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However, as business investment in environmental, social and governance structures and its long-term sustainability increases, the success of a business is not just down to its growth or bottom line, but also the happiness of its people and contribution to the community. Our firm, along with many others, has made it a priority to promote inclusivity and ensure opportunities are available for our people and clients.
Given the increased focus on transparency and accountability in the professional services sector, Grant Thornton is committed to promoting a culture of honesty and ethical behaviour. We lead on governance and transparency, having moved away from a partnership model in 2008 and becoming a publicly unlisted entity to maintain the highest professional standards. As an unlisted public company, we are independently audited and legally bound by the Corporations Act, and our transparency reports and audited financial statements are publicly available. Our Board comprises an Independent Chairperson, five Executive Directors elected by shareholders, a national CEO, and three external Non-Executive Directors (including the Independent Chairperson) nominated by the Board.
As part of this focus on accountability, we recently launched our ‘Speak Up’ platform, supported by tailored training from the Neuroleadership Institute to help our people learn and be empowered. This platform encourages people to speak up, whether that be to celebrate success, voice concerns, raise issues, and make reports regarding improper conduct or behaviour that is otherwise inconsistent with our firm's values. Empowering our people in this way creates an environment where we can all take responsibility to grow, innovate and achieve our agreed vision.
Considering the very real impact that burnout and mental wellbeing has on the profession, Grant Thornton has taken steps to focus on the health and wellbeing of our people with market-leading initiatives such as the now-permanent 9-day fortnight, flexible work options, and the further development of our Gender, LGBTIQ+, and Cultural and Racial Diversity Pillars as part of our firm’s overall strategy.
In addition, the Workplace Gender Equality Agency’s (WGEA) reported Grant Thornton achieved industry-leading results in favour of women, with a median gender pay gap of -7.7 per cent (base) or -8.1 per cent (total). Grant Thornton is the only professional services firm to truly achieve a gender pay gap in favour of women.
Australia, along with the rest of the world, has experienced a talent shortage which has particularly affected accountants and auditors. We’re competing with other attractive destinations for an increasingly small pool of talent. At Grant Thornton we’re acutely aware that we can continue reshaping the way we work to attract the very best talent and deliver them an opportunity for a truly rewarding career. The wellbeing initiatives we have implemented, alongside our workplace culture and investment in technology and digital transformation, has resulted in our staff retention being at an all-time high.
Being an advocate for the adoption of technology to enhance the quality of work in the audit profession is imperative. The rise of automation, artificial intelligence, and machine learning is transforming the accounting industry. Our team prioritises tools like process automation, data analytics, and effective data use in audits to enhance their skills and boost quality. AI is changing how we work and communicate, and we want our people to be ready for it.
Following the Government's passage of the Treasury Laws Amendment (Financial Market Infrastructure and Other Measures) Bill 2024 in August, there is increasing pressure on organisations to demonstrate transparency regarding their ESG and sustainability commitments, as well as to disclose the non-financial impacts of their operations.
Sustainability reporting is quickly becoming within the remit of the audit profession, broadening the scope of both technology and skills required to undertake the reporting. Grant Thornton is committed to ensuring our people have the appropriate skills, education and access to technology with appropriate safeguards to serve our clients during this time of change. We also believe a storyline-based approach to sustainability reporting is more useful information for businesses than just emissions data and numbers.
