This week we’ve shared a couple of examples with you that demonstrate how KPMG is attempting to land some talent from its rival Big 4 firms. The strategy ranges from the Google-ish to the good old fashioned cold
call email. After yesterday’s post mentioning the latter method, a Radio Station manager felt compelled to point something out:
I am a KPMG manager and I don’t want everyone thinking that it is only KPMG that is on an easter egg hunt to try land experi ived the following linked in messages over the holidays:
PwC M&A Advisory Manager opportunity in Mclean, VA
Zahara Kanji Sourcing Manager at PricewaterhouseCoopers
Hi [KPMG manager],
I hope this note finds you well. By way of introduction, I am the recruiting manager for PricewaterhouseCoopers’ Transaction Services Advisory practice. We are strategically growing at various levels across the country. I am interested in your professional background, which seems to align well with our Transaction Services Financial Due Diligence practice. Please reply to this email if you would like to learn more about our business. I look forward to hearing from you soon.
Position with Ernst & Young LLP Audit Practice
Renee Scott (Creese) National Diversity Recruiting Manager
My name Renee Scott, Assistant Director of Recruitment with Ernst and Young’s Assurance practice. We are expanding our searches for experienced Seniors and Managers with assurance background and CPA designation.
Sasha Le with HR Consulting Partners, my sourcing assistant, through networking, has identified you as someone we would definitely consider speaking further about these great career opportunities. I’ve opted to make my initial contact with you via LinkedIn, a professional networking venue, so if you are or know of someone who is interested, please contact me at 410-263-3702 or via email at [email protected] OR you can contact Sasha Le via email at [email protected] or via (626) 839-7174. We look forward to hearing from you soon.
Ernst & Young LLP
A couple takeaways now that we’ve sufficiently beaten the competitive recruiting drum: 1) This time of year, there’s a big push to bring on new people because, well, there’s a perpetual shortage of people in some practice areas; 2) if you’re unsatisfied with your current firm, qwitcherbitchin and call one of these recruiters. They’d love to talk to you.
As for our tipster’s motivation:
I just begin to get irritated when staff from the other 3 point fingers at KPMG for being the bad guy. They seem to forget that an audit is an audit and unless PWC has discovered a new shmebit [sic?] to account for that the rest of the Big 4 don’t know about then I am pretty sure they audit the balance sheet and income statement the same way the rest of us do.
Now, then. Some clever commenter on the last post wondered “Whis [SIC] is this big news? Recruiters have been doing this in public accounting for many years.” We admit, this isn’t Andrew Cuomo slapping E&Y and E&Y slapping back but we seriously doubt it’s known just how competitive it is. Plus, the firm’s downplay the whole thing. Look no further than the interview KPMG’s Vice Chair of HR gave to FINS last spring:
[Kyle Stock]: I often read about poaching amongst the Big Four. Has that activity increased or decreased recently?
[Bruce Pfau]: Like any business, there are going to be fluctuations and vicissitudes in the industry in general and there’s a certain amount of movement between the firms. There’s no warfare going on between the firms or any vendettas or anything like that. In general, we find at least when people leave us, by and large, they’re not leaving to go to a competitor. And I think the same is true of our competitors. It’s usually because they see opportunities in either a corporate situation or another consulting environment of some kind.
So, Mr Pfau says it’s NBD but the reality is that the talent at the firms is very similar and when the shortage of people in a particular practice area becomes severe, the leaders in those groups put pressure on the recruiters to find good people to fill the holes. It’s reflective of the culture inside the firms and is part of the underbelly of what is going on behind the scenes. And in case you’re new to the site, that’s what we do here.
We realize that you look at numbers all day but what difference does a few more make?
Accordingly, we’ll call attention to Big 4 Blog’s performance analysis of the Four Horsemen’s fiscal year 2010.
• In 2010, Deloitte surpassed PricewaterhouseCoopers to become the largest Big Four firm, reporting revenues of $26.578 billion and growth of 1.8%, just ahead of PwC’s revenues of $26.569 billion and growth of 1.5%.
• Deloitte beat PwC by a small but significant margin of only $9 million.
• Ernst & Young placed third with 2010 revenues of $21.440 billion, but its revenues shrank 0.9% from 2009.
• KPMG remained the smallest firm with revenues of $20.630 billion, but had the highest growth at 2.6% and reduced the gap with Ernst & Young.
To summarize: Of course we knew about Deloitte dethroning P. Dubs for the top spot but with the margin of victory so close, it wouldn’t be shocking to see a one and done. Time will tell, time will tell. Additionally, you can see that KPMG had a nice a little rally from 2009 and E&Y, well, not only was E&Y the only firm with declining revenues, they have some other things to work out.
The 2010 Big Four Firms Performance Analysis [Big4.com]