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Why Grant Thornton
Whether you’re growing in one market or many, looking to operate more effectively, managing risk and regulation, or realising stakeholder value, our firms can help.
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Culture and experience
Grant Thornton’s culture is one of our most valuable assets and has steered us in the right direction for more than 100 years.
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Global scale and capability
Beyond global scale, we embrace what makes each market unique, local understanding on a global scale.
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Join our network
In a world that wants more options for high quality services, we differentiate in the market to grow sustainably in today’s rapidly changing environment.
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Leadership governance and quality
Grant Thornton International Ltd acts as the coordinating entity for member firms in the network with a focus on areas such as strategy, risk, quality monitoring and brand.
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Africa
24 member firms supporting your business.
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Americas
31 member firms, covering 44 markets and over 20,000 people.
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Asia-Pacific
19 member firms with nearly 25,000 people to support you.
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Europe
53 member firms supporting your business.
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Middle East
8 member firms supporting your business.
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Business consulting services
Our business consulting services can help you improve your operational performance and productivity, adding value throughout your growth life cycle.
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Business process solutions
We can help you identify, understand and manage potential risks to safeguard your business and comply with regulatory requirements.
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Business risk services
The relationship between a company and its auditor has changed. Organisations must understand and manage risk and seek an appropriate balance between risk and opportunities.
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Cybersecurity
As organisations become increasingly dependent on digital technology, the opportunities for cyber criminals continue to grow.
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Forensic and investigation services
At Grant Thornton, we have a wealth of knowledge in forensic services and can support you with issues such as dispute resolution, fraud and insurance claims.
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Mergers and acquisitions
We work with entrepreneurial businesses in the mid-market to help them assess the true commercial potential of their planned acquisition and understand how the purchase might serve their longer-term strategic goals.
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Recovery and reorganisation
Workable solutions to maximise your value and deliver sustainable recovery.
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Transactional advisory services
We can support you throughout the transaction process – helping achieve the best possible outcome at the point of the transaction and in the longer term.
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Valuations
We provide a wide range of services to recovery and reorganisation professionals, companies and their stakeholders.
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IFRS
At Grant Thornton, our IFRS advisers can help you navigate the complexity of financial reporting from IFRS 1 to IFRS 17 and IAS 1 to IAS 41.
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Audit quality monitoring
Having a robust process of quality control is one of the most effective ways to guarantee we deliver high-quality services to our clients.
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Global audit technology
We apply our global audit methodology through an integrated set of software tools known as the Voyager suite.
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Corporate and business tax
Our trusted teams can prepare corporate tax files and ruling requests, support you with deferrals, accounting procedures and legitimate tax benefits.
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Direct international tax
Our teams have in-depth knowledge of the relationship between domestic and international tax laws.
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Global mobility services
Through our global organisation of member firms, we support both companies and individuals, providing insightful solutions to minimise the tax burden for both parties.
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Indirect international tax
Using our finely tuned local knowledge, teams from our global organisation of member firms help you understand and comply with often complex and time-consuming regulations.
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Transfer pricing
The laws surrounding transfer pricing are becoming ever more complex, as tax affairs of multinational companies are facing scrutiny from media, regulators and the public
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Outsourcing Changes to the Outsourcing legislation, specifically when offshoringSignificant changes to the dynamic of the financial services sector in recent years have shifted the paradigms in how we work. The increased digitisation of the workforce, changes in business models, globalisation, and remote working capabilities have led to a new approach to the delivery of services.
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Banking Holding banking to account: the real diversity and inclusion pictureWe explore how the banking sector can continue to attract, retain and nurture women to build a more diverse and inclusive future.
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Sustainability From voluntary to mandatory ESG: How banks can future-proof their operationsAs we move from voluntary ESG initiatives to mandatory legislation, we explore what the banking sector needs to prioritise.
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IFRS IFRS 9 - Audit of Expected Credit LossesGPPC releases The Auditor’s response to the risks of material misstatement posed by estimates of expected credit losses under IFRS 9
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growthiQ Steering your company to long-term successHistory has something important to tell us about the difficulties of steering a business to long-term success – through seismic shifts in technology, consumer demands and product development. With that in mind it’s unsurprising that over half the world’s largest companies in the early 1900s had shut their doors by the late 1990s. Some, however, have endured.
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Infographic Grow workforce loyalty during the Great ResignationEmployers must work harder than ever to grow workforce loyalty and meet the increasing demands for a purpose-led organisation.
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Article Climate change: planning for mandatory TCFD reportingTFCD reporting requirements are becoming mandatory. Here’s how retailers can get ready for reporting on climate change.
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Women in Business The power of diversity: can life sciences maintain their lead?Our Women in Business 2022 report shows that life sciences companies – in line with other mid-market businesses – are taking deliberate, necessary action to create more inclusive working practices and giving female talent access to senior positions in greater numbers than ever before.
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United States Driving an insurance carrier ecosystem strategyGrant Thornton’s Mathew Tierney, global head of Insurance, and Andrée Bourgon, principal for Insurance Strategy and Transactions, recently talked with John Weber of A.M. Best Co. for that company’s “Best’s Review” video series.
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International Financial Reporting Standards Implementation of IFRS 17 ‘Insurance Contracts’The auditor’s response to the risks of material misstatement arising from estimates made in applying IFRS 17 ‘Insurance Contracts’
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IFRS Get ready for IFRS 17After twenty years of development the IASB has published IFRS 17 ‘Insurance Contracts’, find out more.
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Women in Business The power of diversity: can life sciences maintain their lead?Our Women in Business 2022 report shows that life sciences companies – in line with other mid-market businesses – are taking deliberate, necessary action to create more inclusive working practices and giving female talent access to senior positions in greater numbers than ever before.
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Report Technology insights Q2 2022What did Q2 2022 bring for technology, media, and telecommunications? Stay informed with our latest quarterly review.
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Mid-market industries‘Uneven’ is how we described the impact of COVID-19 on different mid-market industries – both when assessing initial destruction in H1 2020 and the early recovery in H2 2020. Midway through 2021, it is really encouraging to see some of that unevenness disappear and more industries participating in the overall recovery.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Not for profit How to effectively leave the pandemic behindAs the light at the end of the COVID-19 tunnel shines brighter, nonprofits are assessing the past year’s impact on their businesses and are focusing on the next steps to achieve success in the year ahead.
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Financial reporting advisory The rise of the Special Purpose Acquisition Company (SPAC)While we are seeing a rise in activity for Special Purpose Acquisition Companies, what is a SPAC and what do you need to consider before entering into one?
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Private equity ESG for private equityMost US private equity firms are taking steps, prompted by a combination of European examples, imminent regulation, limited partner expectations, and their own sense of what needs to be done.
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Access to finance Raise finance to invest in changePrepare your business to raise finance to invest in change.
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Private equity firms Private equity in the mid-market: reshaping strategies for 2021When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.
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Article Time to review funding and financing arrangements?What does the funding landscape look like for public sector organisations in 2022?
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Public sector Helping build the government of tomorrow, todayLearn about the Grant Thornton US public sector team.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Industries European Real Estate PodcastJessica Patel, Tax Partner at Grant Thornton UK speaks with tax partners and directors across the network to share their insights on the real estate market and some of the challenges.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Article PSR report aims to make digital payments accessibleThe PSR aims to reduce barriers to digital payments but many remain hesitant. How can payment services move forward?
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Global business pulse - industry analysis A very uneven recovery across industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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Technology Mid-market tech companies lead the way on diversity and inclusionWe explore how the mid-market tech sector can continue to build and nurture a culture that’s increasingly more diverse and inclusive for women.
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Tax Eight tax approaches for global tech employeesCompanies need to understand the tax implications for each unique geography and country there employees reside in.
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Technology Responding to slowing growth: why the tech industry faces a more challenging outlook in 2022We spoke to tech experts about industry trends that could affect companies over the next 12 months and what their short-term strategic priorities should be.
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Telecoms Can tech and telecom leverage economic headwindsAs most businesses brace for an economic downturn, tech and telecom could see new prospects. But, to turn the headwinds to your advantage, you need to find your unique opportunities and risks.
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TMT TMT industry: Fully charged or on standby?Our research revealed five key trends that resonated with Technology, Media and Telecoms (TMT) industry leaders around the world. We asked a panel of our experts from UK, US, India Ireland and Germany, to give us their reaction to the findings.
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Cybersecurity One size fits nothingTechnology companies must adopt a new approach to digital risk: those that successfully develop a reputation for digital trust by demonstrating an unwavering commitment to cyber security and data privacy will be able to carve out a competitive advantage.
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Technology, media & telecommunications Why it’s time for a 5G reality checkFigures suggest the mobile sector is maturing. While data usage continues to soar, mobile revenues are expected to flatten out over the next few years.
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Mid-market industries‘Uneven’ is how we described the impact of COVID-19 on different mid-market industries – both when assessing initial destruction in H1 2020 and the early recovery in H2 2020. Midway through 2021, it is really encouraging to see some of that unevenness disappear and more industries participating in the overall recovery.
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International business Mid-market businesses lifted by rising tide of optimismOptimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Global business pulse - industry analysis Mid-market recovery spreads to more industriesThe index results for 13 key industries of the mid-market reveals a very uneven recovery from COVID-19
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Hotels COVID-19: Checking in with the hotel industry one year onCOVID-19 provided some hard lessons for the hotel sector. It is time to turn those into sustainable and well executed growth strategies.
- By topic
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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Mid-market businesses less optimistic, despite record numbers expecting increased profitability
A closer examination of the data offers some explanation of this apparent contradiction.
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Women in Business 2024
2024 marks the 20th year of monitoring and measuring the proportion of women occupying senior management roles around the world.
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Women in business across the globe
Without a greater focus on the issue, women’s parity in senior management won’t be reached until 2053 at the current rate.
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Women in business: Regional picture
We saw an increase in the percentage of senior management roles held by women, on a global level, but there are some significant regional and country variations.
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Pathways to Parity: Leading the way
To push towards parity of senior management roles held by women, who leads within an organisation is vital.
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Generating real change with a long-term focus
The most successful strategy to achieve parity of women in senior management is one which stands alone, independent of an ESG strategy.
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People at the heart of great business
Businesses have started to put guidelines and incentives in place, focused on driving employees back to the office.
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Building a culture that champions diversity
Grant Thornton UAE has grown to have a team comprising more than 50 nationalities and this diverse staff has been key in building the inclusive culture of the firm.
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Focusing and developing a solid strategy around diversity, equity and inclusion
Grant Thornton Greece is pioneering a growing set of diversity, equity and inclusion (DE&I) initiatives that centre around three strategic pillars.
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Ten considerations for preparing TCFD climate-related financial disclosures
Insights for organisations preparing to implement the International Sustainability Standards Board (ISSB)’s Standards.
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COP28: Mid-market firms should seize the opportunity from adaption and innovation
COP28 was the first time there has been a global stocktake on progress against the Paris Agreement.
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Transition Plan Taskforce publishes its final disclosure framework
As organisations in the private sector make commitments and plans to reach net zero, there's a growing need for stakeholders to be able to assess the credibility of their transition plans.
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Promoting ESG excellence through tax
ESG considerations have never been more important for an organisation’s long-term success, but how can tax be used to add value to an ESG agenda?
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The US mid-market
As mid-markets concerns about a possible global recession have receded, leaders’ expectations for increases in their profits are at an all-time high.
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Mid-market businesses lifted by rising tide of optimism
Optimism among global mid-market business leaders rose to 67% in the first half of this year and they are markedly more optimistic about their prospects with global optimism having increased by 8%.
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Appetite for investment grows among mid-market leaders
Mid-market business leaders plan to increase investment over the next 12 months, specifically in technology, research and development and staff.
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Scanning the horizon: Mid-market sets sights on global trade growth
The latest International Business Report (IBR) data shows that mid-market businesses have high expectations for global trade.
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IFRS Alerts
IFRS Alerts covering the latest changes published by the International Accounting Standards Board (IASB).
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Example Financial Statements
General guidance for preparers of financial statements that supports the commitment to high quality, consistent application of IFRS.
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Insights into IFRS 2
Insights into IFRS 2 summarises the key areas of the Standard, highlighting aspects that are more difficult to interpret and revisiting the most relevant features that could impact your business.
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IFRS 3
Mergers and acquisitions are becoming more common as entities aim to achieve their growth objectives. IFRS 3 ‘Business Combinations’ contains the requirements for these transactions.
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IFRS 8
Our ‘Insights into IFRS 8’ series considers some key implementation issues and includes interpretational guidance in certain problematic areas.
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IFRS 16
Are you ready for IFRS 16? This series of insights will help you prepare.
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IAS 36
Insights into IAS 36 provides assistance for preparers of financial statements and help where confusion has been seen in practice.
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IFRS 17
Explaining the key features of the Standard and providing insights into its application and impact.
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Pillar 2
Key updates and support for the global implementation of Pillar 2.
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Global expatriate tax guide
Growing businesses that send their greatest assets – their people – overseas to work can face certain tax burdens, our global guide highlights the common tax rates and issues.
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International indirect tax guide
Navigating the global VAT, GST and sales tax landscape.
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Global transfer pricing guide
Helping you easily find everything you need to know about the rules and regulations regarding transfer pricing and Country by Country reporting for every country you do business with.
Growing pains start early
Bhanu Prakash Kalmath S J, Partner at Grant Thornton India LLP, sets the scene. “Culture is vital to enable an organisation to grow in the right manner. Initially, when a company is small, it typically sees the founder as the one who defines the culture. Whether explicitly or implicitly, it’s their behaviour that defines the culture of the organisation. But, as the organisation grows, they have to define and communicate the culture they want. It’s important for them to communicate more to drive the right culture and to assess the feedback.”
Karen Brice, who heads up the client facing leadership and culture practice at Grant Thornton UK, agrees: “One of the biggest challenges that small businesses face in executing a strategy of fast growth is what happens if performance starts to flat-line?
"The leaders are often brilliant business developers and networkers but aren’t always so skilled in managing people who don’t necessarily share their passion and drive. For a business to be successful, its leaders need to be as connected with the values and culture, as they are with the strategic plans. Growing pains are a necessary part of business growth but they can be mitigated by getting people to really buy into both the strategy and the culture – and that requires confident, accessible leaders demonstrating ownership and alignment.”
Learning from others’ mistakes
A common misconception that emerges as companies grow larger is that anything to do with culture is ‘soft and fluffy’ and can only get in the way of driving action and results. In fact, the opposite is true. Creating a great place to work for your people isn’t simple but it’s worth the effort because when achieved, it generates a workplace where motivation levels and talent retention are high and the organisation stands out in the recruitment market; all critical factors in the achievement of targets.
As Karen puts it: “Great company cultures aren’t actually soft and fluffy – they are anything but. High performing organisations have cultures that value recognition and accountability in equal measure. It should be a goal for all organisations that they require everyone to contribute positively at all levels to the employee and client experience. That means holding negative behaviours and actions to account at all levels of the organisation. But how many actually achieve that?
"Financial services is a good example of a sector where regulation requires accountability at board level for execution of a positive culture. No one doubts that translating that into accountable action through governance, risk and conduct is tricky, but it’s a worthwhile challenge and, if achieved, delivers significant return on investment.”
Another mistake organisations make as they grow is that the responsibility for culture tends to rest with the HR Director. Research shows that boards who balance their agenda between the ‘what’ and the ‘how’ are far more likely to be successful and sustainable.
“It still surprises me that at board level, it’s still ok to avoid peer accountability around owning and driving a positive culture from the top,” says Karen. “Tackling the real elephant in the room, namely their own leadership behaviours and interactions, can just be a step too far – and yet how can boards be effective without that?”
Boards need to lead the way
Although Indian boards are clearly taking corporate culture seriously, Bhanu explains that the country has many examples of failure at companies of varying size. “In many cases, CEOs with great skills have been appointed. But they have not necessarily been culturally aligned to the organisation or its founders. As such, they have found it difficult to sustain and grow the business. When hiring a CEO, companies and founders need to consider the importance of their fit with the organisation’s culture. It needs to be given equal weighting with skills.”
In this respect, Bhanu points to the importance of independent directors on boards. “It’s up to directors to constantly hold a mirror to the CEO or the founding partners. They have to ensure they communicate the right culture, so that the organisation picks it up and people follow it. Communication is key at all layers of the organisation. Everyone needs to be aware of what is expected from them.
“It’s a key role of directors to constantly give feedback and moderate the founder or CEO so they are communicating the right messages. Sometimes boards have failed in this area. Regulators have recognised the importance of role of independent directors in this aspect and are now reviewing their role.”
Millennials and strategic objectives
Recruitment and retention are also key considerations. Earlier this year Grant Thornton UK worked with Hay Group on a series of webinars (i), bringing their research into ‘What Workers Want’ to market. While 45% of decision-making around ‘should I go or should I stay?’(ii) was down to salary, the second most important driver was culture.
Karen explains: “The data showed that 25% of decision-making around jobs related to ‘is this a place I want to work? Is it an organisation I can trust to provide the type of culture that will engage and stretch me?”
Millennials are also interested in the ethics of the organisation’s purpose. “When we ask our graduates why they have chosen to work at Grant Thornton, the response often relates to our strong purpose of enabling a vibrant economy and supporting organisations to build into strong, dynamic businesses, regardless of their size. Young people want to know that they can make a difference and that they have a voice.”
Culture: stuck in the middle?
For many organisations, the biggest challenges aren’t necessarily at the top or at the bottom of the hierarchy: they’re in the middle. Sir Win Bischoff, Chairman of the UK’s Financial Reporting Council, had this to say in 2016:
“Culture change is more easily achievable at the top and bottom, through a hiring and induction process, but there is a vast and important middle level you have to convince. Changing a culture is very difficult because that middle level of people has been with the firm for five, ten or 15 years. To change culture, you almost need to have a disaster for that big middle group to want to change.”
Bhanu agrees: “One of the elements that companies are now realising is the impact or the importance of middle management. The junior team always looks up to the immediate middle management and then to the next level. So it’s important for the middle management to be aligned. Many companies have started to hold orientation programmes and training sessions for them to drive the desired culture.”
Karen adds: “One of the most productive ways to engage people in the middle tiers is by ensuring they know they have a vital part to play in translating the narrative around the strategy and culture into action, regardless of function. Getting the values and behaviours aligned and embedded across the teams so they think and act as a single community is one of the most powerful enablers for change an organisation has in its toolkit.”
‘The right thing to do’
Despite the alarmist headlines, there are organisations doing great work with regard to culture, not least in the financial services sector. Karen says: “If we look at the leading organisations in this sector, we see them outperforming their counterparts in the key matrices of employee and customer experience, attraction versus attrition, and financial performance.”
She goes on to say: “It often has as much to do with them making the best of what they have and what they do, rather than keep reinventing the wheel and increasing complexity. Successful boards and leaders know how to grow their businesses by linking all the elements of a future fit organisation to narrative and execution; namely purpose, vision, strategy, culture, decision making frameworks and policies.”
And as Bhanu notes: “Frameworks are essential but, when in doubt, people need to be able to identify the right thing to do and that comes down to culture.”
Can you protect your culture?
Grant Thornton’s recent report, Beyond Compliance (iii) – the building blocks of strong corporate culture, sets out four key recommendations to ensure businesses of all sizes can enhance their culture. The first is to conduct a culture audit or assessment to get a clear picture of your organisation’s culture, the consistencies and inconsistences. Next, in the context of where you want to be (the ‘To be’, desired behaviours and activities) setting a code of conduct – the behaviour expected from all employees.
The attributes of the evolved culture will then need to be tested against business challenges such as potential areas of risk and non-compliance. Finally, it should be refined and improved.
Please click here for more detailed steps to build a strong culture.
As Kim Schmidt, National Head of leadership, talent and culture at Grant Thornton Australia, notes in Beyond Compliance: “Culture has to be a key focus for the CEO, their senior executive team and the board because it has a direct impact on organisational performance and its ability to execute the organisation’s strategy.”
Whether it’s for breakfast or lunch, it’s clear that culture eats strategy.
For more information on how your organisation can establish internal controls to address culture and employee behaviour to enable growth, please contact Bhanu Prakash Kalmath S J and Karen Brice.
Case study: Timpsons, an alternative perspective
John Timpson doesn’t feel that the development of employment laws and HR departments has done much to help employees enjoy their work. And it wasn’t the kind of organisational culture he was prepared to put up with for long.
“A people policy founded on a caring culture is much more likely to look after individual colleagues than processes driven by a company rule-book,” says the chairman of the high street shoe-repair chain.
His comments come two decades after he introduced a massive overhaul in the culture of his organisation that he calls ‘upside-down management’. He’s never looked back. The organisation is still known for shoe repairs and key cutting but also has expanded into dry cleaning and mobile phone repairs. Based in Wythenshawe, Manchester, it currently has more than 1,900 outlets in the UK and Ireland, including the 2014 purchase of more than 100 Snappy Snaps stores.
“It took us five years to turn our management upside down and we learned a lot of lessons along the way. For example, we discovered it only works if you have the right people. Previously, we had been recruiting cobblers and key cutters. We now know we should have been looking for people with the right personality. You can teach someone with a positive character to repair shoes and cut keys, but you can't put personality into a grumpy cobbler.
“We break a lot of the rules that other companies follow slavishly. We don't allow an HR department to rule the roost and any silly ideas are rejected in the cause of common sense. We have created a much happier workplace,” he says. “And if you treat people well, it is blindingly obvious that they will do a good job.”
As with many organisations, the biggest challenge in transforming Timpson’s culture was the organisation’s layer of middle management. John says: “They were reluctant to delegate and were worried about their jobs, so it took time for them to realise they had a different but more interesting role in planning the future, picking the team and giving them support.”
“Culture should be consistent,” concludes John, “but strategy must always be on the move. I give our colleagues a lot of trust and respect, but we’re not a democracy when it comes to the big decisions. I’ve no time for policy committees or strategy retreats in the South of France.”
References
i. Webinars (www.hays.co.uk/recruitment/what-workers-want/webinars/index.htm)
ii. What Workers Want (www.hays.co.uk/recruitment/what-workers-want)