Training or Trouble? EY's Dismissals Spark Industry Debate
Accountancy Age
Accountancy Age is the accountancy profession's leading source of news and analysis.
Weekly edition | By Rachael Kennedy
Welcome to your latest Accountancy Age's Weekend Digest, your go-to source for?the week's top insights and updates tailored for accountants. We’ve curated the most valuable content to keep you informed and ahead of the curve. In this issue, you'll find:
Due to high demand, we're also pleased to announce an extension for entries to Accountancy Age's 50+50 - a ranking of the top 100 accounting firms in the UK. The new deadline is?November 1st 2024.?Fill out your entry?here.? We’re here to ensure you stay informed, inspired, and ready to tackle the week ahead.
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TOP READS
NEWS
EY has sparked controversy by dismissing several employees for simultaneously attending multiple online learning courses during the firm's "Ignite Learning Week" in May 2024. The dismissals, which the firm justified as maintaining ethical standards, have raised questions about the balance between professional development requirements and workplace pressures, particularly as employees must complete mandatory CPE hours whilst meeting demanding performance targets. The timing is particularly sensitive as EY has recently reduced its global workforce for the first time in 14 years, cutting 2,450 employees amid slowing revenue growth and challenging market conditions. Internal debate has emerged over whether the punishment fits the infraction, with some suggesting alternative penalties like reduced ratings or delayed promotions would have been more appropriate. The situation highlights broader challenges within the professional services sector regarding the management of continuous learning requirements in an increasingly demanding work environment. Read More
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NEWS ANALYSIS
Chancellor Rachel Reeves' upcoming Budget on October 30th represents a critical juncture for Labour's economic strategy, as the party grapples with a ￡22 billion fiscal shortfall and inherited economic challenges. The Budget is expected to introduce significant tax reforms, potentially targeting capital gains, inheritance tax, and pension tax relief, while balancing key spending commitments like public sector pay rises and education reforms. Labour faces the delicate task of stimulating growth while maintaining fiscal discipline, with the specter of austerity looming large. The government's approach to energy sector regulation and windfall taxes signals its intent to address the cost of living crisis. Ultimately, this Budget will set the tone for Labour's long-term economic vision, with both domestic and international observers keenly watching to see how the party navigates the complexities of governance in a fiscally constrained environment. Read More
领英推荐
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NEWS
Tech-enabled accountancy firm Gravita has announced a strategic merger with Critchleys, a historic Oxford-based firm with nearly 120 years of experience in the Thames Valley region. The partnership combines Gravita's expertise in life sciences and fast-growth businesses with Critchleys' strong presence in charities, education, and SMEs, serving over 1,000 businesses and 1,500 private clients. This marks Gravita's fifth partnership in under three years, following integrations with Davis Grant, Carter Backer Winter, Arram Berlyn Gardner, and Propel, positioning them among the UK's top 30 accountancy firms with over 400 employees. The merger will enable Critchleys to leverage Gravita's tech-enabled approach while maintaining their century-old client relationships and culture. This strategic move reflects the evolving landscape of the accountancy sector, where traditional expertise meets technological innovation to enhance service delivery and client support. Read More
RANKINGS
There is only one week left to enter your firm into Accountancy Age's 50+50 for 2024. The deadline for entries is Nov 1. Enter by clicking the link below or emailing [email protected] for more information.
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