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EY tightens focus on skills and diversity

Oct 31
 
Tags: Ernst & Young LLP
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EY tightens focus on skills and diversity

EY has said it is "committed to giving its people the opportunity to achieve their potential", following investment of £36 million in professional training and personal development in the 2017-18 financial year, which also saw more than 4,500 employees receive promotions.

The firm reiterated its belief that greater diversity enables stronger business performance, having recently announced that its UK board will have an equal gender split from December.

EY was ranked second in the Inclusive Top 50 UK Employers list and opted to include partner data in its gender and ethnicity pay gap reporting, going further than government regulations required.

As far as commercial performance is concerned, the company saw its UK fee income grow by 2.7 per cent during the financial year to June 30th 2018, from £2.35 billion to £2.41 billion.

Revenue from the tax business increased by 7.3 per cent, while financial services (seven per cent), auditing (four per cent), advisory (3.8 per cent) and transaction advisory services (1.5 per cent) also grew.

Within the UK, EY has continued its expansion beyond London with new offices in Manchester and Edinburgh, as well as investment in its Newcastle premises. Furthermore, 42 per cent of all new hires occurred in offices outside London.

Around the world, the company is set to invest an additional US$1 billion (£780 million) in tech-related capabilities over the next two years.

Recent innovations have included the cash analytics service, which optimises clients' working capital through machine learning.

EY's UK chairman Steve Varley said: "We are excited about the growth potential of the new areas of our business, and the application of these technologies to our more traditional services, such as auditing.

"The significant investments in technology that we have made over the past few years are transforming the services we provide to our clients as well as supporting the digital transformation of UK industry."

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Image: iStock/nd3000

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