EY, one of the Big Four accounting firms, plans to ramp up hiring at its global delivery centres and member firms to rapidly scale up India operations. The firm is set to hire more than 23,000 professionals in the financial year 2020, cementing India’s position as EY’s largest workforce outside of the US.
Julie Linn Teigland, Managing Partner, EY (EMEIA) stated, “We see India as an amazing base to service our business throughout the world, from a tech perspective, a process perspective and also the human talent element.”
Around 11,000 professionals have already been hired and by June 30 next year (EY financial year ends June 30), EY would have hired another 12,000. The firm already has more than 50,000 people in India.
Julie added that India has one of the most educated workforces, especially when it comes to the STEM (science, technology, engineering and mathematics) fields, and EY would be crazy not to leverage that across the globe. Over 50% of the new hires in 2020 will have a STEM background.
Also, for EY, India has been one of the fastest-growing businesses, in healthy double-digits, capping the previous fiscal year at 19.1% year-on-year revenue growth. At the same time, however, the Big Four accounting firm has also faced increased regulatory scrutiny for audit lapses. A few months back, the Reserve Bank of India banned EY network firm SR Batliboi & Co from carrying out statutory audit assignments in commercial banks. Similarly, the firm was also being scrutinized for lapses in IL&FS group company audits. However, the firm remains gung-ho about growing its India audit business and plans to continue investing in the same. Last year, rival KPMG had announced similar expansion plans to hire 8,000-9,000 people in India.