EY India plans to maintain its hiring cadence for its consulting practice this financial year and adapt to growing demand for its services in the world’s fifth-largest economy, said Rohan Sachdev, head of EY India Advisory Services.
Today, consulting is EY India’s largest and fastest growing service area. For its advisory business, EY India employed over 11,000 professionals in FY23 (following 22 July to 23 June). This includes campus recruiting (3,600+) and support staff.
“Given our continued growth, we will also continue to hire at similar levels in fiscal 2024,” Sachdev said. career line.
He noted that the average growth rate for consulting businesses has trended upwards (50 percent) over the past two years, and that trajectory continues. “You can imagine how fast the market is going,” Sachdev said.
One of the factors supporting the growth of the consulting business is the firm’s hiring of several senior external partners. “As many as 75 partners from industry and other professional services firms have joined us in the past two years. This strategy of recruiting senior talent with a brand in the market has also helped us,” said Sachdev. Currently, the consulting business has 390 equity and non-equity partners.
The Advisory service line of EY India has two segments – Business Advisory and Technology Advisory. In technology consulting, there are five segments – Data and Analytics; Networks; Emerging Technologies and Digitalisation; Technological Transformation and Platforms.
Of the nearly 25,000 employees in the consulting industry, roughly half work in technology consulting, Sachdev noted.
Business consulting practices include business transformation, supply chain, financial transformation, corporate risk, technology risk and financial services risk.
Asked whether the country’s economic growth was linked to the growth of the consulting services business, Sakhdev said: “Of course there is. As the economy is booming, we are seeing increasing demand for our business. However , the nature of demand is changing rapidly and is linked to changes in customer behavior.”
“Today, everyone’s focus is on personalizing the customer experience and reimagining their business. I’d call it a front-to-back shift in the way people look at business, largely driven by technology. Everyone’s thinking about Provide end-to-end services”.
Sahdev also highlighted opportunities on the government front, noting India’s digital stack as a key driver of growth. “Our government business is embedded at the central and state level, fundamentally using technology to understand how to achieve goals for India,” he said.
Sakhdev also pointed out that much of the appeal of the consulting business comes from its venture business. “Our risk business has received significant attention due to the complexity of the business and governance issues,” he said.
Sachdev noted that asset-based, high-capacity managed services are an important area of focus for the consulting business. “People say you’re taking this part of my business and running it for me. You’re helping the business take on a big responsibility at its table and focus on other things,” he said
Sakhdev said that India has now become the technology destination of the new era of engineering in the world.
Sakhdev said Ernst & Young India is the only firm (among the Big Four) that has a substantial sustainable risk business.
“Whether it’s internal audit, whether it’s technology risk, whether it’s professional financial services risk business, we have a strong risk business,” he said.
Sachdev believes that future demand will be more for technology-enabled services and managed services.
However, he noted that all verticals of the consulting business saw significant growth.