CEO Slams Business Case for Inclusion
The UK’s sixth-biggest audit firm, Grant Thornton, has plans to recruit 160 new partners over the next two years, despite the professional services sector facing challenges such as shrinking graduate intakes and the impact of AI. The firm’s partner profits have surged in recent years, reaching record levels, and it has seen a flurry of private equity interest, with valuations of accounting firms soaring.
Grant Thornton’s CEO, Malcolm Gomersall, believes that digitalisation has been evolving the profession throughout his career, and that technology can be used to “accelerate people” and unlock more time for junior staff to interact with clients and partners.
Gomersall says that Grant Thornton won’t be significantly changing its graduate intake this year, but expects AI to alter the skills makeup of the workforce in the long run. The firm has already added digital trainees to its early career hiring programme and is testing candidates on their ability to work with AI as part of their problem-solving approach.
The aim is to differentiate confidence in using the technology from over-reliance on it, and to assess skills such as effective prompting, critical thinking, and the ability to evaluate AI-generated content. Gomersall believes that employing technology to speed up routine and repetitive tasks can unlock more time for human interactions, which are essential for trainees to learn.
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They plan to transition away from the traditional ‘pyramid’ model to a more evenly distributed ‘obelisk’ model, with a higher ratio of senior positions to junior ones. The firm took private equity investment in November 2024, which has given it the resources to implement this change and achieve its strategic priorities.
Gomersall has identified the future shape of the business as one of his key priorities. The firm has made significant progress in its digital transformation.
Grant Thornton has also been recognized for its commitment to social mobility. Gomersall believes that social mobility is fundamental to the firm’s success and is working to create a more diverse and inclusive workforce.
Gomersall’s vision is for Grant Thornton to be a leader in the professional services sector. He is committed to achieving growth in the public interest entity space and is focused on bringing in high-quality people and upskilling the firm’s existing staff to achieve this goal.
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His commitment to inclusion and social mobility is rooted in his own experiences, having come from a modest background and benefited from the help of others. He believes that creating a more diverse and inclusive workforce is essential for the firm’s success and growth.
The firm’s plans to grow its business in the public interest entity space are likely to be boosted by the government’s efforts to break the hold of the Big Four on audits of large listed companies, banks, and insurers. With its strong commitment to digital transformation, inclusion, and social mobility, Grant Thornton is well-positioned to achieve its strategic priorities.
It is a new path.
