Deloitte reported its global revenue grew 5.5% in the fiscal year ending May 31, 2021 to $50.2 billion as the firm increased its workforce 3.2% to 345,000.
Despite the challenges of the global pandemic, the firm grew its business, with financial advisory services growing at the fastest pace at 12.9%, followed by audit and assurance, which grew 6.1%. Risk advisory services revenue grew 5.6%. Consulting services grew 5%. Tax and legal revenue grew 2.3%.
Government and public services was the fastest-growing industry, followed by technology, media and telecommunications. Financial services clients contributed 27% of Deloitte's total revenue.
Among the different regions, the Asia Pacific region grew at the fastest rate at 14%, followed by the Europe, Middle East and Africa (EMEA) region, which grew 11.3%. Deloitte also expanded its global alliance and ecosystem business by 24%. The firm managed to adapt during the COVID-19 pandemic.
"Events of this past year have had an unprecedented impact on the world and our organization,” said Deloitte Global CEO Punit Renjen in a statement Wednesday. “From the COVID-19 pandemic to more frequent, extreme climate events, and social upheavals, we are grateful that we've been able to continue to help clients and support our people as we all navigate through this challenging environment. While the past year was difficult and defined by uncertainty, it has shown what can be achieved at speed and scale when businesses, governments and society work together to tackle tough global challenges. This cooperative approach is a model that we must continue to build on."
On the audit and assurance side, Deloitte deployed its global audit platforms, Deloitte Omnia and Deloitte Levvia, to deliver audit services worldwide. The firm’s audit and assurance professionals have also been helping clients and stakeholders address environmental, social and governance reporting needs. The Deloitte Center for ESG Solutions supplied decarbonization, hydrogen, electricity, and other quantitative energy models to support major sustainable energy transformation projects.
Deloitte also released its first ESG report as a firm. Deloitte's FY2021 societal impact investment was $223 million, bringing its five-year investment total to $1.15 billion.
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Deloitte also issued its first report following the recommendations of the Task Force on Climate Related Financial Disclosures detailing its processes for addressing climate change risks and opportunities in the areas of governance, strategy, risk management, and metrics and targets. The report quantifies climate change impacts in financial terms and also examines risks and opportunities under two different climate scenarios.
Through Deloitte's WorldClimate strategy, it is driving responsible climate choices within the organization and beyond. It is asking its more than 345,000 professionals to take individual and collective climate action alongside clients and communities. In collaboration with the World Wildlife Fund, Deloitte developed a climate learning program for all Deloitte professionals.
As part of the World Economic Forum's Alliance of CEO Climate Leaders, Renjen joined over 70 CEOs in an open letter urging world leaders to support "bold and courageous commitments, policies and actions." Deloitte's greenhouse gas reduction goals were validated by the Science Based Targets initiative. Deloitte also committed to all three Climate Group initiatives supporting 100% renewable electricity, 100% electric vehicles adoption, and energy efficiency and productivity within the organization. During FY2021, Deloitte said it reduced absolute carbon emissions by 41% and carbon emissions per full-time employee by 44% from its base year of FY2019.
The firm also created a Deloitte Center for AI Computing to help with technology consulting.
Deloitte began an initiative with the government of Haryana state in India to help public health infrastructure. The program is being expanded to Africa, Brazil and Southeast Asia.
In the area of diversity, equity and inclusion, Deloitte is pursuing a strategy it calls “ALLIN,” with an emphasis on respect and inclusion. Built upon this foundation are three pillars: working toward gender balance, fostering LGBT+ inclusion, and supporting mental health.
To meet the needs of the firm’s people during the challenges of the pandemic, Deloitte set up a mental health baseline for measuring well-being factors, made a global commitment to mental health within the organization and in society at large, and became a Founding Partner of the Global Business Collaboration for Better Workplace Mental Health, which aims to raise awareness of the importance of mental health in the workplace and facilitate the adoption of best practices that enable employees to thrive in the workplace.
