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Thursday, February 29, 2024

Deloitte reports record FY2022 revenue

Punit RenjenAs Deloitte continues to take measurable, decisive actions on climate change throughout our operations and business, we are also assembling one of the largest global networks of sustainability capability through Deloitte’s Sustainability & Climate practice, to help clients accelerate their journeys to a more sustainable future. By staying true to our purpose to make an impact that matters, our people have demonstrated their resilience by flexing and adapting to meet the challenges of the past year, all the while focusing on building better futures—for our people, clients, and communities.”

Guiding clients’ journeys of transformation.

At a time when uncertainty has become the new normal and change is happening at warp speed, Deloitte has proven it has the agility and capabilities to rise to the most unexpected challenges while helping clients do the same.

Tax guided clients through the shifting tax and economic landscape, helping them navigate the global push for tax transparency, the digitization of tax authorities, and other complex challenges arising from global tax reforms. The power of our multi-disciplinary and private partnership model along with our global strategy drives our performance, allowing Deloitte to serve clients with distinction, take care of our people, give back to our communities, and uphold the public’s trust,” says Punit Renjen, Deloitte Global CEO. “By working together to develop and scale solutions for addressing climate change, advancing equity, and returning to economic growth, among other issues, we can lead the way in building better futures for more of the world’s people.”

Throughout the year, Deloitte has developed a range of internal resources—from inclusive leadership training and conversation guides to practical tips, programs, learning resources, and guidance on DEI-related topics, including race, LGBT+ inclusion, gender balance, mental health, neurodiversity, and disability.

We are also leveraging our virtual learning platform, which uses artificial intelligence to provide customized, online learning options covering more than 400,000 learning assets from internal and external sources. This includes a public CDP disclosure, a global report following the recommendations of the Task Force on Climate-Related Financial Disclosures, and our Global Impact Report, which follows the standards of the Global Reporting Initiative and includes disclosure of the Stakeholder Capitalism Metrics.

Through the power of our global organization, delivery centres, and strong collaboration between Consulting, Advisory, and Tax, we have increased our global alliance and ecosystems sales by 23% from the previous year, contributing to ~27% of Deloitte’s FY2022 aggregate sales.

Learning and development: Deloitte continued to provide virtual learning as part of a hybrid approach to professional development and to complement in-person training programs.

As our offices around the world reopened, learning teams worked to balance in-person classroom activities and virtual learning delivery. At the same time, the acceleration of new business models drove demand for solutions to transform the way clients operate tax functions through outsourcing, in-sourcing, and co-sourcing routine compliance and reporting activities. Through this partnership, Deloitte will provide a global team with wide-ranging management and business consulting capabilities to support the IOC with its digital transformation strategy, advance the IOC’s Olympic Agenda 2020+5 goal, and drive initiatives related to sustainability, diversity, equity and inclusion, and athlete career transition and well-being.

We continued to invest in, and accelerate digital transformation and help clients address sustainability and climate initiatives by scaling our practices in software engineering, artificial intelligence, and cloud and edge computing. We launched a climate learning program last year, resulting in more than 300,000 professionals completing the learning, and 95% of professionals committing to reducing their climate impact.

Diversity, equity, and inclusion (DEI): Our global DEI strategy—ALL IN—emphasizes a workplace culture founded on respect and characterized by inclusive behaviours and an appreciation for diversity in all forms. We have strengthened our relationships with 15 alliances globally by co-creating innovative assets, going big on social venture initiatives (e.g., Sustainability and Climate, Diversity and Inclusion), and executing ecosystem strategies that drive short and long-term benefits to clients. Our member firms and people around the world demonstrated incredible solidarity to support humanitarian response efforts, raising more than US$7 million in financial donations and providing in-kind, volunteer, and pro bono support to organizations across the region.

This includes a critical focus on climate and sustainability and ESG reporting to further help clients provide transparent, reliable and meaningful performance disclosures that respond to evolving market demands and stakeholder needs. Where permissible under local laws and regulations, Deloitte Legal practices also worked with clients to help them manage their intellectual property, navigate compliance with ESG regulations, navigate transactions and streamline contracts, and design and roll out policies to address the changing work environment and resolve disputes.

Similarly, Legal helped clients transform with tech-based solutions for managing contract lifecycles, collaborating with advisors in real-time, and automating routine tasks, which improve the accuracy and speed of processes while producing cost efficiencies.

Measuring and reporting our ESG progress: We continue to make progress toward our science-based targets, with renewable energy increasing to 91% compared to our base year of FY2019 when it only made up 12% of energy. The platform personalizes learning based on the learner’s needs and interests and democratizes the process by giving our people both a voice and a choice in their learning while enabling collaboration and individual contribution.

Through our WorldImpact initiatives, we are focused on making a tangible impact on society’s biggest challenges and creating a more sustainable and equitable world.

Supporting our people and society.

Our Forensic practice collaborated with public, private, and third-party organizations around the world to identify vulnerabilities to global financial crime and design solutions for information sharing, legislative reform, and asset recovery.

Among the businesses, Consulting revenue grew fastest at 24.4% in USD, followed by Financial Advisory, which grew 22.1%. Our culture, underpinned by Deloitte’s Shared Values, encourages our people to take care of each other and connect to make a positive impact on our clients, our planet, and the communities in which we live. With advanced tools that automate processes, speed response times, and improve accuracy, Deloitte worked together with clients to anticipate and address these issues, including major implications for data quality and access.

Consulting helped clients build organizational resilience, pivot business models, and shape better futures using its scale, depth of experience, and breadth of offerings to deliver a full suite of Advise, Implement, and Operate services. We continue to communicate to our suppliers the importance we place on addressing climate and now have more than 240 suppliers who have set science-based targets, up from 130 suppliers last year. Our practitioners advised clients on strategies to drive sustainability and climate opportunities, model net-zero transformations, and strengthen stakeholder trust. We are applying our business skills to help scale their solutions to enable more of the world’s students to have access to the highest quality education.

Over the past several years, we have steered a remarkable course to become the leading professional services organization in the world.

In Nigeria, Job Oyebisi co-founded StanLab, a 3D virtual laboratory app where teachers set up virtual labs for students to learn, practice, and master STEM subjects.

Financial Advisory supported clients on more than 10,000 transactions this year, covering the M&A lifecycle, debt and capital strategies, and Turnaround & Restructuring programs.

Audit & Assurance (A&A) continued its commitment to quality, integrity, and independence in upholding Deloitte’s vital role in the financial reporting ecosystem.

Deloitte reports aggregate global revenue of US$59.3 billion for the fiscal year ending 31 May 2022 (FY2022), a 19.6% increase in local currency from FY2021. ALL IN is focused not only on helping all our people live our values and thrive in a culture that is always respectful and inclusive, but also on designing and implementing specific interventions that can make a positive impact when it comes to our DEI aspirational goals. Through Rocket Learning’s tech-savvy program, they have reached one million children aged three to eight by sharing daily learning activities with parents via messaging applications. “These principles have also helped us successfully navigate another tumultuous year of further unexpected shocks—from geopolitical conflicts to an ongoing pandemic to extreme environmental events and the highest inflation in a generation.

Aiding Ukraine: Our commitment to our people also means supporting them when the unthinkable happens. Our practitioners continued to deliver solutions built with alliances and ecosystems and evolve cloud-based industry solutions like ConvergeTM. This recognition for effectively engaging our suppliers on climate change is awarded to only the top 8% of organizations who made disclosures to CDP on climate matters. Recognizing that we must work with others to create the needed change, last year we joined the Glasgow Financial Alliance for Net Zero (GFANZ) and the World Economic Forum’s First Movers Coalition.

This year we were honoured to be named a Supplier Engagement Leader by CDP, a leading global nonprofit that promotes corporate environmental reporting. We also joined the Tent Partnership for Refugees, committing to support people forced to flee their homes in Ukraine, including supporting Ukrainian refugee women across Europe. In addition, Deloitte Cyber practitioners used leading-edge technology to help clients protect against, and respond to, an array of cyber risks. Our growth is powered by empowering our people to lead with purpose and enable them to develop their careers and thrive in an equitable and inclusive environment. In FY2022, our societal impact investment was US$284 million, bringing our seven-year investment total to US$1.7 billion.

WorldClass: We have accelerated progress toward our WorldClass ambition to reach 100 million individuals by 2030.

In FY2022, Deloitte reached 13.6 million individuals through more than 1,150 WorldClass programs and initiatives around the world. Climate change is the defining global challenge of our time. As the pandemic recedes, DU will be an even more important place for our people and leaders to meet safely in a renewed context of inclusion and physical and mental well-being. Deloitte University (DU) is our cultural home, providing in-person moments that matter—augmented by online learning programs.

Risk Advisory developed sophisticated solutions to support organizations’ evolving risk and regulatory needs. Practitioners in Deloitte Cyber Operate teams also assisted global companies with digital identity and threat detection and response. Ongoing investments in the development of our A&A practitioners, solutions, and technologies enabled Deloitte to redefine what’s possible in corporate reporting, audit, and assurance.

An example is RegHub, which enhances how companies structure, source, and manage compliance using digital cloud platforms to track and address regulatory change. They have implemented new ways of working focused on flexibility to improve our people’s well-being. Our Infrastructure practice shaped the future of mobility by improving transportation options for more than one billion people. Deloitte is committed to supporting education, skills building, and employment opportunities for refugees and displaced persons around the world.

We have sustained our relentless focus on quality.

“This is a decisive decade. Deloitte Africa is supporting the expansion of their virtual 3D science laboratory platform to 10 new countries across Africa by 2023. As the world evolves, the challenges we face are becoming as complex as they are unpredictable,” adds Renjen. Through our WorldClass Education Challenge, we selected 12 innovators dedicated to addressing education challenges in their communities across Africa and Asia.

To enable this, our member firms around the world have enhanced total rewards and added benefits. Time spent together in person at DU is focused on capability building, coaching, mentoring, and making connections. By the end of FY2022, more than 360,000 of our people had accessed the platform. Through our WorldClimate strategy, we are making responsible climate choices within our organization and beyond. When Russia invaded Ukraine, Deloitte responded swiftly to assist our people in Ukraine and move their families to safety. We have transformed our Audit & Assurance practice through the use of new technologies, training, and process improvement. Financial Advisory revenue grew 22.1% in USD.

Tax & Legal revenue grew by 11.5% in USD.

WorldClimate: The role public policymakers, NGOs, and, particularly, business leaders need to play is changing. Audit & Assurance revenue grew 8.7% in USD.

Written by: Supaporn  Pholrach (Joom)

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