KPMG to hire 20,000 employees in India in the next three years
According to Yezdi Nagporewalla, the CEO of KPMG India, the Big Four professional services company would hire 20,000 employees over the next two to three years for both its India practice and its worldwide delivery arm KPMG Global Services.
Between KPMG India and KGS, the company employs more than 40,000 people in India.
The company had survived the Covid-19 upheaval and seen strong growth in the nation as customers sought a range of services to strengthen their companies’ resilience.
According to an ET report, “CEO Nagporewalla stated that “the firm’s India business in FY22 expanded over 25% and March 2023 numbers will be upwards of 25 per cent. India is one of the top 3 markets with the quickest growth rates among all the regions where KPMG operates.”
He said India is the largest supplier of talent to the KPMG global network.
Targeting $1 Billion Revenue In India
“As a team, we have embraced the aim to make KPMG in India a billion-dollar firm in the next three years,” CEO Nagporewalla said when asked when he thought the company would be able to generate $1 billion in revenue in India.
Growing The Non-Audit Business
According to the research, KPMG has rapidly expanded its non-audit operations, including consulting, tax, and transactions. This trend is being observed throughout the Big 4 firms.
“A few years ago, we began the process of refocusing and revitalising our advising practice,” Nagporewalla said. “The efforts we took in digital, data analytics, ESG, and transformation services a few years ago are paying off handsomely.”
The advisory, which makes up about 60% of KPMG’s business in India, is expanding more quickly than the other verticals, according to the CEO of KPMG India. The company has recently opened the KPMG Innovation Kaleidoscope Center, a collaborative workspace for the firm’s employees, customers, and enterprises and a decarbonisation hub.
Since the Companies Law’s requirement for audit rotation began in 2017, many companies in the audit industry are now facing their first decision to replace or keep their auditors after a five-year term. “Overall, most businesses have chosen to keep their current auditors, “added CEO Nagporewalla. “Customers dislike interruptions. The majority of our clients come back to us for additional terms. Our customers appreciate the partnership as of our team’s excellent service.”
“India Story Changing”
According to Nagporewalla, the rapid increase in the previous two years wasn’t just a Covid-19 spike; professional services firms would continue to have robust demand for their services. The ET report stated, “the India story is now turning, and we will continue to see robust demand for the next few years.”
In the future, KPMG will put a lot of effort into utilising technology to create solutions across service lines. According to CEO Nagporewalla, “Traditional advising companies have changed, and today you cannot have major client solutions without technology.” He continued by saying that the company is aggressively looking for M&A (merger and acquisition) possibilities in the advising sector.
About KPMG
One of the Big 4 accounting companies is the international professional services network KPMG International Limited.
This company network of firms in 145 countries with over 236,000 workers has its headquarters in Amstelveen, the Netherlands, even when it was founded in London, England. It provides three lines of services: financial audit, tax, and advising. It categorises its tax and advising services into different service groups. The firm’s global network of affiliates has been embroiled in legal proceedings and regulatory measures during the past ten years.
KMG (Klynveld Main Goerdeler) and Peat Marwick combined in 1987, leading to the creation of KPMG, which stands for “Klynveld Peat Marwick Goerdeler”.
Global structure
Each country’s KPMG business is a separate legal entity and a part of the UK Limited Company KPMG International Limited, which was established in London, United Kingdom. In 2003, KPMG International converted from a Swiss Verein to a co-operative under Swiss law, and in 2020, to a limited corporation.
This organisation is similar to other professional services networks in that the Limited Company exclusively provides support services to the member companies. The member businesses provide client services. Each independent member’s liability is to be constrained.
Global Chairman of KPMG is Bill Thomas. Formerly, he served as Senior Partner and CEO of KPMG LLP, a Canadian component of the KPMG network.
On the Fortune list of the 100 best companies to work for in 2017, KPMG came in at number 29. In the same year, KPMG, PwC, Deloitte, and PA Consulting Group were ranked among the top 25 employers in the UK. As a result, KPMG conducts audits in India under the name of BSR & Co, an auditing company it purchased. B.S. formed the auditing company BSR & Co. Mumbai is raucous.
KPMG received approval to operate as an investment bank in India in 1992 when India was obliged to liberalise as a requirement of the World Bank and IMF bailout. It then acquired BSR & Co, using that name to carry out audits throughout India.
In March 2022, KPMG announced that “our Russia and Belarus companies will leave the KPMG network” in response to the Russian invasion of Ukraine.
Services
The company is organised into the following three service lines:
· Audit ($11.46 billion)
· Advisory ($13.65 billion)
· Tax ($7.02 billion)
In 2014, the so-called Luxembourg Leaks exposed tax agreements involving tax evasion, multinational companies, and Luxembourg that KPMG had arranged.
Staff
According to CollegeGrad.com, KPMG was the Big Four accounting companies’ favoured workplace. According to Bloomberg Businessweek, it was placed No. 4 on the “50 Best Places to Launch a Career” list in 2009.
KPMG reportedly employs roughly 11,000 people in the UK and 9,000 people each in Hong Kong and mainland China as of the beginning of 2012. By the end of 2013, according to the global vice chairman of KPMG, China’s headcount would surpass that of the UK.
Sponsorship
The six-time world champion and two-time Olympian biathlete Magdalena Forsberg were sponsored heavily by the Swedish member company. In addition to her sporting career, Forsberg was a tax consultant at the KPMG Sundsvall office.
One of the top golfers in the world, Phil Mickelson, signed a three-year global sponsorship agreement with KPMG in February 2008. By the contract, Mickelson was needed to sport the KPMG emblem while making all golf-related public appearances. The two parties mutually ended their sponsorship on February 22, 2022, after Mickelson said that Saudi Arabia was “scary” but that he would overlook its human rights issues to benefit the PGA Tour.
Skier Alexandre Bilodeau, who won the first gold medal for Canada on home soil at the 2010 Vancouver Olympics, was sponsored by the Canadian member company. The Montreal office’s tax partner is Alexandre’s father.
KPMG and McLaren Technology Group have joined forces to apply the predictive analytics and technology of McLaren Applied Technologie (MAT) to KPMG’s audit and advisory services. Above the driver’s seat, the KPMG logo is inscribed on the McLaren Formula 1 car from 2015.
KPMG has been a major sponsor of Brain Bar, a yearly event on the future that is located in Budapest, since 2016.
Awards
In acknowledgement of KPMG’s expertise in risk management, OpRisk & Compliance placed KPMG in the top two overall in their Consultancy Rankings 2009 report.
The organisation was recognised for its breadth of experience, global reach, and all-encompassing strategy in 2011 when it was named second on the list of the World’s Best Outsourcing Advisors.
The business received recognition for 15 years as one of Working Mother magazine’s 100 Best Companies for Working Mothers before being inducted into the Working Mother Hall of Fame that same year. In Consulting Magazine’s 2016 list of the Best Firms to Work for, KPMG came in at number 13.
On the Fortune list of 100 best firms to work for in 2017, KPMG came in at number 29. In the same year, KPMG, PwC, Deloitte, and PA Consulting Group were ranked among the top 25 employers in the UK.
