The Telegraph

KPMG replaces desks with meeting rooms as hybrid working takes over

The Telegraph logo The Telegraph 3/02/2021 10:52:43 Michael O'Dwyer
a sign on the side of a building: The logo of KPMG © Provided by The TelegraphThe logo of KPMG

KPMG will spend £44m to replace rows of desks in its offices with meeting rooms and space for presentations as part of a permanent switch to hybrid working. 

Its UK chairman Bill Michael said the firm plans to use its 28,000 sq ft high tech meeting facilities in Canary Wharf, which include big screens and data analytics tools, as a model for its other offices.  

"What we're trying to do with our buildings is not to think of them as a place to work in as buildings. It's a place now to collaborate [and] to use technology to network," he said.

The number of days staff spend in the office is likely to depend on their individual roles. 

The changes come as KPMG adapts to changes in the economy and the regulation of big accounting firms

The firm is trying to sell its restructuring and insolvency business, which could be worth about £400m, because of conflicts of interest with its audit arm. 

text: KPMG | What's in a name? © Provided by The TelegraphKPMG | What's in a name?

Mr Michael said he did not expect to use the proceeds to fund a "massive acquisition" but that he will invest in businesses related to climate change and environment, social and governance (ESG) risks to meet rising demand. 

KPMG's partners suffered a 11pc cut in pay last year as demand for its consultants was hit by the pandemic and it avoided furloughing staff or taking taxpayer-backed loans. 

The accountant's 582 partners were paid an average of £572,000 for the 12 months to September, down from £640,000, as underlying profit dropped 6pc to £288m, excluding the effect of the sale of its pensions business. 

It means average partner pay at the firm remained lower than at any of its Big Four rivals - Deloitte, EY and PwC - all of which suffered a drop in profits because of the pandemic. 

Revenue at KPMG, which employs about 15,600 people, fell 4pc to £2.3bn as the consulting, deal advisory, tax and legal practices endured sales declines. 

Its audit division bucked the trend by increasing revenues by 3pc to £606m as pressure to improve audit quality drives prices higher across the market. 

Mr Michael said the business started the current financial year strongly: "The M&A market has surged and clients are resuming discretionary projects as they adapt to the changes the pandemic has brought both to their business and market."

Meanwhile, EY has agreed to buy Frank Hirth, a US and UK personal tax advisory firm with about 200 employees. 

Sign up to the Front Page newsletter for free: Your essential guide to the day's agenda from The Telegraph - direct to your inbox seven days a week.

mercredi 3 février 2021 12:52:43 Categories: The Telegraph

ShareButton
ShareButton
ShareButton
  • RSS

Suomi sisu kantaa
NorpaNet Beta 1.1.0.18818 - Firebird 5.0 LI-V6.3.2.1497

TetraSys Oy.

TetraSys Oy.