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Role of Talent Development in EY's Vision 2020

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Thu Jun 16 2016

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Role of Talent Development in EY's Vision 2020-44c167dff887675db42c1f10961b5fc4e088725a7e6c46c9ab6e308b5e05520d

Staid and stately as an ocean liner, the professional services firm Ernst & Young undertook, at age 167, a transformation to something more akin to a fleet of speedboats running in close formation. In 2013, under the leadership of a new global chairman and CEO, Mark A. Weinberger, the firm shortened its name to EY, unveiled a snappy new logo, and embarked on a rapid reinvention. 

Guided by a plan called Vision 2020, EY set about to be first among global professional services firms and to become a $50 billion company in just seven years. The firm believed so strongly in what it had to offer that in addition to a name change, the company reframed its overall purpose as "building a better working world." 

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There were plenty of challenges for a large, established, global company to confront: new technology, new markets, pressure from newcomers in its space, and thousands of employees needing new skills to help achieve the Vision 2020 goals. EY needed to become more strategic globally and better able to execute centrally—to do fewer things better and faster to keep up with a changing marketplace. 

"Talent development is a vital part of our Vision 2020 strategy. We have worked hard to integrate talent into our strategy, as developing our people is not just an initiative—it is the lifeblood of our organization," says Weinberger. 

Leading the charge is Nancy Altobello, vice chair for talent on EY's top leadership group, known as the Global Executive. She is responsible for efforts to build an "exceptional experience" for the company's 230,000 employees and recruits, she explains. According to Altobello, the talent function at EY has a complex matrix structure, with teams embedded in each of the company's four service lines and four geographic areas. Talent and learning personnel also serve in EY's 28 regions. All have talent expertise, but act as business partners. 

For more insight into how talent acquisition and development have been a driving force of the EY metamorphosis, check out CTDO’s  Summer 2016 cover story, At the Table and Everywhere Else.” 

Read more from CTDO magazine: Essential talent development content for C-suite leaders.

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