Message from Deloitte Global CEO

Punit Renjen,
Deloitte Global
Chief Executive Officer

In the 175 years since William Welch Deloitte’s modest entry into professional services, the world has faced a multitude of threats and challenges. This past year, though, has been uniquely difficult. The confluence of the COVID-19 pandemic, multiple instances of racial injustice and the civil unrest that resulted, financial uncertainty, and record-shattering extreme climate events have exposed the deepest cracks in society’s foundations and compelled us to marshal our strength and resilience.

Deloitte—and other institutions—didn’t just survive past crises, we emerged stronger every time. Over and over, human ingenuity has unfailingly demonstrated the ability to persevere, adapt and flourish. Knowing that gives us confidence that both our organisation and the world will rally again; that we have a chance do more than return to normal. We can and should pursue a better normal.

We need to examine what has worked and what has gone wrong on a global scale and acknowledge where we all might need to listen more keenly, adapt our thinking and change our actions. For Deloitte specifically, we also need to assess how our strategy fared, how our people and processes adapted, and how quality and commitment to Deloitte clients has helped them respond, recover and thrive under the strain of extraordinary circumstances. Deloitte has an opportunity not just to help repair the world, but also help reshape a better world—and an established track record that says we can make it a reality.

Reflecting on
fiscal year 2020

During times of great uncertainty, we look to Deloitte’s Purpose and Shared Values as our north stars. We remain committed to taking care of each other and leading the way for our people, Deloitte clients and communities.

What we’ve learned about the Deloitte organisation this past year is that with scale comes strength. Financially, Deloitte posted aggregate revenue of US$47.6 billion and 5.5% growth in local currency. That’s below our pre-pandemic forecasts, but slightly better than we anticipated heading into the final quarter of our fiscal year, and proof of Deloitte’s resiliency.

Deloitte is our people. And our resilience, while a product of many factors, is primarily a result of our approximately 330,000 professionals around the world. Overnight, Deloitte practitioners, who typically are embedded with clients, traveling to meet Deloitte clients or gathered in Deloitte offices working for Deloitte clients, were told to stay home. Working remotely is nothing new at Deloitte; both our technology and culture enable it. But, doing it full time while maintaining close relationships with our clients and preserving high levels of performance—and also juggling personal and family obligations—has been a demanding feat. Deloitte practitioners have delivered for their clients. As Deloitte leaders, we’ve stood behind our people, prioritising their well-being and providing resources and support to help ease the burden as the lines between home and work blurred and societal divisions intensified.

Over the past five years, Deloitte has been on a transformational journey that has given us a strategic advantage, particularly in today’s environment. Deloitte has been able to deliver the multidisciplinary strategies and solutions businesses needed to respond and recover in the early stages of the pandemic. And as the world reopens, Deloitte is helping businesses adapt and thrive.

Deloitte’s Purpose, to make an impact that matters, compels us to contribute to the communities where we live and work. This past year, that impact totaled US$265 million (including more than 1.5 million hours of volunteer and pro bono work), and progress continued against our commitment to impact 50 million lives through WorldClass.

In a time of exceptional strain for our communities, it has been gratifying to see our people take it upon themselves to serve those on the front lines and communities in deep need of assistance. From the Deloitte professionals in Canada who developed GroceryHero to match volunteers with busy front-line professionals in need of someone to shop for them, to the Deloitte Spain professionals who joined forces to make and supply thousands of masks to COVID-19 front-line workers, our people have been motivated to use their skills to make a difference. At an organisation-wide level, Deloitte donated to the World Health Organisation’s COVID-19 Solidarity Response Fund and invested about US$20 million toward COVID-19 related relief efforts.

Finding ways to serve clients with minimal disruption while supporting our communities and keeping our people engaged, productive and mentally healthy the past several months has tested the Deloitte organisation’s capabilities and spirit. At the same time, we see the silver lining in these confluent crises; the chance to make business and society better than before.

Looking to fiscal year
2021 and building
a better normal

As Deloitte looks toward the coming decade, a few things are certain.

We know that few businesses will do things exactly the same way as before. Organisations will learn from these crises and implement changes that enhance their resilience.

We know some new ways of working and living will continue, especially those offering greater convenience and at lower costs.

And we know business will need to adapt to markets that have changed and are changing, technologies that are rapidly evolving, and new societal attitudes and values.

Our commitment to building a better normal begins with people. We are expanding opportunities at Deloitte—and throughout our communities with WorldClass—especially among traditionally underrepresented and marginalised groups. As a large organisation, we can use our influence to promote equality and justice throughout society, cultivate inclusiveness, and empower all people to grow personally and professionally.

We are tackling the climate crisis head on. Our new WorldClimate strategy articulates Deloitte’s responsibility to make sure our own house is in order, to inspire our people to act, and to engage our ecosystems and alliances in our cause. We will reduce our own footprint and grow our capabilities so we can deliver best-in-class solutions that help Deloitte clients do the same.

From a business perspective, Deloitte will continue to make markets and create opportunities to grow alliance-enabled business solutions, focusing on offerings that organisations will need in this new environment—transformation, cyber, digital and cloud—while continuing to deliver the full breadth and depth of our multidisciplinary model that Deloitte clients depend upon.

We are fortunate to build from a position of strength. Deloitte was named the most valuable commercial services brand by Brand Finance for the second year in a row in FY2020. The most recent PCAOB inspection results demonstrate Deloitte’s uncompromising dedication to audit quality. And Deloitte has received several awards for its sustained commitment to diversity and inclusion. However, we recognise there is much more still to be done.

The pandemic, the economy, social conflict and climate-related catastrophes will continue to test all businesses, including Deloitte. But we do not accept that our future is pre-ordained. It is ours to shape.

The need for the kinds of problem-solving knowledge, skills and experience Deloitte offers has never been greater.

In this report, you’ll read more about what Deloitte is doing to help create a better normal for people, for Deloitte clients and for the planet—guided by the same fundamentals, Shared Values and Purpose that have helped us overcome previous crises over our 175-year history and emerge stronger.

I have no doubt we’ll do that again.

Punit Renjen
Deloitte Global CEO