Grant Thornton UK LLP has today published its Strategic Review. [ 3395 kb ]The review is based on an ‘outside in’ analysis of its market place and operations, and aligned with the 'Growing Together 2020' strategy of the global organisation. The review sets out how, with a clear purpose focused on longer term value creation and broader societal impact along with progressive strategies on how the firm grows relationships with its markets, clients and people, the firm will become the go-to firm for growth for dynamic organisations.
Sacha Romanovitch, CEO of Grant Thornton UK, commented “We see a clear place for Grant Thornton UK LLP in meeting the challenges of an increasingly complex and interconnected world and playing our part in society fully. Rather than sit back, we’re choosing to set our reputation alongside a bold purpose – by unlocking the potential for growth in our people, clients and our communities we can help shape a vibrant economy where businesses and people can flourish."
The firm has embedded its purpose through three areas where Grant Thornton believes it can make the most impact in shaping a vibrant economy, and has the track record, skills and connectivity to achieve success:
- Building trust and integrity in markets
- Unlocking sustainable growth for dynamic businesses
- Creating environments in which business and people flourish
Sacha noted: "We know we can make an impact through who we work with, the work we do for them, what we speak out on and how we are as a progressive, dynamic growing business ourselves. We are choosing to build our firm around this purpose, centred on the needs of our clients, because supporting their work is our work.”
Building on existing strengths, the firm will invest further in governance and wider assurance, growth services to dynamic organisations and support for transformation of the delivery of public services.
The firm will retain a clear focus on creating value by consistently delivering great quality work. Three distinctive strategies will set the firm apart and enable Grant Thornton to deliver on its purpose:
- Changing the firm's relationships with its markets and clients through its vibrant economy approach, to create networks that share ideas, resources and insight.
- Changing the way it works as a firm through its shared enterprise approach to unlock the talents of all its people by sharing ideas, responsibility and reward.
- In May 2015 the firm first outlined the broad principles of the shared enterprise approach: sharing ideas, sharing responsibility and ultimately, sharing the superior reward that this should generate.
- Over the past six months, the firm has been crowdsourcing impactful ideas from its people, which could help it achieve its ambitions over the near, mid and longer term.
- The firm has also taken input from its people to shape sharing reward to deliver a long term focus and team ethos in delivering its strategy.
- Changing the way the firm leads as partners and individuals through its challenger leadership approach.
- Building on its coaching culture, the firm is developing leaders who experiment and learn, who are bold and disruptive in their thinking, who drive quality and excellence and who, above all, are connected and informed by the world around them. This is distinct from the prevailing 'alpha leadership' model still prevalent in the business environment today.
Overall, the strategy aims to create value for clients and deliver sustainable profitability with its people. The objective is not to drive revenue at all costs but to become the go-to firm for growth by unlocking the potential of Grant Thornton's people, clients and the wider economy and by doing this, double profitability.
Sacha concluded: "When we set out on this journey, we did so knowing that we needed our business to be able to adapt quickly to change and explore new areas of opportunity. We knew we wanted to build an innovative culture that creates value for our clients, our people and wider society. The principle behind our approach is that we will only deliver Vision 2020 if all our people are actively involved in creating it and making it happen. It's the culture we need if we are to achieve our ambitions. We're experimenting and getting great input from our people on what is and isn't working as we create a new way of operating. We're in a new world and we're setting out a new way of working for a successful future."