On behalf of our partners and people I am proud to introduce our Swiss Annual Review 2017, highlighting how we are putting our shared purpose into action across our business.
Deloitte’s purpose is to make an impact that matters. We work with our clients to help them identify and solve complex issues and provide insights into marketplace disruption that affect both national and global organisations in Switzerland.
Organisations around the world face many different challenges, from economic and political uncertainty; an evolving regulatory landscape; financial risk; changing social norms; and disruptive technologies that are altering the rules of engagement for business and reshaping the marketplace.
Our expertise in helping clients analyse a challenge and take appropriate action is the reason why we are asked to advise many highly-regarded Swiss organisations as they seek to operate successfully in an ever-changing global business environment. The following examples illustrate what we have done to help our clients during the past twelve months.
Evolving and adapting our services and capabilities to meet the changing business environment, taking full advantage of Deloitte’s global partnerships with Apple®, Amazon Web Services®, Salesforce®, Cisco®, SAP® and McLaren®
Helping major organisations in life sciences and financial services transform their business as well as reduce their costs with robotics and intelligent automation
Leveraging big data and analytics to help consumer & industrial products organisations address the global management of customs duties
Combining our “thinking” capabilities with our programme management capabilities which deliver tangible value – the “doing” part of our business
Deploying exponential technologies to deliver the audit of the future and intelligent software to further enhance our forensic capabilities as well as complementing our offshore centres with new nearshore operations
Delivering insight and industry expertise on current hot topics, such as millennials, automation, cyber security, the future of work, the sharing economy, digital transformation and big data
Embedding innovation at the heart of our organisation – showcased through the recent creation of the Deloitte Garage, dedicated to designing and building new business models and solutions
Working closely with regulators and legislators to ensure we take a leading role in the development of future governance frameworks and requirements
Creating an Advisory Board of experienced business leaders to help us stay even more closely connected to the topics that matter most for Switzerland
People are at the core
We are able to solve our clients’ toughest and most complex challenges only by hiring and retaining the best talent available in the market. We must continue to bring the brightest minds to the table. Creating an exceptional experience for our talent is thus crucial to the success of our business.
We have taken measures to further enhance our talent programme, to accommodate our people’s preferences for how they would like to work and the development opportunities they seek. These measures, coupled with innovative events such as our recent cyber Hackathon and the annual Jump-Start three-day workshop in Barcelona, are enabling us to attract and retain highly talented individuals in the Swiss marketplace.
Respect and inclusion are not tick box exercises: they are core to our success. At Deloitte, we embrace the values and ethics associated with a business of 2020, not yesteryear. To this end, in financial year 2017, we launched a new working parents policy, which is unrivalled in the Swiss professional services industry. I have also personally gone on record to state we will commit to a series of gender targets, including 20 per cent female partners and 30 per cent female leaders by 2020.
We remain on track to achieve our 2020 strategic ambitions, with the primary drivers of our growth continuing to be the high-quality professional services that our people provide and the value they deliver for our clients. I have long been an advocate of the notion that, if we do the right thing in terms of serving our clients and investing in our people, the financials will look after themselves. To that end it is pleasing to report another very successful financial year, positioning the Swiss practice as one of the fastest growing within Deloitte in Europe along with the German practice. During financial year 2017, Deloitte Switzerland achieved double digit revenue and profit growth.
Our aim is simple: to ensure that Deloitte is a great place to work and grow and a firm that I am personally proud to be part of.
2020 and beyond
Leaving aside the financials, the investments we are making now in our people and our services will enable us to be even better connected, as we approach 2020, 2030 and the years beyond, for solving the issues of the day for our stakeholders and Swiss society as a whole. I continue to be excited about the opportunities the future holds for Deloitte, and this excitement is clearly shared by a large number of very senior people who have chosen to join our firm over the past twelve months, from both our competitors and other organisations.
We are also very proud to have announced that, on 1 June 2017, we joined our colleagues in Belgium, Denmark, the Netherlands, Finland, Iceland, Norway, Sweden and the UK in the creation of a Deloitte North West Europe firm. The combined breadth and depth of capabilities of these market-leading member firms will allow us to serve better the needs of our clients who operate in an ever-increasing globally connected way, and to continue our relentless focus on quality. It will also allow us to offer career development opportunities for our people, helping us to attract, develop and retain the very best talent across the region.
This really is a fantastic time to be at Deloitte and we are relentless in our commitment to continue making an impact that matters to our clients, our people and society at large. The stories that follow are examples of how we live this commitment every day. Please share your thoughts and feedback on this Annual Review with me at email@example.com.
Since 2016, we have been working with a leading global financial services client to offer pragmatic advice and implementation support as they confront the challenge of the new General Data Protection Regulation.
The digital revolution is fundamentally reshaping the economy. The ever-increasing pace of technological change is a challenge to the continuing competitiveness of companies, but it also creates new opportunities.
New state-of-the-art technologies present exciting prospects, and change to the way in which we at Deloitte, as a professional services firm, approach the work we do with our clients.
The audit profession in particular has an opportunity to reinvent itself, to shift from being compliance-focused to becoming creators of high-value services and support. At Deloitte, we experiment continually with new, disruptive approaches to revolutionise the audit and its impact. With the help of analytics and artificial intelligence tools, our audit teams are automating the more routine tasks, and transforming the traditional audit to offer a smarter and more efficient process.
Audit analytics can provide a dynamic view of the bigger picture that goes beyond a static snapshot of past performance. It allows us to identify trends and make insights for better-informed decisions and more in-depth risk assessments.
This in turn creates a shift in the auditor’s profile. Data extraction, integration capabilities and a good understanding of analytical tools are now essential skills. Formerly focussed on crunching numbers, the profession today involves greater technological ability and outside-the-box thinking. For this reason, in addition to developing breakthrough technologies, we are also investing significantly to equip our people for this new landscape. Next to providing further training for our certified accountants, we are increasingly hiring more people who are able to combine both financial and regulatory expertise with best-in-class data analytical skills.
These investments in our people and technology are central to our audit-quality agenda, and will support our ambition to increase our audit market share in Switzerland.
Quality is the very essence of assurance at Deloitte. It defines what our clients expect of us. This is why this year we have also produced a Swiss Audit Transparency Report, highlighting our dedication to the delivery of excellence.
At Deloitte, we experiment continually with new, disruptive approaches to revolutionise the audit and its impact.
Within Deloitte, we aspire to make an impact for and on our people. To help build a culture of constant growth and opportunity, we have recently enhanced our approach to performance and development. We aim to ensure that our people receive regular and meaningful guidance and feedback on their day-to-day work, and personal development, from their team leaders. But this is just one piece of the puzzle. In parallel, we have strengthened the role of coaches. Our coaches across the firm help team members identify and build on their strengths, analyse feedbacks, and advise on professional development. Coaching helps our people navigate their way through their career over time, taking a broader and more long-term view.
“Coaching is at the heart of our business,” says Britta Gross, Director in our Consulting department and also a certified coach. “It can initiate the change that accompanies growth within our client organisations and within our people. By asking the right questions, you help people come up with their own solutions. This way it creates sustainable change. It is far more effective than merely telling people what to do.”
Just as important, coaching is key to shaping an inspired and inspirational leader. “What makes a good leader even greater is its ability to coach others,” adds Britta. “Good leaders get results, but great ones do so by motivating the people who work with them in the long run.” Coaching is both a mind-set and a set of behaviours, whereby leaders enable their people to assess an issue, identify appropriate solutions, participate in decision-making, and achieve positive results, while also helping them learn to make a meaningful contribution.
“Effective coaching and feedback conversations play an important role in my development in the short, medium and long term,” comments Susann Blumenschein, Manager within our Human Capital team in Consulting. “Both my team leader and my coach help me grow and develop by building on my strengths and aspirations. As project manager, I am keen to play the same role for my team to help them succeed in the long run.”
Leadership capabilities are increasingly important in a marketplace where competitive advantage depends on the performance of critical workforces, the retention of top talent, and the ability to create and derive value from innovation. That is why, at Deloitte, we train our leaders to be good coaches, inspiring their teams to grow and develop.
We are committed to empowering our people and enabling them to be at their best, realising their full potential both personally and professionally. Our belief is that health and wellbeing in the workplace is a crucial element for achieving our purpose - making an impact that matters to our clients, our people and society at large.
We are a highly ambitious and aspirational business and know that our people strive constantly to perform at the top of their game, to make a difference for our clients. As part of our ambition at Deloitte to create an even better place for our people to work, we support them in making personal choices that enable them to be energised, confident and aware. There are three qualities we want them to develop and sustain: physical energy, an engaging mind and a sense of purpose. In order to achieve this goal, we offer them a holistic programme and tools on empowered wellbeing, with brown bag sessions and workshops on nutrition, sleep, mindfulness and resilience, amongst others.
In addition, Deloitte sponsors the Company Triathlon and has been awarded the title of ‘fittest company in Switzerland’ for two of the last three years. Karin Baechle joined our Human Capital team in Consulting earlier this year and participated in the Triathlon for the first time under the Deloitte banner.
“I already participated in triathlons, and even competed against Deloitte with my former company. Sport is part of my life, it’s my ‘happy pill’, and being part of a company that supports my passion is very important to me.”
Karin sees a parallel between training for such competitions and her daily work: “The principles you learn in sport can very well be applied at work. If you train for a race, you need to be structured and organised, to align your work, family, friends and training. You also need to focus on eating and sleeping well. When I do so, I feel sharper, both physically and mentally. Mindfulness helps clear my mind, and I often solve business problems while I train.”
Our people’s passion for sport leads us to participate in exceptional experiences such as our Swiss D.cycle team riding with some of the world’s best cyclists from Team Dimension Data. They ride to support Qhubeka, a South African charity that brings bicycles to the African countryside, enabling mobility for children and women in particular. A charity that Deloitte is actively engaged in on a global scale.
Deloitte is committed to developing working practices that support agility in terms of where, when and how we work. We place great value on flexible working arrangements for our people, enabling them to be at their best in a way that fits in with the rest of their lives.
Agile working means helping our employees successfully manage their personal priorities, while also meeting the high expectations of our clients within a challenging service environment. As part of our commitment, we provide support through a combination of formal and informal arrangements. These include remote and part-time working (including in leadership roles), additional holidays and career breaks to pursue alternative interests. We also place great emphasis on the nurturing of a trust-based, result-oriented culture, as we believe this is the baseline for success.
Pascal Nowack joined our Tax & Legal team in Basel seven years ago and is now the leader for exciting expat engagements for some of our biggest clients in the region. As a father of two young daughters, he decided to reduce his working schedule to 60 per cent, in order to spend more time with his family.
“At first, when I talked to my partner, she was quite surprised by my choice, but was supportive. It is not yet the norm that a dad asks to stay at home with his kids, but I felt it was the right thing to do. I love my job but I am confident that organising my life in a balanced way can benefit both the firm and my family.”
Pascal’s wife, Zeyno, also works for Deloitte: “Deloitte’s new working parents policy and the firm’s strong commitment to help us balance parenthood and our careers is a rare opportunity.”
At Deloitte, we are committed to supporting our professionals in the time before and after childbirth, and in their new role as parents afterwards. We believe that benefits for working parents should apply to both mothers and fathers, recognising also that companies have an obligation to give equal support to all family models. Moreover, balanced family commitments contribute to the achievement of gender equality in business.
At Deloitte, we promote a culture of curiosity and out-of-the box thinking. Our people are encouraged to explore new ideas and challenge conventions. They are inspired by making the exceptional happen. We help our clients transform the way they work, including using the power of disruptive innovation and technology to create new business opportunities.
Dusko Karaklajic is a Manager within the Cyber Risk team. He is helping our clients to understand better what the Blockchain technology is, how it could impact their business and how it could be used to resolve some of the most complex issues they face, in a secure way.
“Blockchain is an exciting and promising innovation that has potential to transform number of industries. I am passionate about cryptography and information security, fields that are at the heart of blockchain and in which I did my PhD. Helping companies leveraging this technology in a secure way was therefore a natural match for me. I feel privileged being able to work on such exciting initiatives.”
We truly believe that when our people work on topics that matter to them, they are at their best. We also believe that together we are stronger. Collaboration across teams and functions has become part of our DNA. By working together in diverse teams of smart people, we are more creative and can make an impact together. Dusko comments, “Blockchain is a good example of how we work collaboratively across teams to achieve a common goal, and bring a holistic and innovative solution to the table, thanks to our capabilities and breadth of expertise. I am part of a Deloitte Blockchain Community of about thirty specialists in Switzerland. Regular touchpoints and systematic collaboration enable us to connect with others, share ideas and insights, and develop and enhance our approaches to serving clients”.
Our commitment does not end there. We place great importance on valuing individual perspectives and strengths. At Deloitte, everyone can be their true self – as authentic at work as we are in our lives. We are convinced that this helps to make Deloitte stronger.
Our people are fundamental to the success of our firm. Our aspiration for attracting talent is simple: we want to be the first choice for the world’s most sought-after talent. To this end, we regularly organise innovative ‘Inside Deloitte’ events, to introduce our future talent to our culture and ways of finding effective solutions to complex questions. We also participate regularly in events organised by Swiss Universities. We met Ida Weber during a career speed dating session at the Long Night of Careers at the University of Zurich last November. “The career fair was a great opportunity for me to practice my interview skills. I was impressed by the sympathetic and diverse team of Deloitte ambassadors. Shortly after they called me back for a ‘real’ interview – two months later, I joined the firm.”
Ida moved from Stockholm to Switzerland three years ago and graduated last autumn with a Masters degree in Economics and Business Administration, with a specialisation in Banking and Finance. When asked what kind of job she was looking for, she replied that what was important for her is thriving in a dynamic culture of inclusion, collaboration and high performance. “I met Jackie Hess, Managing Partner of Deloitte Tax & Legal department, during one of my lectures at the University. I felt very inspired by her experience and achievements and she is part of the reason I wanted to join Deloitte.”
Ida quickly discovered that at Deloitte, we provide a home for our talent and inspire them to develop and grow. From professional development to leadership opportunities, working on topics that matter, we empower our people to be at their best at every stage of their career. “I developed the feeling quite early on that this is the place I wanted to become part of. I am impressed to see how dedicated Deloitte is to solving complex issues from different angles, and how powerful teamwork is. On top of the exciting client engagements we work on, I feel like my learning possibilities are endless: through on the job training, connecting with colleagues or participating in training courses. Deloitte offers me the possibility to grow every day.”
Our aspiration for attracting talent is simple: we want to be the first choice for the world's most sought-after talent.
Our leadership is shaped to meet continuing market challenges and to prioritise our continued investment in quality and our people.
This year we have simplified our financial presentation to give a clear indication of the revenue derived from just our Swiss based staff. Other annual billing from Switzerland would represent a further CHF 142m, and Deloitte UK has, itself, billed an additional CHF 62m to Swiss headquartered clients.
From 2018 the Swiss firm will become part of the North West Europe region of Deloitte and will, therefore, represent its financial performance in a manner consistent with the other geographies in this region.
Our profitability grew at a similar double digit trajectory.