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KPMG workforce passes 13,000 mark

Dec 21
 
Tags: KPMG LLP
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KPMG workforce passes 13,000 mark

KPMG's total workforce now comprises just over 13,000 people. In an annual report covering the financial year ended September 30th 2016, the firm revealed that it had created approximately 1,500 new jobs.

The company said that it had "responded well to the market forces which are changing the shape of professional services", such as the delivery of large-scale managed services online or via the cloud.

Its management consulting team was successful with large projects including a contract to deliver learning and development services to up to 400,000 civil servants.

KPMG grew across all functions except risk consulting, which was affected by the closure of large bank remediation projects. There was double-digit net sales growth in management consulting, as well as mid-market tax and transaction services.

As far as the workforce is concerned, the firm said it remains one of the UK's leading employers of graduates and apprentices, with 28,000 applications for 1,200 roles at this level.

Simon Collins, chairman of KPMG UK, said one of the biggest recent successes was an "industry-first" approach to graduate recruitment that condensed a process that previously spanned several months into several days.

"The new approach offers many advantages, not least including a much more diverse group of applicants," he added. "We have found that applicants from less advantaged backgrounds are often unable to engage with the lengthy traditional process and have responded really favourably to our new approach."

At the more senior levels of the business, KPMG made some changes to its partner mix by investing in external recruitment to acquire skills in emerging services.

There were 40 internal promotions during the year ended September 30th, while the retirement of a number of partners was accelerated, meaning average partner salaries dropped from £623,000 to £582,000.

As far as financial performance is concerned, the latest annual figures showed that KPMG achieved six percent overall year-on-year revenue growth, from £1.96 billion to £2.07 billion.

However, profits dropped by two percent, partly because of investments required to adjust to changes in the market, such as the establishment of new, technology-driven services.

Summing up the firm's recent performance, Mr Collins said it had been involved in some of the year's most exciting transactions, including the LSE/Deutsche-Bourse merger and the acquisition of a number of beer brands by SABMiller.

"Meanwhile, our management consulting function saw a 13 percent increase in net sales as we saw huge demand for services such as 'Powered Enterprise', where we use cloud-based tools to help companies create new and more cost-effective operating models for areas such as IT services, finance, people and learning," he added.

Looking to the future, the KPMG UK chairman said uncertainty surrounding Britain's exit from the EU, the impact of the Trump presidency and the ongoing threat of geopolitical unrest and terrorism could make 2017 a challenging year.

He also claimed that the firm's experts are "well placed to help our clients with navigating the year ahead".

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