UK Impact Report 2022
Driven by our purpose – building a better working world – everyday our 18,900 people are perfectly placed, to create a positive impact that ripples beyond our own business, to our clients, and wider society.
Our 2022 Impact Report captures just some of the stories of countless EY professionals, who make it their daily mission to make a difference to the lives of others. And so, this year’s report is dedicated to them.
Faced with some of the most pressing challenges of our age – climate change, technological transformation, and increased inequality – we use our strengths and experience to take the lead, helping to navigate the road ahead and shape a better, more sustainable future.
As Chair, it gives me a huge sense of pride to present this year’s report, which is a reflection of our aspirations and performance this financial year.
Thank you to all those who have contributed.
Our focus today and tomorrow
By bringing our talented people together, united under our purpose, we are focussing our efforts in three key areas to help meet the challenges of the present and prepare for a better future.
It is our privilege and aim to create an environment that empowers and enriches our people, helping them to grow and add value, at every stage of their career. We know for that to happen an individual must feel like they belong. In a recent ‘People Pulse’ survey, more than 80% of respondents said they felt ‘free to be themselves’.
This year we:
- Recruited 5,514 people.
- Welcomed 1,473 students (graduates and school leavers).
- Appointed our largest intake of equity partners (120) - 36% are woman and 23% are from ethnic minority backgrounds.
- Delivered almost 700,000 hours of formal learning – equivalent to 40 hours per person.
It is also important that our workplace is a healthy one, which is why we invest in measures to support the physical and mental wellbeing of our people. In 2022, we extended private healthcare insurance to ensure that those who need it can access help quickly, complementing existing health services including: Digital GP, Workplace Adjustments, and Domestic Abuse Support.
formal learning hours undertaken by EY UK people.
EY learning badges completed.
As well as taking care of our own people, we recognise the role we can play in setting best practice as an employer. Notably:
- In a ground-breaking move, EY opened our first Neuro-Diverse Centre of Excellence (NCoE) in the UK earlier this year, in Manchester. EY already adapts its working environment to support the talents of neurodivergent employees, and the NCoE goes one step further, fostering an extended supportive environment for individuals with neuro-cognitive differences who self-identify as requiring additional support, helping them to apply their strengths to fuel innovation in technology and meet the growing demands of our clients for skills in emerging technologies, such as artificial intelligence and data science. Driving greater diversity and inclusion in the UK workplace, the response from the market has been extremely positive.
- We are also setting the bar as a workplace of the future, creating purpose-built hybrid workspaces in 2022 across the country – known as Living Labs – boosting collaboration and innovation.
- EY is one of the few employers in the UK with an Independent Domestic Violence Advocate service. The firm also signed the Menopause Workplace Pledge and sponsored the world’s only Menopause festival this year – FlushFest.
Creating value beyond the boardroom has become more important than ever for organisations. Business leaders need to demonstrate how they lead with purpose and deliver credible social impact as well as creating value for their stakeholders. As a business and a large employer, we have a part to play in addressing the most defining challenges of our lifetime, including social equity and sustainability.
Last year, EY became carbon negative, and we are on track to meet our goal of becoming net zero by 2025. This year alone, we’ve seen a 24% reduction in our energy consumption in the UK, compared to the FY19 baseline.
Leading the way, EY became the first of the Big Four accountancy firms to secure an ESG linked revolving credit facility, which is directly linked to our ESG targets and is verified annually by external auditors. As well as reducing our own environmental impact we are also working in tandem with our clients, government, and other organisations to support the green transition more widely.
Our impact report is also an opportunity to celebrate and thank our people who have volunteered and raised funds for the charities that we support. Over the last financial year, EY Ripples – our corporate responsibility programme – has contributed to a range of projects that has impacted over 2.7m lives.
EY Foundation – our independent charity - supported a further 2,200 young people through its skills and work experience programmes helping to promote employment opportunities and reduce the barriers that many of them face, as they transition from education. The charity also works with schools and colleges to familiarise students with the world of work and potential options open to them. A Youth Advisory Board was also established this year to capture the perspective and ideas of young people
On top of the work we already do, we have appointed a Corporate Responsibility UK Lead to evolve our strategy and align our efforts to create more impact in the communities we work with.
Accelerating carbon reduction13,000
trees pledged to plant across the UK.
lives positively impacted through 4,405 opportunities.
Every day, our people help our clients to navigate an ever-changing world and the challenges and opportunities that come with it. Using our collective strengths - including sector expertise, technology, and data - we come together to advise businesses and their leadership teams, across the globe, to generate long-term value.
To ensure we remain at the forefront of change, we continue to invest in our business, to deliver a market-leading service to our clients. We have made several acquisitions, formed more than 30 industry alliances, and recruited a record number of equity partners - all to boost capability and skills in our business.
In the last two years, EY in the UK and Ireland has acquired more businesses than it has in the last decade.
opportunities created for EY people to support our clients by doubling our Consulting practice over the next four years.
invested to support businesses in preparing their net zero plans.
Over the next four years we also plan to double the size of our Consulting practice, to meet increasing demand from our clients implementing large-scale transformation programmes.
The expansion is backed by £75m of investment, in addition to the £95m already invested in the practice since 2020. It will see headcount climb from 5,100 to 10,200 people, with more than half of the new roles based outside of London, including Manchester, Glasgow, Edinburgh, and Birmingham.
Backed by a further £100m investment, we launched EY Carbon, which is expected to recruit 1,300 people in three years, to support our clients with the green transition. The new service supports businesses to prepare their net zero plans - ahead of next year’s deadline set by the government at COP26 - and build longer-term sustainability strategies.
Delivering sustainable, consistent high-quality audits is a priority for EY and the firm continues to make significant investments. Earlier this year, EY announced an additional $1bn investment globally in its audit technology and processes. The firm has also launched a refreshed Audit Quality Strategy in the UK, which emphasises the importance of a strong audit culture and professional scepticism.
In FY22, EY recruited more than 1,232 experienced auditors, graduates and apprentices into its UK audit team, and increased spending on new technology. EY now audits 24 of the FTSE 100 and 73 of the FTSE 350, as well as a large number of private businesses and public sector bodies.
Better training leads to better policing
The EY team worked with Greater Manchester Police to transform how their new recruits learn.
This has been a record year of growth in the UK, driven by the long-term investments we’ve made in our business and strong client demand. Focussing on our purpose has helped to guide us through market uncertainty over the last two years and empower our business to create lasting value. We made strategic decisions to continue to invest for the future - in our people, systems, and services - while demonstrating resilience and agility. That approach, coupled with a robust and clear strategy, has helped us to achieve strong growth for our UK business.
In the financial year ended 2 July 2022, we saw a 17.2% growth in UK revenues as more clients sought our support across all our service lines and sectors.
EY in numbers:
- £3.23bn 2022 UK fee income
- 17.2% growth in UK revenues
- £110m bonuses paid to EY people (excluding Partners)
- 33% growth in Consulting revenues
- 15% growth in Tax revenues
- 11% growth in Assurance revenues
- 10% growth in Strategy and Transactions revenues
EY achieved revenue growth across all of its service lines in the UK and has also seen strong demand across all its industry sectors.
in fees received.
growth in FY22.
Looking to the future
In September, EY announced that the strategic review of its businesses has progressed, and that EY leaders have reached the decision to move forward with partner votes to separate into two organisations. One would be a global network of multidisciplinary member firms committed to assurance, tax and advisory services with all the capabilities required to deliver high-quality audits, serve the public interest and focus on the CFO agenda and sustainability; and the other would be a new global corporate comprising Consulting, Strategy and Transactions, the majority of Tax, and managed services.
The creation of two strong, independent businesses would help EY to better meet the needs of clients; create compelling careers for EY people; and serve the public interest by providing greater choice in the market and a global response to regulatory concerns.
Our legacy as a single organisation has been exceptional and we’re in a strong period of growth for our business. I’m proud that, against this backdrop, we’re taking the opportunity to review the shape of our business in the UK and globally to ensure we’re well positioned to build on this success into the future.