Innovation

The business innovation of Vision 2020 is a combination of all services that EY provides for its customers. The plan is to advance and grow faster than its competitors. Their main goal is to excel in their functions and be the best at what they do. They want to “Build a better working world.” Their core competencies rely mainly on technology service based industries and the advancement of compliance for other companies' financial statements. By providing the best services, they have a goal of achieving $50 billion in revenue as a company.

EY’s Vision 2020 is focused on corporate social responsibility. Their goal is to reach and impact the lives of over one billion people by the year 2030 and positively affect their lives. While Ernst & Young is global, they want to empower local workforces, make their local communities better, and strengthen the global world and their effect on the marketplace.

Two of the UN Global Goals that Ernst & Young is working towards are decent work and economic growth, and reducing inequalities. Ernst & Young promotes economic growth by being innovative and ensuring they know their local tax code inside and out. Also, EY’s talent acquisition is top notch and they want to ensure they have talent that will align with their own values and that can provide the service Ernst & Young wants to be known for.

Inspiration

In July of 2013, the innovation of Vision 2020 emerged in response to the challenges of globalization and rapid changes in technology. It was implemented with the appointment of Mark Weinberger as CEO of the company, and it was his way of setting a new culture and tone for the company he would lead. He analyzed the company with his team and saw the following: “It became clear that a sense of purpose ran strongly through our organization. When we looked at the work we do for clients, and what motivates all of us each day, we could see that everything we do contributes to building a better working world.” With this in mind, his team developed the new culture of “Building a Better Working World” and instilled it everywhere in the company they could.

EY’s motivation is to ultimately maximize growth and create a better working world for all their employees, but also for all those who their employees interact with on a daily basis. EY is a leader in global professional services such as auditing and advisory services. These services are vital to other companies and they want to be the leader in all industries they compete in, while at the same time benefiting all they come in contact with.

One specific department in EY that works directly with this initiative in mind is the Corporate Responsibility department. This department was founded over 15 years ago, yet is an example to how EY was always a leader in global betterment prior to Vision 2020 as well. It is currently led by Sheri Beale, who we had the privilege of interviewing about her department and EY. When asked what inspires her about her company and department, she stated “it feels very inspiring being in a division and company that is so involved in the community and world and we can see tangible results with what we do every day.” She feels you can see when your employees are happier and company morale is higher, as it is directly correlated with better company performance. With all this in mind, EY’s Vision 2020 is a great step forward to maximizing the potential of their company and truly doing their part in “Building a Better Working World”.

Overall impact

The short term effects of EY’s innovation include how engaged people are within the business, which is measured by a global survey that is conducted by EY. For example, the survey has shown that people who volunteer are more engaged and/or people who are encouraged to volunteer are also more engaged. There is a correlation between the level of engagement that people exhibit and revenue. The more engagement there is, the higher the revenue.

The long term effects are harder to measure and are harder to take responsibility for, but the societal impact that EY’s innovation has made is shown through their signature programs. One of these programs is the EY vantage program where EY sends people to work with entrepreneurs for six weeks. Skill based volunteering, such as mentoring a high school student , has 10 times greater impact and value in the communities that they serve and that is why EY focuses their volunteerism on leveraging their skills. A mentorship has far greater value than simply “lending a hand” by painting a fence or cleaning up a park.

Business benefit

There are several benefits of proceeding with Vision 2020 from a business point of view. One of the primary advantages this program provides is increased employee retention. It is common knowledge that training new employees is more costly than retaining current ones. There are several people that have openly stated that they appreciate the program and are proud to work in a company that is making a difference. One senior associate recounted, “There was one time … when one of our employees approached me and said, ‘ … if it were not for these mentorship programs, I would have quit my job here.’" There have been several other, similar stories: where people have decided to remain at EY due to the sense of purpose and meaning that these programs provide. This increased engagement is believed to be responsible for an 8% increase in revenue, proving that providing meaningful activities to employees can directly correlate with commercial success.

One of the other primary benefits of the Vision 2020 initiative is its applicability to existing business activities. The implementation of corporate social responsibility programs like this can take up considerable company resources, requiring at times significant changes to corporate culture and existing practices. EY was able to circumvent these requirements, able to glean all of the benefits that this program could provide without having to detract from other areas in the company. They managed to do this by putting into writing attitudes and goals that were already present in the company. Much of the company was already focused on “building a better working world,” it was only a matter of codifying that drive into a singular slogan that would cement that commitment and put EY on the path towards even greater success.

Social and environmental benefit

The innovation benefits society by creating economic prosperity and promoting diversity in the workplace. By providing their four main services, they ensure that all forms are filled out correctly and done with the best quality work. By delivering their services in the best quality, it allows their clients and stakeholders to create trust and confidence in them. The creation of economic prosperity trickles down to affect the whole country's economy and their consumer spending.

In the workplace, EY focuses on having diversity and equality. By creating teams of people with different skills, opinions and backgrounds, they can create high performing teams that can be successful. For young professionals entering the workplace, they provide internship opportunities, programs, and training to help them develop their skills. With their own current employees, EY provides a global people survey. Due to the fact that they want to “Build a Better Working World” and provide the best services, they would want to know how their employees are doing. These surveys have an analysis and data regarding how their business is affecting their workers. It will give them an idea of how to improve their services.

Interviews

Marisa Glassman, Senior Associate

Kristen Gold, Assistant Director

Sheri Beale, Senior Associate