Deloitte LLP has committed $1.4 billion to boost the technology and leadership skills of its thousands of employees in a bid to get ahead of customer demands and support the career growth of its workforce, the US accounting giant said Wednesday.
The investment aims to train professionals across its three main service lines, building on existing courses such as data analytics for auditors, automation for tax professionals, and even quantum computing and cyber courses. It’s also the latest volley in the ongoing battle for high-skilled workers among the accounting and consulting industry.
“This is about Deloitte signaling that it’s bullish on our people,” said Eric Dingler, Deloitte’s chief learning officer.
The investment is a sizable commitment for the US affiliate, which dominates the global network’s Americas region that turned out $30.7 billion in revenue for 2022. And it comes despite the risk of a looming recession in 2023 that prompted Ernst & Young LLP to hold back bonus pay from its US workforce.
It adds to $1 billion the firm spent on worker well-being and other perks over the last year, Dingler said.
The type of training transformation firm leaders envision will likely take several years to roll out, and additional financial contributions are expected in the next two fiscal years, Dingler said.
“The volume of talent we need with key foundational technology skills is much greater than what we can acquire in the marketplace,” Dingler said. “We need to be able to hire the best talent out there that don’t necessarily have those skills and give them those skills.”
The firm hopes to add micro-learning opportunities—such as a 45-second explainer video or a short tutorial or a practice tool—to its menu of training options. Such resources would be available to staff as they do their daily work—a shift from more “static,” curriculum-based learning, he said.
Deloitte also plans to broaden the reach of its leadership curriculum, making it available to all professionals—regardless of their title or level. Some of the funding also will support a planned expansion of the firm’s training campus in Texas, Deloitte University, building more instruction rooms and lodging.