The ongoing pandemic and its disruption of the business world has caused a ripple effect throughout many adjacent industries, including professional services. Like many middle-market accounting and consulting firms, Chicago-based Grant Thornton experienced a slowdown in growth during 2020 as businesses shuttered or downscaled operations in response to the impact of public health orders. This year, in spite of the additional supply chain and workforce challenges, many businesses have seen a comeback in growth as companies begin to adapt and overcome the unprecedented circumstances.
Grant Thornton is no exception, posting revenue growth of 2.6% for a total of $1.97 billion in the fiscal year ending July 31st 2021—a respectable increase from FY 2020’s revenue of $1.92 billion. Its efforts to lean into the uncertainty and embrace disruption have not only paid off, but are likely to continue to contribute to solid returns into the future.
In the previous year, the company provided its 8,500 employees spread across 50 U.S. offices with a variety of benefits, including extra support for mental health, childcare, and tutoring to support remote learning. It introduced a hybrid work model to enable employees to work safely and conveniently from home, and is continuing to provide flexibility in working arrangements—a smart move given the recent trend of employees strongly preferring to work for companies that do so.
Brad Preber, CEO of Grant Thrornton, said, “In a changing and uncertain environment, we continue to remain agile and perform with excellence across our entire firm, including our services lines, industry groups and internal services teams...“We’ve combined flexibility and innovation with quality and value to realize record revenues. Because of this approach, we’re well-positioned for continued growth.”
In addition to internal adaptation, the firm has provided advice to clients dealing with their own pandemic-related challenges, offering tailored solutions and services geared toward supporting operations, strategy, workforce management, and technology. It has reinforced its commitment to environmental, social, and corporate government initiatives by pledging to donate a combined $600,000 to organizations focused on racial and social justice and committing to reducing its carbon footprint by 55% by 2030. These strategic decisions have clearly demonstrated that Grant Thornton is ready to embrace the “new normal” and continue to provide value and quality to its clients, staff, and communities.