GRANT THORNTON has outlined a five year strategic plan to grow the business and adopt a shared enterprise model in the firm’s first strategic review under the leadership of Sacha Romanovitch.
The strategic review sets out a three-pronged strategy, Vision 2020, based on building trust and integrity in markets; unlocking sustainable growth for dynamic businesses; and creating environments in which business and people flourish.
The firm is adopting a shared enterprise model – first announced in May 2015 – designed to share ideas, responsibility and rewards across the organisation as part of a three-year reward programme that works across the entire workforce.
Under the incentive programme, rewards will be funded from ‘superior profits’ and will be paid outside of pay rises, annual performance bonuses and partner profitability.
“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.”
Grant Thornton said it will invest further in governance and wider assurance and growth services and also restructured its operation into simpler, larger units focused on key geographies, to group resources in ways that match clients’ interests.
The simplification of structure takes the firm to seven business units reporting into the head of operations – supporting the business unit leaders are practice leaders in each location who are responsible for driving distinctive client and people experience.
Industry leaders will operate across the units to bring specific insight and market expertise to clients, GT said.
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal
UK senior partner Phil Verity has been elected for a second term at Mazars