At EY, we feel a responsibility to demonstrate how, even in a time of great change, we are Building a better working world for our clients, for our people and for our communities.
For our clients, we’re doing that by asking better questions, and innovating and adapting our own business to the new realities they face. We’re evolving our services in the areas of Assurance, Tax, Advisory and Strategy and Transactions. We’re building our sector knowledge and developing new managed services and other business models. We also recently announced an additional US$1b investment in innovation and client technology over the next two years. And, we are growing and diversifying our workforce, while teaming with alliance partners from across the globe.
We are helping our 260,000 people around the world to stay ahead of new trends by offering them world-class training and opportunities for experiential learning. We’re helping them develop skills not only in our traditional services, but also in fields such as data analytics, robotic process automation and artificial intelligence — all the while gaining new credentials, or “badges,” demonstrating their new skills. And we’re extending our workforce by tapping into the gig economy with our own advanced technology recruitment platform, GigNow. We’re proud to once again be recognized as one of the world’s best employers by organizations such the Great Places to Work Institute, Fortune, Universum and DiversityInc.
For our communities, and for all of our stakeholders, we’re working to demonstrate the value that we, and business, create even in a time of great change. Through global teams with multidisciplinary skill sets, we help digital pioneers fight data piracy; guide governments through cash-flow crises; unlock new medical treatments with data analytics; and deliver high-quality audits to build trust in financial markets and business. In the year ahead, we will make an even greater impact in our communities as we amplify our corporate responsibility efforts through a new global program called EY Ripples.
Recently I’ve been involved in many discussions about how to increase focus on building trust through new approaches to corporate reporting, focusing on long-term value creation for all stakeholders. These discussions have now become a movement, involving businesses and a broad range of their stakeholders. Through our involvement with the Embankment Project for Inclusive Capitalism, it’s an effort that I’m proud to say we’re at the forefront of. This year, we are progressing toward more open reporting, focused on how we create long-term value for our stakeholders. In this global review we are reporting a broader range of metrics that highlight our activities in attracting, developing and retaining our people, demonstrate our commitment to our communities, and the environment, among others. It’s a beginning of a journey we intend to continue in future years.
The world is changing in ways that we couldn’t have imagined just a few years ago, and I’m incredibly optimistic about the future — because these changes create enormous opportunities for all of us.
EY is capitalizing on these opportunities by providing enhanced value to our stakeholders, as demonstrated by another solid performance in our 2018 financial year, which ended on June 30. Our global revenues grew strongly across all of our geographies and service lines, by 7.4% in local currency terms (nearly 11% in US dollars), to US$34.8b. This brings our five-year CAGR — since we started on our Vision2020 journey — to 8.5% in local currency.
As we look to the future at EY, we will continue to grow and transform, working with all of our stakeholders, to live our values and fulfill our purpose of Building a better working world.