Romal Shetty, CEO of Deloitte South Asia, plans to increase India’s workforce to 30% within four years.
The estimated total employee count for the company could range from 150,000 to 160,000. Shetty aims to surpass Rs 20,000 crores in revenue for the company in the next four years.
The CEO’s strategy includes increasing the number of partners to over 1000. Shetty discusses the company’s growth plans, the IL&FS overhang, and reviewing the audit portfolio.
He highlights UP’s trillion-dollar economic transformation project as an important factor in global growth plans. Shetty believes there is no logic in separating audit and advisory services into separate companies.
Currently, Deloitte’s revenue stands at around Rs 8,000 crore. The goal is to surpass Rs 20,000 crore in revenue within four years. It aims to increase the number of partners to over 1,000 (currently 580). The company’s projected workforce in India will be around 150,000–160,000 employees in four years.
Resignation from BYJU’s
Deloitte recently resigned from Byjus Audit, raising the question of a need for larger audit reviews. The firm conducts annual evaluations of all clients to determine continued engagement.
Portfolio analysis is an ongoing effort to identify and address unacceptable risks. The company recognizes the challenges with startups lacking established procedures but emphasizes the importance of implementing processes, controls, and governance. Audits now involve multiple disciplines such as audit, tax, technology, and cyber expertise.
Deloitte and PwC made the decision to abstain from non-audit work for their audit clients. The focus is on guiding management towards appropriate actions and fostering the right practices.
Increased Global Inquires
Deloitte India is experiencing increased inquiries from global clients for more investments in the country. India’s expansion into new sectors like chip manufacturing and defence equipment production is a driving factor. Companies are attracted to India’s diverse business opportunities as a means to mitigate geopolitical risks.
Deloitte’s tax department is actively assisting companies with their entry strategies. India is the preferred location for 50 per cent of global captives due to its unmatched advantages.
Transformational engagements are now being led from India, not limited to low-end work. Decision-making power has shifted, with significant decision-makers now based in India. India’s innovative work and emerging business models are attracting more companies to invest.
Different states in India are competing to showcase their attractiveness and attract investments. Overall, India’s favourable business environment and diverse opportunities are driving the trend of increased investments.
Deloitte has completed 19 acquisitions in the past three to four years. The firm emphasizes digital transformation, particularly in artificial intelligence (AI) and generative AI.
ESG is seen as a pathway to Net Zero, but specific strategies are yet to be determined. Deloitte aims to enhance its capabilities in operating and running companies. “Imagine, Deliver, Run” is central to their strategy.
The company is actively seeking cutting-edge cyber companies to augment its portfolio. The firm prefers to maintain a reserved approach when discussing its acquisitions.
Market Growth and Employment
Deloitte India, serving the Indian market, will employ approximately 50,000 people. Currently, the combined employee count in India is already at 100,000.
Deloitte US-India (USI) and India have a workforce interchange of 1000-1500 employees. The interchange depends on the required skill sets. According to the CEO, India will have close to 30% of the company’s global workforce in four years.
Its goal is to become the undisputed leader in professional services. The company aims to achieve this through its quality, brand, well-being, and scale.
Over the past four or five years, our overall growth has consistently exceeded 30 per cent. Last year, The firm experienced over 40 per cent growth overall.
Deloitte India’s consulting business witnessed a remarkable 12-fold growth in five years. Profitability also surged by an impressive 70 times during that period. It emerged as the fastest-growing member of the global network.
Despite the significant growth, its revenue was once considered a rounding error in the company’s global balance sheet.
The CEO aims to position Deloitte India as one of the top five global firms within the Deloitte Network.