Record Profits at Big 4 Firms Propelled a Historic Hiring Spree in 2023
Big 4 have nearly 9,000 job openings, according to statistic published by ZipRecruiter
As the curtains draw on 2023, the Big 4 Accounting firms—Deloitte, PwC, EY, and KPMG—have etched a remarkable story of success in the business landscape. Their record-breaking profits have fueled a substantial global hiring spree, adding hundreds of thousands of jobs worldwide by the year’s end. This unprecedented growth marks a significant shift in the employment landscape, defying prevailing labor market trends.
Statistics published by ZipRecruiter state that the Big 4 had nearly 9,000 job openings as of December 2023.
Deloitte, the trailblazer among the Big 4, employed a staggering 457,000 staff members globally in 2023, showcasing an exceptional increase of over 320,000 employees between 2006 and 2023. Notably, this year alone saw Deloitte’s workforce surge by 63,000, with the United States contributing 10,000 new hires.Deloitte versus the Big Four: In the realm of numbers, Deloitte outpaced its peers, securing the top spot with 456,826 employees globally. A detailed breakdown of revenue by region painted a picture of dominance in the Americas while facing stiff competition in other regions, especially from PwC.
PwC, a heavyweight in the professional services domain, witnessed substantial global workforce growth, reaching approximately 364,000 employees in 2023. The year marked an impressive addition of 37,000 employees, a testament to PwC’s commitment to excellence across its service lines.
In the EY corner, a robust workforce of almost 400,000 employees marked their presence globally, with strategic distributions in assurance, tax services, and the UK, boasting a workforce of 21,100 individuals.
KPMG, not to be outdone, reported a staggering workforce of almost 273,500 in 2023, the highest ever in the company’s history. This consistent year-on-year growth since 2010 solidifies KPMG’s position as a major player in the global job market.I
Beyond the realm of accounting, the broader job market is witnessing a hiring surge, outpacing quit rates across industries. Sectors like leisure and hospitality have showcased remarkable resilience, maintaining high hiring rates despite challenging times. However, certain sectors, including education, health services, and professional/business services, consistently exhibit the highest number of job openings.
Despite the current hiring surge, a looming labor shortage threat is on the horizon. The Bureau of Labor Statistics projects a decline in the labor force participation rate from 62.2% in 2022 to 60.4% in 2032. This, coupled with the retirement of baby boomers and a smaller Gen Z workforce, paints a complex picture for the future job market.
As 2023 concludes, the Big 4 Accounting firms stand as beacons of economic growth, not just through their record-breaking profits but also through their substantial contributions to global employment. The unexpected surge in hiring signifies a paradigm shift in employment dynamics, setting the stage for a transformative era in the world of work.
