According to the horse’s mouth, EY is buried under millions and millions of resumes and on track to hire nearly a quarter of a million people this fiscal year.
EY is on track to hire around 220,000 people in the twelve months to July 2023, having achieved its highest growth in nearly two decades in the previous period. That’s before a potential break-up of its auditing and consulting divisions takes effect, which could further ramp up a recruitment drive that reached about 160,000 in the 2022 financial year.
As part of the push the firm expects to sift through more than 3 million resumes this year, Trent Henry, EY Global vice chair for talent, said in an interview. The company is using automation to help its recruitment professionals and match candidates to job postings, he said.
EY currently has about 365,000 employees in over 700 offices in more than 150 countries around the world, 220,000 is 60% of its current workforce. We buying this? Because 220,000 in this market sounds…ambitious. Especially with students so skittish about what a split could mean for their careers down the road.
This morning we learned from a couple of sources that the big guy will be calling it a career officially on June 30, 2013 and the firm will announce a new CEO-elect at some point in early 2012.
Here’s JT’s message to the troops:
I have written to all our partners to let them know about my plans to retire from Ernst & Young on 30 June 2013.
Every year, our Global Executive (GE) considers the priorities and initiatives we feel Ernst & Young should focus on in the upcoming year, and these priorities are then approved by our Global Advisory Council (GAC), the top governance body of Ernst & Young.
Periodically, we also take a longer look at our strategy and vision, and involve the GAC in this as well. In July, we informed our partners that we were beginning such a long-term strategic review. The GE and I believe that our new strategy and leadership-succession plans are inextricably linked, and we agreed that June 2013 would be the right time for me to retire.
This is a normal process and the timing has worked out perfectly. I will be 58 years old, which is the normal early retirement age for many of our partners. By then, we will be implementing our new strategy and it’s right that a new leader should steer this implementation.
We are starting a robust process to identify the man or woman who will succeed me, in accordance with our regulations. We intend to identify a new Chairman and CEO elect during the first part of 2012. What I feel very good about is that we’re the type of organization that continually develops large numbers of great leaders, so I see many men and women who could lead Ernst & Young successfully into the future.
This is not a retirement letter or speech to you all, as there is much to do before June 2013. However, I wanted to be very open with you about our plans. Thank you for your continued support as we continue both our strategy and succession-planning process.
James S. Turley
Chairman and CEO
UPDATE: Ernst & Young provided us with the following statement:
In a communication to all Ernst & Young partners worldwide on 10 November 2011, James S. Turley, Chairman and Chief Executive Officer of Ernst & Young confirmed that he will retire as planned, aged 58, on 30 June 2013. The succession process to decide a new Chairman and CEO-elect is now underway and will conclude in early 2012, no later than April.
So after riding out Lehman, handing out a lot of trophies, and inspiring the greatest lyric in the history of Big 4 employee produced videos, (I’m sure there are other accomplishments too) Jimbo will ride off into the Black and Yellow sunset. This seems like an appropriate tribute:
While Deloitte rings in the new year with generosity, E&Y has apparently taken a different approach.
One of our sources in the Ernstiverse has told us that busy season is being extended by two weeks this year. The first “official” week is this week (moved up one week from its usual spot) and there will be an additional week on the back end (first week in April as we understand it). This means mandatory 55 hours weeks are in full effect, so find some work people.
Oh! And it’s also our understanding that this week, “roundtables” are going on in the audit practice. We don’t know what those are exactly but it sounds sorta serious and it’s definitely not billable, so enjoy making up the time. If you’ve had the pleasure of attending one of these sit-downs, let us know how it went and keep us updated with other details.
Last August the body of a 27-year-old woman was found at EY’s Sydney office early […]
2 thoughts on “What Shortage? EY Is Supposedly Hiring 220,000 People This Year”
That is gross not net. They will hire 220K but a decent number will leave bringing the net number down quite a bit. So not the 60% in the article but still an ambitious number.
Or maybe the 220k additional hires is planning for the split? No way EY has grown to justify 60% growth in it’s workforce.
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That is gross not net. They will hire 220K but a decent number will leave bringing the net number down quite a bit. So not the 60% in the article but still an ambitious number.
Or maybe the 220k additional hires is planning for the split? No way EY has grown to justify 60% growth in it’s workforce.