9 percent, followed by Europe, Middle East, and Africa at 8.6 percent and the Americas at 5.6 percent in local currency.
Getting to the future faster
Increasing disruption, complexity, and the exponential speed of change has created unprecedented challenges and opportunities for clients. Deloitte’s ability to integrate deep industry insights and experience with a broad range of professional disciplines, has allowed it to help its clients get to the future faster.
Deloitte’s ability to orchestrate ecosystems and build alliances with leading digital innovators including Amazon Web Services, Facebook, HP, Oracle, and SAP enhance its ability to offer comprehensive solutions that address clients’ toughest business transformation and technology challenges. Through these ecosystems, Deloitte helps clients identify potential disruptors, develop strategies to address disruption and execute on business transformation activities such as new services, products, business models, and markets.
Renjen added, “Deloitte continually builds on our capacity to deliver the depth and breadth of expertise, insight and quality our clients demand and deserve. As a result, Deloitte is a recognized leader in helping clients adapt and thrive in an intensely competitive global economy.”
Investing in Transformation
Deloitte is making strategic investments in integrating transformational technologies and data analytics into its solutions and products across its businesses in order to drive greater value for clients. Examples of these investments in FY2017 include:
- Deploying world-class global solutions in Audit & Assurance, including Magnia, its audit delivery platform; Illumnia, its analytics platform; and Cognia, its portal equipping Audit & Assurance professionals with innovative tools and approaches which leverage cutting-edge advancements in cloud, AI, and machine-learning.
- Driving audit quality enhancement through an Audit Quality Monitoring and Measurement program and the Global Center of Excellence for Audit Quality. Delivery of an enhanced global learning curriculum to its 70,000+ Audit & Assurance professionals world-wide.
- Made investments in key markets to further strengthen Deloitte’s global network of offices and technology delivery centers to evolve how it serves its most important global and local Consulting clients.
- Adopting the ValueD, iDeal, D3 Discovery and Financial Crime Analytics platforms across the Financial Advisory business to support clients with new levels of insight and experience in order to help them solve complex business problems.
- Enhanced Tax & Legal client connectivity through the introduction of innovative technology-enabled solutions across all service areas through a new digital relationship platform.
- Expanded Tax & Legal’s ecosystem through six joint ventures with automation, cognitive, and blockchain companies. Business Process Solutions (BPS) has formed five strategic agreements with robotic process automation (RPA) vendors and created an RPA Center of Excellence. Deloitte has a collaboration with The Bakery Worldwide Ltd. to connect business and clients with thousands of entrepreneur tech start-ups.
Building tomorrow’s workforce, today
In FY2017, Deloitte increased its workforce in all geographic regions and businesses, with nearly 70,000 new professionals, an increase of 8 percent from FY2016 – the equivalent of 1 person hired every 8 minutes. Headcount growth was led by Asia Pacific among the regions at 10.4 percent, and by Consulting and Risk Advisory among the businesses, each with growth over 13 percent.
Also in FY2017, Deloitte advanced a number of initiatives designed to support the career development and personal well-being of its professionals, including:
- Opened the doors to its fifth and sixth Deloitte University (DU) locations - Deloitte University North (Toronto, Canada) and Deloitte University Asia Pacific (Singapore). In FY2017, 65,000 Deloitte professionals participated in leadership development programs at Deloitte University.
- Expanded family leave policies across the network to help its professionals balance their personal and professional lives, understanding the evolving dynamics of caregiving and diverse needs of families. Deloitte is dedicated to providing market-leading family leave policies across the world. Examples of this include Deloitte UK’s Shared Parental Leave, which gives eligible parents the option to share a period of their maternity or adoption leave with their partner. And, Deloitte US expanded its paid family leave policy and now offers up to 16 weeks of fully paid extended family leave to eligible male and female employees to support a range of life events impacting their families – from celebrating the arrival of a new child, to caring for a spouse, partner, sibling or aging parent.
- Launched a new strengths based performance management experience that focuses on further developing strengths (areas where team members feel creative, innovative and insightful) through on-going feedback and development that drives both individuals and teams.
- As Deloitte continues to grow, it places a strong focus on creating and supporting a culture of inclusion. An inclusive and diverse work environment not only reflects the world in which we live, it creates a culture that intentionally invites and engages unique perspectives and experiences, resulting in improved business outcomes and stronger services for diverse clients, better attraction and retention of top talent, and a positive societal impact.
“Deloitte professionals represent the workforce of the future: top talent with different life experiences, viewpoints and skill sets,” said Renjen. “In creating an inclusive, collaborative, purpose-led culture, we inspire our people to make an impact that matters for each other, our highly diverse and sophisticated client base, and society.”
In 2017, the Deloitte network continued to be recognized as a top employer globally through awards such as LinkedIn’s Top Employers, The Times Top 50 Employers for Women, and Universum’s ‘World’s Most Attractive Employer’ award among others.
A WorldClass solution for social impact
Deloitte recognizes that the greatest challenge to global economic growth, prosperity and social progress is lack of access to the fundamental building blocks of personal and professional success.
This year, to help address this challenge, Deloitte is intensifying its efforts to help expand access to career-building opportunities for communities and individuals left behind in the transformation to the Fourth Industrial Revolution.
“WorldClass” is a new global effort designed to apply Deloitte’s skills, experience, scale, and commitment to preparing and empowering people to take advantage of the new world economy through access to education and training.
“Millions of people are not sufficiently prepared for the requirements of the new world economy,” said Renjen. “There are already incredible efforts underway around the globe by Deloitte professionals to support education and skills development. WorldClass builds on their work helping create pathways for individuals to fulfill their personal and professional aspirations.”
WorldClass builds upon the success of One Million Futures in the U.K., UNLEASH in Denmark, an initiative to support the United Nations Sustainable Development Goals, and Impact Day, a volunteering day which takes place across the world, among other initiatives. In FY2017, Deloitte professionals spent more than 1.2 million hours on pro bono service and volunteering in their communities, with more than one third focusing on education and skills building. Deloitte’s overall contributions toward societal and community causes are estimated to be over US$200M.
- All growth rates presented in this press release are in local currency terms unless otherwise specified.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. Please see www.deloitte.com/about for a more detailed description of DTTL and its member firms.
Deloitte provides audit, consulting, financial advisory, risk management, tax and related services to public and private clients spanning multiple industries. With a globally connected network of member firms in more than 150 countries and territories, Deloitte brings world-class capabilities and high-quality service to clients, delivering the insights they need to address their most complex business challenges. Deloitte’s more than 220,000 professionals are committed to making an impact that matters.
About Deloitte & Touche (M.E.):
Deloitte & Touche (M.E.) is a member firm of Deloitte Touche Tohmatsu Limited (DTTL) and is a leading professional services firm established in the Middle East region with uninterrupted presence since 1926.
Deloitte provides audit, tax, consulting, and financial advisory services through 26 offices in 15 countries with more than 3,300 partners, directors and staff. It is a Tier 1 Tax advisor in the GCC region since 2010 (according to the International Tax Review World Tax Rankings). It has also received numerous awards in the last few years which include best employer in the Middle East, best consulting firm, the Middle East Training & Development Excellence Award by the Institute of Chartered Accountants in England and Wales (ICAEW), as well as the best CSR integrated organization.