More than 15% of the net addition of the big four accounting firms – Deloitte, EY, PwC and KPMG – came from the top five IT companies in FY22.
Experts say better salaries and the addition of global companies to their bio-data are driving employees to opt for the Big Four, even as these companies expand their presence in the country to bolster their tech offerings and related platforms. tax and accounting.
Accounting firms such as Deloitte and EY hired more employees on a net basis in the year ending March 31, and the two companies became one of the top recruiters of IT talent laterally, data shows. shared by the specialized recruitment company Xpheno.
Studying the Big Four’s talent movement shows that the majority of the top five sources they hired last year are IT companies.
“Interestingly, the Big Four are losing talent to their consulting counterparts and competitors, but gaining talent from IT companies,” said Anil Ethanur, co-founder of Xpheno.
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Why the churn?
The Big Four are no longer just auditing and accounting firms.
With the infusion of technology into the auditing, data analytics, consulting, and forensic services provided by these companies, the role of technology professionals has diversified.
These companies also provided consulting services in the strategy and execution of technological and digital transformations.
The Big Four and consulting firms are ranked higher in terms of compensation because salaries and annual increases are in line with global standards, according to human resources experts.
The salary of a tech professional in the Big Four tech hubs has historically been 15-20% higher than their Indian counterparts.
“Big Four has grown significantly in recent years in India compared to the pre-Covid-19 period. Also, more and more work is being outsourced to India,” said Aditya Mishra, Managing Director of CIEL HR Services. “Accounting firms also sell cloud-based platforms and products. Since they are… on the financial side of the business, they have the upper hand in selling these products.
The platforms are based on the fields of auditing, accounting and tax, but require technical talents to develop them.
Working for the Big Four also means better onsite opportunities for companies.
In addition to having a global mark on your biodata, the chances of someone going there are much higher because the lottery pool to win an opportunity there is relatively smaller, Ethanur said.
“The Big Four accounting firms have seen record annual (staff) growth across their operations in India. This growth has relied on experienced side talent that the Big Four have drawn from leaders in IT services. Over the past year, a mix of Indian and multinational IT services companies have been tapped for the talent needs of India’s Big Four workforce,” Ethanur added.