Similar trends across functions confirmed the firm’s growth with Audit expanding 9%, Tax increasing 8% and Advisory reaching double-digit progression (+11%). This growth can be observed across all industries with some noticeable accelerations, as in Private Equity where our audit, tax and advisory revenues have more than doubled over the past two years thanks to the quality of our services and our cross-functional approach. With our growing revenue, we decided to review our salary packages by 15% on average, demonstrating our commitment to investing in our people.
As the firm embarks on an ambitious mission to reinforce its market positioning and plan to be future proof, this strong year for KPMG clearly shows that the strategy of the firm and its investments are paying off. Speaking about the financial results, David Capocci (photo), Managing Partner at KPMG Luxembourg shares: “I am very proud of what we’ve achieved this year through times of unprecedented challenges. While still navigating the pandemic, we’ve managed to stay resilient, passionate, and caring for our people and for our clients. These outstanding results were achieved thanks to a combination of ingredients that make KPMG such a unique place.”
“We aim to create long-term relationships and ongoing value and return for our clients by delivering first-class products and services in everything we do, as well as through our continued engagement in improving quality, all while building a stronger culture of consistency and accountability.”
“Last year, we recruited more than 500 talented professionals and new Partners across all functions to keep the bar high and demonstrate our continuous adaptation and agility to deliver the right customer experience.
“We also continue to foster an innovative culture across the firm by proposing a Digital MBA and a digital learning path for all our People and by investing in new technologies. KPMG’s Managed services capabilities have also been recognized in KPMG’s Europe, Middle East and Africa region as a center of excellence.”
“In 2021, KPMG Luxembourg became a certified CarbonNeutral® company. To achieve and maintain CarbonNeutral® certification, KPMG works with National Capital Partners, leading experts on carbon neutrality and climate finance. We were independently assessed for greenhouse gas emissions and now are reducing our emissions as much as possible by decreasing the number of petrol vehicles in our car leasing fleet and reducing operating consumption through our hybrid working model.”
“On top of this, many of our people deferred their Christmas gift and allowed us to donate 500+ boxes of chocolate to Luxembourg hospital staff to thank them and share holiday cheer.”
“This is just the start of our journey as we continually make strategic investments to develop new services and capabilities, recruit new talents and experts and acquire businesses with market-leading ideas and technology – all to address clients’ most pressing issues as they transform their business models and operations.”
A focus on Customer Experience journey
Stanislas Chambourdon, Head of Sales & Markets, emphasizes the need to transform how KPMG and its people work together for better, helping to deliver a more seamless client experience. “The acceleration of our growth this year results from a cross-functional, client-centric approach with our Heads of Sectors, a shift in services toward higher value proposition products and, finally, enhanced services thanks to creativity and innovation for and with our clients. For instance, our internal Innovation Challenges grow our community of innovators within KPMG to think about innovative solutions for clients.”
“One of our major successes was helping our clients to outsource non-core activities on our platforms to better administer investment funds and accounting.”
“All sectors (Alternatives, Asset Management, Banking, Insurance, Public sector and Corporates) showed significant, and for some double-digit, growth in 2021 thanks to developing closer relationships with our clients even if we were unable to physically meet due to COVID-19.”
“We continue to assist clients in their digital and business transformation, in navigating current and future regulation changes, and in converting challenges into triumphs to making their business better.”
“Thanks to this approach, we continue to gain market share such as in the Alternative Investment sector which is KPMG’s fastest growing sector. As KPMG, we aim to foster a culture of entrepreneurship across the firm and therefore we developed in 2021 a business academy to train all our people and to develop their business skills at all steps of their career.”
Being creative in designing our own future
Ravi Beegun, Chief Innovation Officer, shares how our continued focus on innovation and transformation is enabling our teams’ creativity for delivering better experiences and insights.
“We believe that our future success will come from enabling our teams’ creativity and wellbeing to their maximum potential. We are using more data-driven insights and newer technologies to help reduce our team workloads, to free up valuable time for learning future-ready skills, for creating new services and for designing best practice customer experiences.”
“In 2021, we put in a lot of effort on hardwiring an innovation culture into our firm and growing our community of innovators, involving them in a number of Innovation Challenges. Their energy and creativity have surpassed our expectations. For instance, we have experimented and remodeled some of our existing services such tax reclaims to a completely new level.”
“We are investing in new talent on digital transformation, data engineering and new technologies to power our ideas in the new reality. To upskill our leaders and teams’ digital skill sets, we are investing in signature firm features such as our Digital MBA program in partnership with Vlerick Business School and “Low Code, No Code” initiatives. We also launched a firm-wide project to transform our own operating model to be more future-ready.”
“In 2022, we are working on a pipeline of projects and ideas in areas that matter most for our environment, our people and our Luxembourg ecosystem. For example, some of these are on topics such as sustainability/ESG, Alternative Investments, Asset Management, digital economy, data connectivity and quality and our audit quality platform.”
David Capocci, Managing Partner, added how KPMG is powered by its People as they are given an opportunity to drive big solutions and tackle pressing issues: “Our People are at the heart of our business, and they are our most precious assets. People who want to be better every day – and leaders who empower their people – are what makes us different. We want to be the clear choice not only for our clients, but also for our People. With the pandemic and our new of way of working, communication and transparency are key. In that context, we’ve launched many initiatives this year to get closer to our employees, including regular all-staff broadcasts with leadership updates, Innovation Challenges around the Future of Work for our staff and a greater feedback culture to help them grow into their careers. This year, we’ve emphasized staff development by increasing our training offering by 16% (with 57% available online). We’ve also invested time to better understand their aspirations and what they need to grow within our firm. The COVID-19 crisis has shown that supporting staff wellbeing and assessing workloads go hand in hand with initiatives that drive efficiencies through technology. It is also an opportunity for us to explore our hybrid working model and the way we manage our time with flexibility and wellbeing as key components. The hybrid model is currently being finetuned to make it sustainable and attractive for our people.”
“In recruiting new talents at all levels and helping them grow, we demonstrate our priority to deliver impact and inspire client trust. We’re strengthening the reputation of our brand with a commitment to a bold ambition to become the most trusted and trustworthy professional services firm. That ambition starts and ends with our employees. We are a people business, and only people can make a difference.”